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Hi from Perth (Another one!)

Discussion in 'Introductions' started by Tom_M, 24th Feb, 2016.

  1. Tom_M

    Tom_M New Member

    Joined:
    21st Jan, 2016
    Posts:
    1
    Location:
    Perth
    Hi all

    My name is Tom, 29, and keen to learn as much as possible about property investing.

    Have begun by reading materials such as magazines etc, but is there any particular resource (besides this great site) that you use on a daily basis to learn the ropes?

    I have read books such as 130 properties in 3 yrs etc McKnight et al. which sounds risky as hell, etc.

    What I am after is pragmatic advice and good starting points to build LT wealth through positive cash flow properties.

    Also very keen on the next Perth meet up (?)

    Anyway, thanks and look forward to chatting.

    Tom
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,589
    Location:
    Adelaide, SA
    Hi Tom,

    Welcome and looking forward to hearing your future progress
     
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  3. monalisa

    monalisa Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    314
    Location:
    Sydney
    Hi @Tom_M

    Welcome to PC.

    A good starting point would be to work out your goals - what are you trying to achieve from real estate? Is it cashflow, or capital growth, or a combination of both? Real estate is a vehicle to create wealth - in my view 'number of properties' can be a risky strategy!

    Establish a team of professionals around you, who can assist you in working toward your goals, and help you look at the big picture.

    Where do you see yourself buying, and what type of property?

    Best of luck!
     
  4. monalisa

    monalisa Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    314
    Location:
    Sydney
    Also have a look at Somersoft Forums - it is an excellent source of information - it was around for a very long time before it was archived and the members moved to PC.
     
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  5. JacM

    JacM VIC Buyer's Agent Business Member

    Joined:
    12th Jul, 2015
    Posts:
    1,111
    Location:
    Melbourne, Australia
    Hi @Tom_M

    Welcome !

    As @monalisa has pointed out, determining your goals is a good early step in your process. Without knowing what you're aiming for, you won't know when you are there or how much is required to get you there. Some folks like to define a goal as having a certain number of properties, or buying a certain number of properties each year or so.

    Another way to define a goal is to define how much income you require per annum to cover your cost of living. Once you know that you can work backwards and say to yourself ok, well that equates to X number of properties returning $? in rent per week, and X number of some other income producing asset which produces $? per week in income.

    If you are first able to aim to have enough unencumbered (mortgage-free) income producing assets to cover your cost of living, then when that milestone is achieved you could up the ante and set your next goal.

    Something else to take a look at is the resources you have available to you to get you started. This could be knowledge you have, people in your world that have knowledge and experience to share, components of your job that can offer you the chance to increase your knowledge on investing, and finally of course money. Take a look at the monetary resources you have available to you and which entity owns them (eg yourself, your family trust, your SMSF which means Self-Managed Super fund). From there a good mortgage broker could give you an indication of your borrowing capacity within each entity for purchasing property.

    Hope this helps!
     
  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,147
    Location:
    Canberra and Sydney
    Welcome aboard Tom :)

    Cheers

    Jamie
     
  7. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,781
    Location:
    Perth WA
    Hi Tom, good to see another Perth-ite around :)
     
  8. DiligentPM

    DiligentPM Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    443
    Location:
    Brisbane
    Welcome to a great Forum with a wealth of information and shared investment experiences