Join Australia's most dynamic and respected property investment community

Hi. Total newbie, seeking advice. Please!

Discussion in 'Introductions' started by Makin8677, 5th Feb, 2016.

  1. Makin8677

    Makin8677 New Member

    Joined:
    5th Feb, 2016
    Posts:
    4
    Location:
    Melbourne
    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
     
  2. York

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,620
    Location:
    Sydney
    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. :)
     
    Makin8677, BigKahuna and Leo2413 like this.
  3. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,715
    Location:
    Sydney
    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.
     
    Last edited: 5th Feb, 2016
  4. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,569
    Location:
    Adelaide, SA
    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.
     
    DiligentPM and Makin8677 like this.
  5. Makin8677

    Makin8677 New Member

    Joined:
    5th Feb, 2016
    Posts:
    4
    Location:
    Melbourne
    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?
     
    York and Leo2413 like this.
  6. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,715
    Location:
    Sydney
    York and Makin8677 like this.
  7. Makin8677

    Makin8677 New Member

    Joined:
    5th Feb, 2016
    Posts:
    4
    Location:
    Melbourne

    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. :)
     
    York and Leo2413 like this.
  8. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,715
    Location:
    Sydney
    Np mate. Good on you. :)
     
  9. Greyghost

    Greyghost Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,259
    Location:
    Melbourne
    Just search Binvested on this site and Sommersoft as well. Should answer your questions.

    IMO nothing replaces your own hard work.
     
    Leo2413 and Makin8677 like this.
  10. Makin8677

    Makin8677 New Member

    Joined:
    5th Feb, 2016
    Posts:
    4
    Location:
    Melbourne

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

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,620
    Location:
    Sydney
    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.
     
    Leo2413 and Makin8677 like this.
  12. Quentin68

    Quentin68 Member

    Joined:
    17th Aug, 2015
    Posts:
    7
    Location:
    QLD