New to the game

Hello to all members,
First and foremost a big thanks to all members and founders of this forum for donating your time and sharing your knowledge. You guys recently saved me from making a huge mistake buying into a serviced apartments block, thanks to your invaluable insights disaster averted!

My name is Chris and I am a sole trader/business owner living in Sydney, 45 years young with approx $450k in equity & savings. I have business background (BBus, MBA) and i understand the basics of finance (and beyond)

Just like everybody in this forum I am concerned about my retirement (super won't be worth much by the time my generation retires) and very keen in growing a neutral or positive property portfolio of as many properties as I can afford. I have been educating myself on property investment for a few months now (Audio books, hard copy books) and keen to learn more.

I am not a genius but fully aware that every successful investor needs to be backed by a team of smart and honest property experts. (BA's, Finance Brokers, Property Solicitors & Conveyancers, RA's etc...)

If anyone has some good advice on getting started or you would like to share your Sydney based contacts that would be awesome!

Have a great day
Chris

 

Welcome @Halkideos

Best advice for getting started is read this forum, ask lots of questions and grow your knowledge.

You'll probably also discover a great team here including broker, BA etc. Read their posts and reach out if they feel like a good match.

 

Hi @Halkideos / Chris,

Welcome to PC.

Start with this forum and reading up www.somersoft.com (previous forum). Ask a lot of questions as you go along.

Sounds like you are in a good position to go aggressive with the portfolio.

 

@Halkideos welcome to PC and good to hear the mastermind has helped you already.

Sounds like you are on the right track so stick around and build your team.

First step is determine what your borrowing capacity is inline with your short, medium and longer term goals and that would mean contacting a mortgage broker and plenty of good operators on here to choose from .

All the best in your journey.

 

Welcome Chris.
You don't need to be a genius to be successful.
How's business going?
You can make a lot more money focusing on business than property, with the exception of your business being property related.
Better still is to invest business profits into property, quite a few on here have done that with great results.

Good luck

 

Ditto @Ace in the Hole you hit the nail on the head re business.
My business is doing pretty well unfortunately I'm in an industry where constant reinvesting on expensive equipment is paramount along with all the usual expenses rent, staff, taxes etc..there is not much meat left on the bone after all expenses paid.

I see property as a forced savings (retirement) plan with the added bonus of capital growth over time. I could be wrong but I hope i am not. What does everyone else think?

 

Hi @Halkideos and welcome to the forum. Lots of reading to be done, and keep asking questions. First pitstop is to your lender/broker to ascertain budget (keeping in mind your own cashflow position as you'd know is crucial) and working onwards from there. There's always something new to learn about property investment

Have you got a PPOR or are planning to invest in IPs first?

 

1. Determine what your goals are with real estate
2. Know your borrowing capacity via a good broker
3. Choose a strategy and plan for what properties you should acquire which meets your risk tolerance as well.
4. Build your team as you mentioned above
5. Go for it.
6. Ignore all the noise in society. Most people making the noise are clueless and/or bankrupt.. Learn from people who have some good runs on the board.

I also see real estate as a great place to park cash/wealth as well as a vehicle which allows you to actively manufacture equity if that's a strategy one chooses.