Property Portfolio Strategy - Help

Hello Everyone,

I'm looking for some advice or to be pointed in the right direction of a professional or even a successful property investor to have a coffee with. I'm currently 27 years old and have embarked on the journey of building my own property portfolio. I currently own Two investment property's in Brisbane totaling 1.2M and am looking at options for my next move.

I have a few different ideas in regards of the right long term property's to purchase and what to purchase as I am in the asset accumulation phase of my journey.

One thing I hear over and over again from successful property investors on podcasts etc is that they all had made mistakes in the early stages and it its obviously something that can set you back a long way in the beginning. I am trying to make connections to run ideas past or even a professional that provides services along the lines of property portfolio strategy (someone that isn't trying to sell you property's) so I can try and minimize making a costly mistake by trying to apply the 'do it all yourself approach'. I'm smart enough to know that I don't know it all and there can be a lot of traps for young players.

I would love to hear any advice anyone may have that's been in a similar situation and what they did, people that you could refer me to or anyone on here that's been a successful investor and willing to catch up for a coffee and share some knowledge.

Thanks again for taking the time to read this and help out, look forward to hearing from you.

Mark

 

Hi Mark,

Well done in getting your hands dirty with 2 properties at such a young age

When I was serious about building my portfolio I have exactly the same problem as you currently do - where do I start and how do I leverage off other peoples experience? So I understand how challenging it is to be able to continue growing your portfolio. What I did back then:

1. Read up PropertyChat everyday to build up my own knowledge in investing, and keep asking questions

2. Attend PropertyChat meetups and meet as many investors as I can, hear their stories and ask what they would do differently. I'm pretty sure there are Brisbane meetups as I attended one earlier this year. Keep an eye out on the Networking & Meetup section and pencil down the next meetup. Or if there isn't one scheduled you can simply start a new meetup and I'm sure some keen and experienced property investors would be more than happy to show up and share their personal experience.

3. As you read through PropertyChat, engage business members which you believe are adding value on this forum and catch up over coffee to bounce off your ideas, and see whether you connect well.

To help as many people as I possibly can so they don't make these costly mistakes I did - I've started sharing a number of lessons learnt myself in this thread:
What I learnt out of buying 7 properties

Hopefully that'll get you started and good luck!

Cheers,
David

 

Hi @David Shih, thanks for the response! I just finished reading your 7 lessons and totally agree with all of them. I have also gone into Goodna etc and looked at property's myself and then decided not to invest there and looking back now I am glad I pulled out. I also had a meeting with the A-Team who were trying to force an off the plan property down my throat and I managed to make a smart decision not to go ahead last minute. So I feel like I've managed to get myself out of a few early traps so far. Thanks for tips.

Mark

 

welcome to the forum Mark.

congratulations, nice work there.

re the "early mistakes", difficult not to making mistakes, it depends on what kind of mistakes, some can have profound impact ( simple example, someone used up all their savings bought an OTP at the peak of the market hoping price keeps going up), this would be a really bad mistake. if say, you paid $10-20k more ( than you believe you should have comparing with the comparable sales ), this is probable ok over a longer period of time.

majority of the investors on PropertyChat are quite genuine and approachable, give them a buzz, I am sure they will happy to have a chat.

 

Advice is a mixed bag.
Some people say you get what you pay for.
But at the same time, I've found the best information to come from those who genuinely want see someone else succeed and payment is simply by way of the person asking the question paying attention (payment in food and drinks is also good )

Both @David Shih and @Eric Wu are great guys. I've met both of them on multiple occasions, not once have either of them come across as giving something with the expectation of getting something back - they want to volunteer information simply because they want to see others succeed.

 

HI Mark, well you're off to a great start by the sounds of it and have had two very knowledgeable and experienced investors respond to you so far in @David Shih and @Eric Wu - no doubt you're in a good place here on propertychat to be asking those types of questions.
What's your sticking point at the moment, type and location of property, lending structure or something else?

 

thanks @Lindsay_W and @neK , appreciate your kind words.