Hi. Total newbie, seeking advice. Please!

Hi Everyone,

New here and seeking some advice. Although I already feel like I may know the answer.
Firstly, here is my situation:

1. Married, no children. In our 30's
2. Own our own company in the automotive engineering industry.
3. Have tenants in a property we own at the moment
4. Due to geographical location, we are renting close to our work, whilst actively looking for a property to purchase and live in.
5. Have had a keen interest in PI for a long time

I have recently become aware of a company called Binvested (Nathan Birch).
I was curious and therefore did quite a bit of research into what he is all about.

I figured I would ask the experts - opinions on Binvested?
Bother / don't bother / waste of time / scam etc ?

I think I have my head around the way Binvested works. Essentially, paying them to find the properties for you. Whilst they also offer all the other services you need through subsiduary companies.

One half of me is skeptical, from the whole "all my eggs in one basket" aspect.
The other half of me is SLIGHTLY tempted to go for it, just for their assistance in ascertaining our first property. And then from there, once we have a better understanding, go and do it ourselves.

I like his methodology, in terms of positive gearing creating cash flow.

I guess I'm just after your thoughts / advice on my situation.
I have always been incredibly analytical in everything I do (this comes from being a scientist I believe). And PI will be no different.

I want to hear what everyone (who knows anything about this topic) has to say. Your experience and opinions are truly valued and appreciated.

Thanks in advance.

Shayne

 

Hi Shayne. Welcome to the forum. What you are describing above is a Buyer's Agent. Their job is to source a property for you based on your criteria you give them for a fee.

Here is a good place to look if your interested in a BA -

Real Estate Buyer's Agents Association of Australia - REBAA

Here is a thread about Nathan Birch if you'd like some general info on him and what he does. There are posts about some people's experiences with his business' in there.

Nathan Birch

There is also a Somersoft thread about him.

If your analytical and have the time, it's always nice to spend some time learning about the fundamental concepts of property investing first. This will enable you to decide when you are ready, if you will need to engage a BA. Some people use them as they don't have the time to do their due diligence on their own. Others use them because they aren't confident to do it on their own. I'm sure some people have other reasons too.

I hope this helps and gives you something to think about.

 

Great advice. IMHO if you want to make it in this game and do well long term, you really need to learn this stuff for yourself. BAs definitely have a place (I have also engaged them before) but speaking for me personally, what got me the results I wanted, was to buy books and learn the basics (its really not complicated at all), then ask questions and network on the forum. If you do those two things, educate yourself and network on the forum, you will have put yourself in a very strong position to do well over the short, medium and long terms.

Hope it helps.

 

Hi and welcome,

There's plenty of cashflow spots around, either in the outer areas of Brisbane or Adelaide (or regional towns if you're willing) without involving another company to help.

 

Thanks York, much appreciated. I completely agree with your advice, and will thoroughly educate ourselves before making any decisions.

Excuse my ignorance, but what is Somersoft?

 

The old website/forum before this one was formed mid last year.
Somersoft Property Investment Forums - Powered by vBulletin

 

Thanks so much for your advice. The idea of being able to do this on our own is far more appealing than entering the world of Binvested.

I'm really looking forward to dedicating some solid time to reading as much material as possible and educating myself on PI.

Thanks again for your advice.

 

Np mate. Good on you.

 

Just search Binvested on this site and Sommersoft as well. Should answer your questions.

IMO nothing replaces your own hard work.

 

Very true Greyghost - hard work and dedication gets you where you need to be. Thanks

 

No problem. Always happy to help. This forum is a great resource and you will amaze yourself with how much you can learn by reading and asking questions.

 

http://australianpropertyforum.com/topic/10077322/1/