Hi all, I recently left my fiancée and without the support of my family and friends I would be on the streets. Since leaving I vowed to myself I will build a solid financial future. It's time for me to grow up! So with this, I have NO idea about purchasing properties but I'm very keen to learn as much as I can. I have never owned a property. Given I only have one disposable income maybe an investment property in Victoria is the way to go for now?! Build up equity, repeat, and hopefully one day soon, I'll be the proud owner of a house, dog and a veggie garden. Someone suggested I try and find mentor/s, so here I am willing to learn as much about successful property investing as I can.
Welcome. Try reading some books (and these forums!) first, before you think about paying for mentoring. Jan Somers' books are a great start for example. You probably shouldn't buy in at least the first three months of starting to educate yourself to ensure that you don't make any costly mistakes. Further, personally I would definitely stay out of Melbourne (I don't know enough about the rest of Victoria to comment).
Hi @Sonn Welcome to the forum, this being your first post... The secret to building real wealth is that there is no secret. If you want to build more wealth than you ever thought possible, purchase good quality well located property as fast as you can reasonably afford and then hold it for the long term to allow time to weave its magic upon the compounding capital growth. Find some one who has attained or well down the road to attaining what it is you want to achieve also and then duplicate it - its not rocket science. The key is to commit to a chosen investment strategy, keep focused on it and work it consistently to financial freedom - otherwise you will flutter from one shiny idea to another going around circles instead of blazing a trail to your finishing line. I hope this provides food for thought.
Books are a great idea. I've just started reading "think and grow rich property" but Stuart Zadel. Real estate adventures by sally cooper is another good little boook.
Welcome! Hopefully you can find out as much as you can from this community. Surround yourself with people who are what you aspire to be and disassociate from the nay-sayers and those who try to dissuade you from investing. Good luck!
Guys, Thanks so much for welcoming me to your community and sharing your suggestions, much appreciated. At the moment it's all about research, research, research! I'm really excited about my journey in property investing. Hopefully it'll be a fruitful one. Thanks again!
Welcome @Sonn - as a new/first time investor my tip would be to build a good 'team' around you... Property Investment advisors/accountants can help create strategies - set goals rather than just buying a property for retail therapy.. Buyers Agents can assist with selecting and negotiating properties... Brokers will assist with the right loan structures and best financier based on policies not just rates... Further down the track conveyancers will assist with the legalities of the purchase and property managers are going to be integral to you being successful... Good luck and enjoy the journey!!
