What's with all the newbies wanting to buy an IP at the moment?

Discussion in 'Where to Buy' started by Angel, 14th Apr, 2020.

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What do you think?

  1. It's a conspiracy

  2. A spruiker has started a new business

  3. These posters are very lazy

  4. We should ignore them

  5. We should drop everything and hold their hands like we have nothing more important to do

  6. I need to stop spending time on PC

  7. Other

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  1. Angel

    Angel Well-Known Member

    Joined:
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    nah, my interest is piqued by (date joined today) (paraphrasing) "Hi I want to buy my first IP unit or apartment in Brisbane or Melbourne and I want you to tell me everything I need to know. I have no intention of reading any of the existing information threads where every other day someone asks should I buy an OTP apartment and you all say No. I cant afford to buy anything in Sydney. "
     
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  2. spoon

    spoon Well-Known Member

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    If I were a new member, I would be asking the similar questions. Most newbies are starting at more or less the same stage, so asking similar questions is not uncommon. I met someone on another platform and was asking the IP101 question and I referred him to join PC, so he ended up asking the "dummy for newbies" questions. :rolleyes:

    Of course I recall there was a post about a couple both earning 6-figure salaries and wanted to invest in the n-th IP, thought just to run it past PCers... :)
     
    Angel likes this.
  3. spoon

    spoon Well-Known Member

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    I pray to God your wish is never granted... :(
     
  4. kierank

    kierank Well-Known Member

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    So do I.

    We are in pension phase, not accumulation phase.

    I would hate to come out of retirement to buy property just to maintain the truthfulness of that post :p.
     
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  5. Sackie

    Sackie Well-Known Member

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    You mean I could be one day bidding against you at auction? Don't worry, ill go easy :p:oops:
     
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  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    10,599
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    Im ok with that. it is what it is in today's information and fluff fuelled Instant on western society.

    Because our business is a service provider we need to look past the various opaque stuff and help them through it be providing education and tools.

    A suspect calls you with a VM to call em back. You return the call 4 business hours later............Sorry I have already done a fact find with 2 other brokers coz u didnt call back in time. Apologies for that, when are you planning to implement.......... we will have enough deposit to avoid LMI in 6 to 9 mth.

    Im interviewing 4 brokers to see who will get me the best deal, because I have pretty decent portfolio to build. Sometimes this is matched with unicorn property goals of little resources, like 60 k sole income, CPI increases to that , and maybe to 80 k min 10 years, and 50 k deposit, ............and I want to replace my active income with nett rent only within 15 years. I havent seen anyone do that in property alone, but plenty in business within 3 to 10 years.

    I want product mix a and B. and structure XYZ. Mr/ms Prospect can you elaborate on that because we dont do " product fulfilment" we provide credit advice.What you are requesting is contrary to achieving your stated goals. Well.......... I have been doing lots of reading and I have a few friends that have bought some properties and they directed me to tiny Financial and some foot Investor book, and mixed the ideas to get a better result. I do risk analyis and have just finished my CPA exams so I have a good idea of how it all works. My response usually is, cools, sounds good for what your real vs stated goals are. May I ask pls who we can service your needs........... well my dad works in procurement and he said always get at least 3 quotes to make sure you get the right price. because loan specs are all similar.

    the proliferation of purposely fluffy, marshmallow marketing matched by questionable sales and retention behaviour by lenders direct , but more so from " me too mono product" mortgage managers, has meant that broker market share has been on a strong rise from 2012 to 2018, after flattening for 6 years prior.


    ta
    rolf



    [​IMG]
     
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  7. kierank

    kierank Well-Known Member

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    I will pull out my “big guns” and push you way pass your budget.

    That is what us old farts have to do to you newbies to give you some life experience :p.
     
    Sackie likes this.
  8. Sackie

    Sackie Well-Known Member

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    .
    May the biggest gun prevail :p
     
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  9. FatElephant

    FatElephant Well-Known Member

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    Sydney
    I actually agree. I haven't been around PC that long but even I have noticed the amount of newbies all asking the same questions as if they want someone to tell them: "Yes, xyz is the best area to buy and it is a good idea that you are buying there". And I honestly really appreciate the patience that this community has exhibited with answering those same questions again and again and trying to educate these newbies that it isn't that simple and there is no straight answer to what is best to buy. It is different for everyone.

    But I technically am a newbie myself but I started reading about a year ago and I remember I used to wonder about the same things as they do. Obviously the more I read PC and books and listened to podcasts - the more I learnt and figured that I was asking all the wrong questions. I have just settled on my first property and it has taken almost a year to get to where I am now. And more work to be put in to get ready for my next purchase.
     
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  10. kingkub

    kingkub Member

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    Perth
    Do you mind me asking what podcasts and books you found valuable?
     
  11. FatElephant

    FatElephant Well-Known Member

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    Location:
    Sydney
    Hello @kingkub a few resources I found valuable would be the Property Couch podcast, the Spark Your Fire Podcast (one of the co-hosts is a member of PC), Smart Property investment podcast and Michael Yardney's podcast. Books would probably be: Think and Grow Rich by Napoleon Hill, any of Magaret Lomas' books, Richest Man in Babylon, Rich Dad Poor Dad by Robert Kiyosaki, The Future of Property Investing in Australia by Sam Saggers. There is an endless list of books but different people will relate to different books and I book that I find that resonates with me might not resonate with you. So the way to find ones that resonate with you is the read and study a whole lot of books (and read a lot on PC, I would consider PC like a giant library)

    There are also threads in this forum with heaps of book recommendations: books for a new investor and Book list

    My only tip is to probably not follow any single book too religiously, take everyone's opinion and knowledge but use that as a basis to form your own outlook and strategy based on your personal goals.
     
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  12. MoneyMan

    MoneyMan Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
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    Location:
    Sydney
    I joined the somersoft forums around the 2010-11 mark and I'm sure a similar post was in there also. After the share market correction people look at another asset class to build stable wealth.
    It really was a bit of searching to find a place to join online to discuss property and my accountant told me about somersoft as I was previously looking at young investors club.