Hi there, another newbie from Sydney

Hi

I'm a newbie, not only to PropertyChat, but to property investing altogether!

We (my husband and I) have been diligently paying off our mortgage for years, and now have a lot of equity and I have been hearing a nagging voice at the back of my head for a while now "do something with it, do something with it". I'm in my early 40's and he's about to turn 40, so need to get onto it if it's going to do anything much for our retirement. So, here I am starting to investigate property investment!

Now please don't judge me, but I went to Dymphna Boholt's one day (free) event yesterday, and I was all for signing up until my hubby told me to keep calm and think about it. Then I won an iPad!! How could I calm down after that? hahaha. Anyway that was how I found this site, because half way through the afternoon I started searching to find out if her paid-for course was a scam, and found this thread:
So... I'm off to Dymphna Boholt's day tomorrow

I am so new to property investment that I had never heard of Dymphna Boholt until she popped up in my facebook feed when a friend liked her page, and also so new that I had never heard of Somersoft or PropertyChat. So, here I am and am hoping to be like a sponge - but I won't have much to contribute in terms of my own knowledge or experience I'm afraid...

Cheers

BT

ps - my very first step last week was to start reading "How to Achieve Property Success" by Margaret Lomas, I'm up to chapter 6
Because I'm such a newbie, and generally pretty easily influenced (hm, could be a bad thing when trying to invest, right?) I'm worried that if I read the wrong thing I'll start on the wrong track. I'm assuming Margaret Lomas is a relatively respected author to start with, anyone have any opinions on that, and also any recommendations of other authors I should look at?

 

Hi @B_T
Thanks goes to @C-mac for starting that thread. Glad you found your way here before signing up.

 

Welcome BT - nicely done! Gotta love a free iPad!

I'm glad your hubby calmed you down just enough to find us here, it will save you a few thousand dollars at least There's enough free info here to keep you going for months.

 

Hi BT,

Welcome to this forum. You will find lot of experienced people and some new members who are keen on developing their skills and knowledge in Property investing.
The best part of this forum is that it is free and heaps of things to learn. It might be a good idea to dive in and learn / educate yourself first, build a good team around you as a next step and then take action with or without a formal mentor.
Let me wish you good luck in your journey, enjoy it and ask heaps of questions here.
You will find lot of people willing to help.
Regards
Subodh

 

Hey BT

There are a lot of people (especially newbies) that get caught up in the hype of marketing and do really stupid stuff. Infatuating with a mentor/seminar or being easily influenced will get you killed out in the financial world.

Instead, take the grounded and humble path to wealth creation, because lets be honest it takes a lot of hard work, dedication, persistence, set backs, knock backs and challenges to achieve your financial goals. You have to have an inspiring "why" to create and sustain wealth.

Your animal brain or lower mind will get caught up in the advertising that shows you the pleasure without the pain. Your higher mind or intuition will know what you really want to do with your life and how/why wealth creation will play a part in that.

I know so many people who got caught up in seminars, made some poor investing choices, and are now paying the price. They have come down from the high and are resentful and hate property as a result.

Be smart. Take the grounded path and stay true to yourself always.

All the best.

 

WELCOME!

 

Welcome @B_T,

1. Buy a few books by Australian authors and learn some of the basics, or at least start to put the main themes into perspective. You will also learn a lot along the way.
2. Network and learn from other people on the forum who actually invest in real estate, run by your ideas/plans etc with them to get feedback.
3. Build a 'team'. Its really a fancy way of saying find a broker and conveyancer that comes well recommended and then get the ball rolling.

But going back to point 1, self education is your best friend. Just reading one post already saved you thousands you probably don't need to spent at this point, if ever. Just my 2 cents.

Good luck

 

Welcome @B_T - seems the Dymphna course was great in the end. You've ended up here! You'll learn heaps by reading and asking questions

In terms of books, check out:

• More Wealth by Jan Somers - a timeless classic
• Grab any book by Pete Wargent for something a bit more recent and diverse (but still timeless) and
• If you want to learn about value-adding ideas without huge risks, Your Property Success with Renovation by Jane Slack Smith

And re: going down the wrong path, the main thing is to keep it simple. There's no need to try and get tricky. Investing shouldn't be exciting, but boring and simple.

 

Welcome B_T!

First rule now that you have a nice bit of equity in your Principal Place of Residence (PPOR)
is never never cross-collateralize! (e.g. killer line - "do you want to buy X-Y-Z property with no money down"? a bank manager/mortgage broker once asked me)
The friendly mortgage brokers on this forum will only be too glad to tell you what cross-collateralization means and the implications it has for your investing down the track.

Good luck in your journey and happy investing!

Beanie

 

Thanks for all the friendly welcome messages!!

 

@B_T - attend free seminars by all means, but leave the credit card and wallet at home.