Newbie needing help

Hi everyone. Not sure if this is the right place to post. I would like to get started in property investment and have about $100k cash to spend on a deposit +/- renovations. I'm based in Sydney but would like to purchase something on the cheaper end. There is a lot of talk about the Brisbane market due for good growth and therefore I'm considering investing there.

I'm considering using a buyer's agent but I'm really not sure if they are worth the money. I'm a busy mum who has limited time to research and inspect. In addition, I thought a buyer's agent would be able to help with setting up a strategy to expand a property portfolio (what other professionals do this?)

Also, how are renovations supervised if you live interstate?

Any advice is really appreciated!

 

Finance strategy first. Before thinking about where and what to buy.

this is strange to non investors (decide on the mobile phone or appliance, then look at financing).

 

Hey and welcome to the forums!

A BA can be a good time saver, but in my experience with them they often tend to have their own pet strategy that they'll shoe-horn you into.

Which is fine - you just need to be aware that if you want cash-flow, but their thing is metro capital growth, you might be pushed in a direction you don't want to go.

Using a BA is also no guarantee of growth - I've got BA sourced properties in my clients portfolios that haven't grown...in Melbourne, which has gone nuts over the last few years!

Personally, I think if you can learn the skills to research a property yourself, it's a skill you'll use over and over so it's worth investing the time into.

Finance and property strategy is going to be important for you - with $100k, you might be able to get into your first, and not be far off your second if you structure things right.

 

Thank you everyone.

Who would I approach to sort out a finance strategy? Would that be mortgage brokers like yourselves? @Rolf Latham @Jess Peletier

I haven't looked it up in this forum yet but could anyone give me a brief guideline as to how to research property?

 

This is the topic @sharkling that takes years to finesse. This forum would only have a few topics with FAQs and that would be all, if it was as easy as just answering this question. Stick around and have a good read in here first.

 

Yes - the brokers here would be able to help you with the finance strategy. I also have a few resources to help with the research side of things too - it's quite a lot to take in but I have some tools to help with the process.

 

Depends if you are in property for the long run and plan on amassing a large portfolio it is beneficial over the long run to learn these skills for yourself on how to identify and purchase a property. BA fees can add up across many properties and at times have their own agendas as stated earlier.

That said some really great one's on this site. Tons of information on this forum on what parts of brissy to look into just utilize the search bar.

Read up, grab some books and utilize the internet. Tons of resources out there for you to get a free education. As many investors will tell you the best way to learn is to just get into it! You make mistakes, you learn and you improve.

That said seek proffesional help whenever applicable. A lot of BA's are happy to have a chat. Get yourself structured and go from there.

 

Thank you @The Grinch. Yes I agree BA fees would add up over the long term. Even paying at least $10k for one transaction seems pretty steep to me. Are there any good books you can recommend that provide practical knowledge on property investment?

 

Obviously every book may be outdated, be based on different stratedgies or view points so you really need to take what sits with you and your appetite for risk the best. What aligns with your goals, why you are choosing property and what you want it to provide you. Below are some books that I read along the way that gave me different insights.

20 must ask questions for every property investor by Margaret Thomas

Secrets of property millionares exposed by dale beaumont

The armchair guide to property investing: How to retire on $2000 a week by ben kingsly and bryce holdaway.

Also some great podcasts with a ton of indepth episodes on a broad range of subjects related to australian property.

I use an app called podbean and the podcasts I listen to are -

Spark your fire, The property couch,smart property investment network and the pumped on property show. I find it sometimes easier to digest and learn via podcast as I can listen while I drive, work, fall asleep etc.

Hope that helps, as always everyone has their own views and strategies in RE investing. It's really all about finding what you feel comfortable with. Educate yourself as that's probably the best investment you can make and definitely seek out advice surrounding your finance strategy.

Hope that helps!