Hello im overwhelmed! :)

Imho your biggest challenge currently is not trust. It's lack of knowledge.

Forums are great but it's time to buy some well recommended books ( or pod casts or whatever works for you) and start studying. Not reading. But studying. After a few months your knowledge will skyrocket and your fear will lessen with your newfound clarity. Then a plan will start to emerge. It's at that point a forum becomes most useful imo.


You probably also have mindset work to do. You neglect that and it could seriously undermine your efforts to do well. There's a reason you haven't taken action until now.

 

Thats the learning part. Understand enough about loans to describe your needs to a broker. Learn enough about the buying process (state specific) to understand the solicitor. Learn the different property types to avoid sharks who try to sell you off the plan studios in mining towns. All the information is out there.

you also want a specific goal. How much income by when? Replacing your current work income by retirement is a good start.

 

Thank you so much guys, there are so many good points in this thread. I am currently listening to podcasts and have read books that may be a little dated so am looking for new ones to read. I do like forums because they involve people who are doing it and are usually quite helpful as you guys have been I certainly have learnt a lot already but consider it zero for now as it is not applied knowledge.. yet. And reading through the forums shows that there is so much more for me to learn, but its fun so far!

 

Be very, very wary with this mindset. There are sharks in the water. You CAN do this on your own, and decent professionals won't charge you an arm & a leg to assist. Most of all don't pay for high priced seminars. They are designed to do little, other than to transfer your wealth to the speaker.

 

Let me start by stating I am a massive fan of podcasts. But...

While you have already received words of caution regarding external advice, I will add to this with podcasts. They ALL have an alterior motive. None are doing it for the "benefit of the community" or to offer "nuggets of gold".

Listen by all means, many offer valuable insights, however a critical viewpoint is essential.

 

Agree .

the reality is that there are people on this forum who post here with no ulterior motive outside helping others . I’d like to think that I’m in that group , though in the past I have been accused of “ ramping “ , but even if I was seriously deluded I don’t think in my wildest delusions I have the ability to move the property market .

why am I here ?

Three reasons , this place is more than just a forum , it’s a community . Many members meet in real life and there are people in the forum I’ve known for close to 20 years .

secondly , I’ve gained a lot from being a member and I’m happy to help people in return for the help I’ve received and still receive .

thirdly , putting my thoughts out there , having them questioned , on occasions ridiculed helps me develop , extend and put my ideas under the microscope .

I have been approached in the past to write articles for publications but declined , but this place is one of my several homes and I’m happy to keep it like that .

cliff

 

I do listen to a podcast and it is quite clear to me that while they offer great general information, there is an obvious tone of "use our services lest you get burnt" through out it. while i am a part of other forums, i understand that people contribute both positively (offering genuine information to benefit the reader with no ulterior motive) and negatively where they offer misinformation to benefit themselves. I guess it just takes time and lots of reading to make educated decisions on who is who and what motivates individuals

 

Trouble is many of these "mentors" know less than the students

 

On

In fact the more you do the less you feel you know.
Also you end up making more mistakes than almost everyone you know ...combined.

 

100% agree most podcasts are hosted by business owners seeking to benefit from engaging with both other business owners and active listeners through building trust. I've still found them incredibly useful to absorb knowledge over the past few years. Often the people being interviewed spark new ideas and concepts that can resonate and open your mind up to opportunities. The more you broaden your scope past 1 or 2 podcasts it usually becomes clear what the ulterior motive is. i.e mortgage brokers, buyers agents, development financiers always tend to have positive outlooks on the market. Similarly, fund managers and stockbrokers are typically bearish on property and also take every opportunity to highlight the risks inherent in picking companies absent advice. I think its a positive thing that most podcasts that provide some degree of value for listeners tend to stand the test of time.

 

You need to meet and talk to other investors ...you cannot rely on podcasts and busineses that only aim is to make money from you .

 

Then i have come to the right place?

 

yep . What took you so long?

cliff

 

To be honest i stumbled onto this forum while trying to learn about property investment.. but if you are referring to my original post with my age and the fact i haven't done anything until now? I think my username answers that question lol

 

Haha the last 29 properties I purchased it took me 1 min of procrastination while i looked on Google Earth and 1 min of procrastination to sign the contract ...and now a life time to procrastinating where to spend the profit and who shall get the income after I croak it

 

To join the forum .

Cliff

 

@Procrastin8
It might sound glib but making mistakes and learning from them can be a very powerful learning experience and would be the cornerstone of many a success story. Remember that for most people investing is a long game and it is amazing what can be accomplished over the longer term.

 

I've always been old school. If I had to do it all over again today I'd do exactly the same. Mainly because I know it works. Focus on two areas, 1. RE investing knowledge, 2. Developing and maintaining an optimal mindset for investing.

Study some great books. Highlight, underline, make some notes. Then network with others. Build a small team of an accountant , solicitor, broker and then take action.

The core of what you need to know ( to buy ips) is really contained in about 3-5 good books. That is it. The rest is networking on forums, taking action and then learning and refining from experience. It's far simpler than most would believe.


The simpler your system of acquiring the knowledge, the better imo.

 

Above all, stay away from FB property investing forums run by people who own 0-2 investment properties and have posts dominated by brokers and BAs just starting out. Stay away from FB property coaching/BA/guru marketing, there's a reason why these people are targeting people who believe FB ads and don't do due diligence.

 

Similar here, almost 40 and started no long time ago. Make sure you set up you strategy, learn as much as you can on this forum, network with people who are already there. Once the fog is gone, pick up an area and become an expert. Pull the trigger, the first one is the hardest as you see a lot of $$$ involved. It will get easier with the time, you`ll became more skilled.