Is there a property investment savy Accountant or Financial Planner or the like, in Western Australia, that is very clued-up, experienced, with creating investment strategy's for people? Who do P.Chatters recommend?
What are you willing to pay them? And how will you know if its a good plan or not? generally, know enough to evaluate the experts.
What sort of investment strategy? I think you're always better off spending some time on this forum and doing other similar research and coming up with your own.
My goal is to buy property on the side while I work f/t, ive got a passive income figure in mind to aim for. Big dreams but yeah... Im finally in a good position, and im saving a small deposit for a place. Im currently renting a room in regional WA, i work 50+ hrs p/w, been at company 6 mnths and hoping to stay as long as i can. Im thinking to buy a 1 bed unit for myself (PPOR) to get started, then keep saving/building equity to put a deposit on a house to rent out in the town im living at. Simple idea but there are many things to consider. Would i be better off renting long term, building a bigger deposit then buying in a main city with bigger cap gain? Would it be better to buy something in my city here, where prices are cheaper, add value, release and go again? Good problems to have i guess!
Also, i dont have experience being a landlord, am i jumping the gun, maybe im better off buying an entry level place here and leasing it out, just to get experience?? not sure..
Nothing wrong with big dreams, but you'll need a big commitment to match it otherwise they will only remain dreams. From the little you've said, my advice is to learn the game before you jump in blind. Read some of the recommend books, read the forum, go to meetups. Eventually if your persistent and focused enough, it will all start to fall in place and you yourself will know what your next steps should be. Get the education. Without it and a corresponding mindset, big dreams will always be just that.
Being a landlord is easy. You do nothing really. Your pm will do most of the work. Once you get the education on PI and adjust your mindset, it will all make sense. But get the education. Am I harping on that point? Yes. Know why? It will make the biggest difference to your overall success imo. Education and the mindset.
Your asking questions so your already ahead of most property “investors”. Do NOT go see a financial planner they will be of no use and a waste of money. As others have suggested, books and this forum should be your starting point for the next 6 months. Just read everything! Soon enough you will start to understand what strategies and recommendations are available to you. I always suggest a first step for any investor should be a mortgage broker. They will set you up with what’s possible in terms of lending because without this your dead in the water. Just looking at your thought pattern for now for example is bad after bad. 1 bedroom apartments are rarely a good investment. Their are lending restrictions in sizes to begin with and once past that they have very little capital growth outlooks. Then the idea of buying somewhere because it’s “cheap” in isolation is also a bad strategy. You purchase real estate on solid fundamentals. Price is actually way down the list. As I said though your here and asking and that’s a win! I know countless people who purchased real estate because “it doubles every 7 years”....YEAH NAH!
Thanks everybody for your replies, Theres 2 sides to this story: 1) Sick of paying rent & house inspections, and i'd like to have my own little yard to potter around in - ie take care of my mind and emotional aspect! So my thinking here is to buy a unit with yard/land component and adhering to all fundamentals. It could help me build some equity, along with my savings from work, that I could withdraw and use as a deposit to buy again ASAP. 2) On the other hand, if I could develop a sound enough investment plan I could get started investing in real estate without owning a PPOR. Just keep on renting medium to long term. Solely focussed on buying IP's!.. Those are 2 of the main issues i'm mulling over at the mo'. Its quite an interesting time for me, ive been in this situation a few times before, where im finally in position to buy something small to get started, but life got in the way! This time its looking good.
Thanx albanga, Yes a mortgage broker is the first step. I'll be in perth this week, so was thinking to go Margret Lomas's office and enquire??! Thanx Sackie and albanga - education is key! Ive been reading books, going to seminars and meetings quite a lot over the years now. One of my highlights was shaking Kiyosaki's hand back in 2000, when he was in Brisbane touring. I said thanx, thats about all, but at the time I was really happy after reading Cashflow Quadrant. I already knew about the basic concepts ie real estate investing, but was glad the 'Quadrant' reinforced my viewpoint - ive been a builders labourer for ages so seen what goes on. Was regularly on steve mcknights forum ages ago aswell, that was helpful back then. Thanx trainee, yup evaluating the 'experts' is somethin im on here for. gotta find a good mortgage broker in WA. Thanx ThatBum, time on this forum for sure...
Absolutely listen to everyone's comments but find those who've already achieved what you're after and follow their advice. These days everyone's a property investing expert. Find out who's who before you spend any money on courses, mentoring or following people who are not much further ahead than you but who talk a good talk.
Yes, coming up with a strategy for myself, this will depend heavily on what I can borrow. Ive saved a small deposit so i'll speak to a couple of brokers v.shortly to find out how much I can borrow, then i'll re-assess my own position and speak to local PM's/RA's etc and find out what my local market is doing....
