Real Estate ABC

Hi all,

When someone like me approaches for the very first time the real estate world gets quite intimidated and feels 'ignorant'.

I read a few books (Rich Dad, Poor Dad, from Broke to Millionaire in 7 years etc), but I wanted to ask to you if there is out there a good book, article, website or journal that explains the ABC of this world.

The reason behind is due to my desire to educate myself to not be in a spot where I just take the word of the first 'professional' person that approaches me.

Basically I want to do my homework: industry's terms, process of buying/selling, mortgage procedure, investment and tax strategy, what to look etc.

I know the list is long, hence I am giving you fully blank paper lol

Every answers will be highly appreciated

Thank you and Ciao for Now,

MB

 

Welcome... well since you asked about a website I know a good one.... read this site... you'll learn heaps... also go to the meetups....

 

Picked details from an old post on somersoft, I think

George Clason - The Richest Man in Babylon
Jan Somers - More Wealth from Residential Property
Jane Slack Smith - Your Property Success with Renovation
Jeff Olson - The Slight Edge
Napoleon Hill - Think and Grow Rich
Pete Wargent - (any of his books are great)
Thomas J. Stanley - The Millionaire Next Door
General Investing
Brad Sugars, Instant Cashflow
Bruce Davis How to Build Riches
Cam McLellan My four year old property investor
Charles Duhigg - The Power of Habit
Jeff Olson - The Slight Edge - is excellent for success generally.
John Burleys Australia's Money Secrets of the Rich Somersoft Property Investment Forums Somersoft Property Investment Forums
John Fitzgerald Seven Steps to Wealth
John Lindeman Mastering the Australian housing market
Lenore Miller Ignite your Property Investment Mojo
Margaret Lomas How to achieve property success
Margaret Lomas How to Create an Income for Life
Margaret LomasA pocket guide to investing in Positive Cashflow property
Martin Haes and Joan Baker Get Rich Stay Rich
Michael Yardney How to build a multi million dollar property portfolio
Noel Whittaker Making Money Made Simple
Paul Clitheroe Making Money"
Robert Allen One Minute Millionaire Somersoft Property Investment Forums
Robert Allen Multiple Streams of Income
Robert BalandaSmart Questions Property Investors Must Ask their Solicitor
Robert Kiyosaki Guide to Investing
Robert Kiyosaki Cashflow Quadrant
Robert Kiyosaki Prophesy Somersoft Property Investment Forums
Robert Kiyosaki Rich Dad Poor Dad Somersoft Property Investment Forums
Robert Kiyosaki Rich Dad's Guide to Investing
Sean O'Reilly 'Anyone can be a millionaire’
Stephen ZamykalThe investment property plan
Steve McKnightFrom 0 to 130 properties in 3.5 years
Steve McKnightFrom 0 to Financial Freedom
Wes Beavis Escape to Prosperity

Investment Properties
Alan J Falkson Investing in Real Estate on a Budget
Austin Donnelly Realistic Real Estate Investing
Carmel Dwyer Residential Real Estate Made Easy
Clifton Thornton Residential Real Estate Investing
Craig Turnbull It's easy to be a property millionaire
Dolf De Roos Real Estate Riches
Fred & Brett Johnson The wealth power of property Somersoft Property Investment Forums
Geoff Doidge The Ten Golden Rules of Property
Graham Airey The Property Investor's Handbook
Jan Somers More Wealth from Residential Property
Jan Somers Building Wealth in Changing Times
Jan Somers Building Wealth through Investment Property
Jan Somers Building Wealth, Story By Story
John Mitchell Successful Property Investment
Margaret Lomas How to maximise your Property Portfolio
Margaret Lomas How to create an income for life
Margaret Lomas How to make your money last as long as you do
Monique Wakelin Streets Ahead Somersoft Property Investment Forums
Neil Jenman Real Estate Mistakes
Neil Jenman Ethics in Real Estateâ€
Neil Renton Understanding Investment Property
Nick Renton Negative Gearing
Nick Renton Understanding Investment Property
Penguin Books Home Buyers Guide - a great little book with a no-nonsense break down of costs you will incur with property (I used it to put together a spreadsheet)
Peter Cerexhe Smarter property investment'
Peter Waxman Investing in Residential Property..Understanding the Market in the new Millennium"
Robert Allen Nothing Down in the Nineties (a another good what if book for different ways at looking at property)
Rory O'Rourke's selling "22 homes in one day"I Sold 22 Homes in One Day
Terry Ryder Confessions of Real Estate Agent Somersoft Property Investment Forums
Terry Ryder "Property Smart"
Terry Ryder Buyer Bewareâ€
The Australian Lease Option Handbook Somersoft Property Investment Forums
http://www.ccsales.com/the_richest_man_in_babylon.pdf

Property Management
Bob Walters The Desktop Guide to Residential Property Management
Leah Calnan Simple and Successful Property Management
Phillipa Bellemore Managing Rental Property
Property Management is the relevant Act in your state.
Rachel Barnes and Geoff Doidge Managing your Investment Property
Suzi Bilosh Australian Landlord's Handbook


Business
Brian Sher What rich people know & desperately want to keep a secret
Gene Bedell 3 steps to yes
Goldfinger How entrepreneurs grow rich starting small
John Counsel Don't go into small business without reading this book
Max Rowe The Power of Profit
E-Myth Revisited
E-Myth
Think BIG and Kick *** in Business and Life by Donald Trump and Bill Zanker.
Small Giants - a good one for small business

Negotiating
Don Miguel Ruiz The Four Agreements
Herb Cohen You Can Negotiate Anything
Joseph Cummins Not One Dollar More"
Not One Dollar More
Wayne Berry How to get the best deal every time
Getting to Yes : Negotiating Agreement Without Giving In, Second Edition. ISBN: 0395631246. Fisher, Roger \ Ury, William \ Patton, Bruce
The Art of the Deal


Due Diligence
Hans Jakobi - Due Diligence made simple(easy) or Due diligence for dummies or something like that


Accounting/Tax
BAN TACS site www.bantacs.com.au
Dale Gatherum Goss Trust Magic"
Jimmy B. Prince Property and Taxation
Julia Hartman, Noel Whittaker Winning Property Tax Strategies
Nick Renton 'Family Trusts'
Tony Compton Rental Property and Taxation an Investor's Guide
Tyron Hyde Claim It
Somersoft Property Investment Forums
Somersoft Property Investment Forums
Terry & Coastymike's free E-Book - Trusts and Tax for Property Investors E-Book !
http://www.propertytaxsolutions.com.au


Renovation/Development
Alex May Planning your perfect home renovation
Allan Staines How to be a Successful Owner Builder & Renovator
Allan Staines The Australian House Building Manual
Allan Staines The Australian Renovator's Manual
Amanda Falconer The Renovator's Survival Guide
Carol Staines A Practical Guide to Interior Decorating
Dolf de Roos 101 Ways to Massively Increase the Value of Your Real Estate without Spending Much Money
Edward Mundie The Beginner Renovator
Greg Thompson
Jane Slack Smith's book on property renovation Amazon.com: Jane Slack-Smith: Books, Biography, Blog, Audiobooks, Kindle
John Makdessi The Home Builders & Renovators Survival Kit
Patrick Bright The Insider's Guide to Renovating For Profit
Paul Eslick The Investors Guide to Quick and Easy Renovations
Philip Thomas Profit from Property
Robert Irwin Find It, Buy It, Fix It: The Insider's Guide to Fixer-Uppers
Ron Forlee An intelligent guide to Australian property development
Ron Forlee Australian Property Development
Property Development: A Beginners Guide
The Property Developmemt Process: Western Australia by H.L. Reynolds & P.L. (1998) ISBN 0 646 35442 6
Somersoft Property Investment Forums

Regards

 

Hi Marco,
I have always been a keen reader and see the unlimited wealth of knowledge that it brings. However, in the property space whether it is for owner occupiers or investors I think there needs to be a balance between reading enough to understand the numbers and then reading so much that "reading" and learning everything there is to know becomes the goal versus actually getting out there into the market.

From my experience empirical research and being in the game and speaking with like minded people has yielded far better results.

Here is a short list of essentials to get you started:
- terms: yield, capital gains tax, equity, loan to value ratios, Return on investment
These are the basic words that you should look to understand as they form the base of many other more complex idea

- Start with speaking to a broker to determine how much you can borrow and what your different financing options are

-speak with a real estate agent to learn more about the process or go to opens and have a chat

-tax strategy have a face to face with an accountant (because laws change reading books can become redundant) basically understand Capital gain tax and understand what you can claim when you purchase an investment

- in regard to what to look at, you need to work out what is your strategy - are you looking to buy an income (maybe a high yielding unit) or are you looking to speculate and purchase into areas that may appreciate in value due to you researching where government spending will take place?

Choose one that suits your lifestyle and how much time you can afford to spend in the game and go from there

Goodluck brother!

Tim

 

Another wealth of information is "the property couch" podcast, start at episode 1.

 

Reading wise, I found Ed Chan and Tony Melvin's books worth a read, as well as Michael Yardney and Jan Somers. They're all pretty easy to digest and give you some perspective on buy and hold strategies vs income strategies. Plus they'll give you some insight to tax, structuring and lending.

Plenty of people here to help you too, and answer questions you might be to embarrassed/intimidated to ask otherwise.

 

Marco - if you want any info from articles in API magazine, or have any questions you'd like to have explored by one of our journos, drop me a line.

 

Read the forums to pick up on the current lingo, but remember, the folding green stuff is a language everyone understands.

Go and look at places you think are of interest to you, while a lot of agents may not be much chop to me, you will probably find you pick up a lot off them, and some are very helpful, it will really depend ho how hot the market is, when it is dead, they all pretty much help.

 

I can't do ABC, but I can do 1,2,3.

1. Collect properties.
2. ??????????????
3. Profit.


I'm in stage 2.

 

#2 can quite often be.....

What the hell have I done
or
What have I got myself into here
or
Why am I doing this again ? and is it normal to pay money for things that are a pain in the neck....lol

 

Hey @Marco Bon , that's a good 1st step, realising your current limitations and considering self education.
Highly recommend reading books by some Australian property authors such as Margaret Lomas, Steve McKnight, Jan Somers etc... each has a slightly different strategy, will help to find a strategy you might lean towards.
There are plenty available at your local library, you may not want to re-read each one, but when you find the ones you like they're worth buying.

 

Damn ashish!!! With the money I need to buy them all, I could put down a deposit for a house

THANK YOU!!! I will pick some from each category and start the reading...

Hope you are well!

MB

 

Another brilliant post: sharp, precise and on the point! Thank you Tim, I am shopping around atm (accountants, brokers, financial advisors) and putting together the end goal. I like your approach on reading 'too much'.

Hope you are well,
MB

 

Thank you Lisa

You fixed me well with this one, as I drive all day for work and I am going to switch the good old radio for this podcast.

Hope you are well,
MB

 

Thank you Azazel, I much appreciate your post and suggestions.

Hope you are well,
MB

 

HI MB
You have to start somewhere and if you are eager to learn then it wont be a chore and it could even become an addiction/obsession.

My advice is network, network and more networking from investors to real estate agents, doors will open for you if you are positive and have the desire to put in the hard yards

MTR

 

Hello MTR

Firstly, thank you for taking your time to read my post and for your response.

Secondly, I will try to speak more and more about properties with people, it has to find the right one to talk with though.

Hope you are well,
MB

 

keep reading and learning, there is absolutely no rush

 

Hey thanks for this Lisa. I've just subscribed to the podcast.