Hi everyone! I am new to property investing, and currently based in Victoria. At this time, I am spending time on reading and educating myself. Also, I am contemplating on whether to join the RESULTS Mentoring program. I have selected a few suburbs and will spend a full day attending auctions tomorrow (I won't be bidding, just scouting) At this stage, my goal is to procure a first property investment. In the current (2017) condition of the property market, with a budget of approximately AUD100k, what aspect of property investing do you think you would be focusing on ? Hoping to hear your input. Thank you Cheers Nick
Thank you Ross. Yes, I plan to learn more on this forum. Having said that, I thought it might be helpful to have a mentor. And yes, RESULTS mentoring is expensive, which is why I am contemplating this decision.
Learn from books the knowledge and use the forum for knowledge/mentors. If after 6 months of sustained effort you still dont feel confident enough then you can revisit the mentoring course.
I've reread my own post and figured that it might be a bit too vague. Sorry about that. If possible, please kindly ignore the vague question above. I can't seem to edit it. My question is: If you had an approximate budget of AUD100K and you have a steady income, what steps / actions would you take in terms of property investing in the current market? Would you wait until you saved up more money to start investing? I've read that buying and renovating can be very expensive. Thanks for the input Cheers Nick
Huge book list. Ask members for recommendations. Somers, Lomaz, yardney is a great starting point imo. Book list
Hi Nick, Have you had your finances checked to see what's possible with your income and expenses? If not, that is a good first step. A good broker will be able to chat about your plans and create a strategy that will allow you to achieve what you're hoping for long term, not just for this immediate purchase.
Was going to ask what the cost is, but then just looked up their site. Homepage | RESULTS Mentoring Program My first deal since joining RESULTS made us $108,000 profit in 12 weeks. Since then we have gone on to do many more deals, with the support of my RESULTS coach Simon. Kurt quit his job and is now a professional property developer doing multi-million dollar projects! Michelle explains how RESULTS enabled her to wipe out $250K of debt, create a million dollar profit, and totally transform her life! Funny how the exact same words will have 2 completely opposite meanings depending on whether the reader is greedy/desperate/lacking-knowledge compared to if they aren't...
Hi Leo, Thank you so much for this. After thinking this through for a bit, I felt that this is what I will do for now. That is, to educate myself more first before committing to any solid plans. At this time, I am reading books from John Lindeman (recently partnered with RESULTS) and Konrad Bobilak. However, I am feeling a little uncertain about John Lindeman. I would most likely pick up a different book for now. Thanks heaps for your insights. Cheers Nick
Hi Jess, Thank you. I have not personally approached a broker but one of my family members consults with one of the local brokers. I will keep this in mind and will approach a broker when ready. Thanks Cheers Nick
Hi Anthony, Thanks! When I attended one of their free events earlier this year, they advertised their program costs to be about 10k-12k (with and without discounts). According to some other threads on this forum, the cost used to be much lower (several years ago). I've decided to educate myself with books first before going with this. 10k-12k is a lot of money. =( Cheers Nick
Like what Jess has said, it is worth speaking to a broker who has an understanding / interest in property investment to help determine what you can spend based on your current situation. You can start to look at properties within your limits. Otherwise, it's abit of a wild guess and wasted time attending auctions that could potentially be out of your reach..
Hey Nick. As many others have said on here already educate yourself first as your starting step. Approach a mortgage broker, preferably one that has some knowledge of property investor so they know how to correctly structure your finances, otherwise this can hurt you later on. With the money you could have spent on a mentor use this on a buyers agent instead to help you purchase a good property in a high growth area. If i was to do it all again this is what i would have done first time round. BTW there are companies that have buyers agents and mentors all in one.
one thing i can definitely say, is talk to an investment savvy broker, especially with the new lending criteria, i met with a few "normal" brokers first before i found property chat, i then talked to @Jess Peletier and the difference is crazy. The first broker didn't even try to recognise my investment goals and future plans, just wanted the loan to get signed then bugger off (even though i told him what my plan was) .. good brokers can give you advice on strategies etc and push you in the right direction to enable you to keep borrowing down the track. if it wasn't for a knowledgable broker, i would have bought something that would have completely screwed up my serviceability. she's also opened up my mind to other avenues of investment too like developments, LICs etc, (where as before i thought i could just simply buy and hold to reach my goals) so i went from being moderately passive to very active in my strategy. and also just try to gain as much knowledge as you can like leo said, and don't be scared to ask questions (I'm sure jess is getting sick of all my questions)
Good to contemplate. Lots of contemplation. @Jess Peletier is cool. Has a smart head, answers the phone, interested in more than the next quick deal, and she is nice to talk to. We have a few mutual clients.
Determine your end goal and plan a strategy to achieve it. Talk with a reputable mortgage broker, read books and talk with trusted people.
