Hi all, Apart from this forum, where are good places (online, books, magazines, etc) for me to start learning about the basic principles of developing a property portfolio to help set us up for retirement? I'm curious to get a feel for how to put together a plan to help us move forward. I'm happy to read up on the pros and cons of differing methods/plans to help decide what suits us best. If it makes a difference, we're a mid 40s couple with kids. Good combined income but do not own a PPOR and starting from close to scratch (for various reasons). I'm already coming up with a bunch of questions to ask the forum, but thought I should start reading up as much as possible while saving a deposit over the next 12 months. Any pointers and suggestions would be most welcome. Thanks in advance
Saving a deposit is key as without it you can't really buy anything. i give for e.g. my tenant offered to buy but didn't have deposit or funds to cover the purchase costs etc. So the intention is right but i now have the tenant on a deposit saving plan and i collect monthly payments as a deposit. She earns 90K a year and her partner (she) earns 50K so she by right should be able to purchase if she does have the discipline
HI @PurpleTurtle Congrats on starting your journey! With regards to resources, there are some good books out there by Aussie authors to give you great basic knowledge (really alot of it is quite basic). Jan somers has some good books, I would also read Margaret Lomas and maybe 1 other. Don't get too caught up with any 1 author as they will all have slight variations and preferences, but rather use them all in conjunction with each other as a starting point. the forum is also a great place to ask questions, make contacts and get help. If you combine the books plus the forum help and contacts, your on a very good path already and pretty much all you will need for a very long time.
Thanks for the responses. I'm very aware of the need to get a deposit together. The time it takes to do that will provide good research and learning time I'll look at Jan Somers and Margaret Lomas books and keep pestering the forum with questions.
Also look up Chris Gray's The Effortless Empire...simple read with Jan Somers ideas in a practical book. It's available for free on his website in pdf form or ask for it to be posted.
As well as Jan Somers and Margaret Lomas' books, I also found "Paul Do - I Buy Houses" really useful for explaining the whole buying process in simple terms, whilst also giving a few tips about what to look for when selecting a property to purchase. By reading these books and as much as I could here on PC and SS, I've been able to move past the analysis paralysis stage and bought my first IP at the end of last year. Now to find IP2!
Hey @PurpleTurtle, Welcome to the forum. Books: Margaret Lomas - 20 Must Ask Questions Stuart Wemyss - The Property Puzzle TV - Sky Channel: Your Property Empire (Chris Gray) Your Money Your Call - Property Edition (Margaret Lomas) - you can find this on the podcast store also Podcasts: Property Couch Everyday Property Investing Real Estate Talk YouTube (search for): Nathan Birch Chris Gray Margaret Lomas Michael Yardney And most importantly, immerse yourself in Property Chat! All the best!
Very good point about this. I am now starting to spurge alittle now with trips but in the beginning I did no travelling at all and always ate at home. Love the taste of 2 minute noodles and sometimes I still have it because to remember that time and to teach me that in life, always stay humble. I think the most important thing is to make sure that your partner is on board with the sacrifices that needs to be made. At the end of the day, I am sure that there are people in the forum that have had relationship breakdowns due to the indifference. Not taking a swipe at the younger generations, as I am a generation Y and there are many successful young investors out there, but I find it amusing when they want the best of everything without putting in the work.
Find yourself a good broker. They will provide real world scenarios as to how much you can borrow and what kind of deposit you will need.
This may sound a but condescending but you first of all absolutely need to understand basic financial and mathematical fundamentals. That absoutely key. Overlayed over that you need to understand economics, demographics, legal aspects related to property investment among many more. If you can find someone who has a serious passion for investment (and who is unbiased in that they have nothing to sell you) pick their brains, take notes and seek their advice. Can be very profitable but newbees can very easily make bad investment and be taken advantage of.
