How useful are the books on Realestate investing?

I'm 22 interested in getting into realestate primarily as a source of income in my later adult life. I've been looking into learning about realestate from reading and books like "0 to 130 properties in 3.5 years" are everywhere. Ultimately, I'd like to own 12 properties in the Gold Coast to Brisbane area. I'm not really seeking property income now or growth for that matter. in more detail, if the rent is stable, mortgage serviceable then I don't mind if the property dips in value after I've bought it or near the end of the mortgage. I see my investment strategy right now, with the little knowledge I have, as renting out the properties and serving the mortgage and expenses with no cashflow to myself. The question is are the books on investing in Australia reliable and good for learning or are there other more useful resources?

 

I appreciate you taking the time to answer my question.

12 properties between GC and Bris is simply because I'm not knowledgeable in realestate just yet and would rather base my questions on areas I move around in. A property for each month also seems fairly reasonable but yet again, I don't know much.

I'll definitely look into land taxes and property in other states. Cheers!

 

You dont care about making money from this. You just want 12 neutral cashflow properties.

So you just want to do this for fun and bragging rights? Seriously. You need a reason to do this. Usually making money from capital gains.

 

Great you are interested in property, but you dont know enough to ask the right questions, or have any sort of realistic plan.

Theres a book list somewhere. And read through the forum especially the newbie posts. Be careful not to get too into the advanced details as you dont have enough basic knowledge to understand the advanced stuff. Start slow, build up your knowledge.

Investing is for a lifetime. If it takes 12 months of reading to understand the basics, thats time well spent. Expect the basics to be boring. Loan features. Whats deductible. Types of property. Interest rates. Demographics and growth. Tax returns.

 

Why not catch up with some of the investors and chat to them ?

 

IMHO that's borderline insane .

 

@Player is organising a meeting for either 23rd or 24th March. He is staying in South Brisbane
so CBD or nearby looks like the place where you can learn a bit about property!

 

Worth a read imho. I am a big fan of the null hypothesis. Try to convince yourself buying 12 properties is a dud idea.

Our Investing Strategy Explained - Aussie Firebug

From reading on here making money from property is possible but it's a lot of hard work.

 

I really hate sensationalist titles like this that make you feel inadequate when you don't come close to their unachievable goals.

But yes, there are plenty of great books around. Well worth the time and money!
Just read them with an open but critical mind, you don't have to agree with everything in every book to get a lot out of them.

 

Reading your Investment Property and Money magazine they have a wealth of knowledge.

Particularly they showcase the good and the bad. Which you can learn from both.

This is just one example I learned from reading..

Someone purchased an apartment and didn't realize until too late..that it was not for permanent living and it was going to be there ppr.

Also an accountant who specialises in property is a wealth of knowledge and for only a few hundred dollars can save you reading and time.

Also a chat with a friendly real-estate agent would't go astray as purchasing,offers and bidding does change and to keep you up to date and save the heartache of missing out on a property you really like.

 

This is setting you up as prime prey for the men in suits.

 

Better to train yourself not to fall in love with a property. Go look at so many that they become
a blur and statistics.

 

I want to acquire property that will be paid off by the time I retire so that I can have access to the full rental return after taxes. Your reply is condescending and not at all constructive. People have different investment mindsets, tolerance and reasons. I don't see realestate as a capital gains only investment vehicle. I see it as an income producing asset. I have a high paying salary at a young age so cashflow immediate properties are not a need. The cashflow would be used as extra payment for the mortgage if it were the case.

 

It's honestly not worth it for the risks involved if your only looking for income. I'd definitely not put my money in resi RE primarily for rental income. You have better options out there. Resi RE only shines (IMHO) when you are able to capitalise on leverage to maximize returns for a small outlay of funds.

Each to their own though.

 

Just remembered I had an account here. I'm now 24 and I have 10 investment properties, mostly 2bed2bath in low-midrises, all apartments and I did exactly what you said was borderline insane. Cash flow is my strategy and it has worked. People need to start developing different strategies because this lazy "I'll ride the capital growth train" mentality is going to bite them. I'm happy where I am and I am two properties away from hitting my goal of one IP for each month of the year.