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Real Estate ABC

Discussion in 'General Property Chat' started by Marco Bon, 11th Aug, 2016.

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  1. Marco Bon

    Marco Bon Active Member

    Joined:
    4th Aug, 2016
    Posts:
    37
    Location:
    Melbourne
    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
     
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  2. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    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....
     
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  3. ashish1137

    ashish1137 Well-Known Member

    Joined:
    12th Sep, 2015
    Posts:
    309
    Location:
    Sydney
    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 A$$ 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
     
  4. Timothy Perry

    Timothy Perry New Member

    Joined:
    11th Aug, 2016
    Posts:
    4
    Location:
    Sydney
    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
     
  5. lisawithane

    lisawithane Well-Known Member

    Joined:
    25th Aug, 2015
    Posts:
    49
    Location:
    Sydney
    Another wealth of information is "the property couch" podcast, start at episode 1.
     
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  6. Phase2

    Phase2 Well-Known Member

    Joined:
    14th Jul, 2016
    Posts:
    421
    Location:
    Perth
    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. :)
     
  7. Daisycutter4

    Daisycutter4 Well-Known Member Premium Member

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    19th Jun, 2015
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    Location:
    Brisbane
    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.
     
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  8. dabbler

    dabbler Well-Known Member

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    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.
     
  9. Bran

    Bran Well-Known Member

    Joined:
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    3,217
    Location:
    At work
    I can't do ABC, but I can do 1,2,3.

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


    I'm in stage 2.
     
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  10. dabbler

    dabbler Well-Known Member

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    Location:
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    #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
     
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  11. Azazel

    Azazel Well-Known Member

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    Location:
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    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.
     
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  12. Marco Bon

    Marco Bon Active Member

    Joined:
    4th Aug, 2016
    Posts:
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    Location:
    Melbourne
    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
     
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  13. Marco Bon

    Marco Bon Active Member

    Joined:
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    Location:
    Melbourne

    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
     
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  14. Marco Bon

    Marco Bon Active Member

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    Location:
    Melbourne
    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
     
  15. Marco Bon

    Marco Bon Active Member

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

    Hope you are well,
    MB
     
  16. MTR

    MTR Well-Known Member Premium Member

    Joined:
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    Posts:
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    Location:
    Perth, Melbourne, USA

    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:)
     
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  17. Marco Bon

    Marco Bon Active Member

    Joined:
    4th Aug, 2016
    Posts:
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    Location:
    Melbourne
    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
     
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  18. MTR

    MTR Well-Known Member Premium Member

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    keep reading and learning, there is absolutely no rush
     
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  19. Angel13

    Angel13 Active Member

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    9th Aug, 2015
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    Location:
    Canberra
    Hey thanks for this Lisa. I've just subscribed to the podcast.