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
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!
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.
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!
