How do you get current knowledge in PI without wasting time and money ?

[Natural Lifter]

Hello guys.

I'm still new to property investing. I have bought a West Auckland property with parents in around 2002, mortgage 180k. (I was early 20s and parents early 50s) As of now the mortgage is 150k. CV 380K. 380k - 150 k So paper profit 230K.

We missed the pay load around 2007-2008. Right when the news announced global crisis and Bank in America collapsed. I was determined to cash out the same day the bank collapse news came out and hold onto the cash to buy at bottom of the property cycle.

It was lack of knowledge and different opinion between me and my parents. In the end we didn't sell it for paper profit of around 230k.

But anyway, I am here to continue my journey to slow and steady PI.

1/ How to understand Auckland rental market ?

2/ How to understand present and future Auckland desirable places ?

3/ How to understand Auckland city development in the next 5-10 years ?

4/ How to get a loan with low interest rates ? Private lender ?

[spaceman]

Read this site....especially all of my excellent posts.

Read some books .... buy or go to the library

Go to monthly property investors meeting

No advice on the loans, you're on your own there......good luck

Cheers
Spaceman

[Tan]

Go to monthly property investors meeting

Reply to 1, 2, 3 & part of 4. ANZ will give you discount if you are a member

For the rest of 4, see a mortgage broker, or go to Kiwibank if you can stand their super-bad service. May cost you more in legal fees though if you have to extend your settlement date.

All mortgage rates are low now, just go for it!

Google "best areas of Auckland to invest in 2011" and see what happens,
and/or go for a big drive with a map, then go back at night to the ones you thought looked good.

[Keys]

....... and hold onto the cash to buy at bottom of the property cycle.

I Pledge $50k Here and now for informtion telling me the bottom of the cycle.

Easy money for you.

Should the information be wrong then you would owe me $500k.

[drelly]

I Pledge $50k Here and now for informtion telling me the bottom of the cycle.
.

The bottom of the cycle is the lowest bit before it starts going up again. You owe me $50k. I'll even take a cheque... YOU ALL SAW WHAT HE SAID!!

[Keys]

Heh heh heh. That may be the definition. When will it be?

I suspect you now owe me $500k

[Learning]

"How do you get current knowledge in PI without wasting time and money?", Isn't that a bit like asking "How do I run before I can walk?"?

It's great to have someone hold your hand during the first few steps and to give a little guidance along the way but if you don't bruise your own knees every now and then you'll never be able to "learn".

[frazzledfozzle]

Go to monthly property investors meeting

Cheers
Spaceman

So it's quite ok to go to property invester meetings if I dont have an investment property yet? I woudn't feel like a plonker?

I joined this forum in 2008 and I read it every day but I still haven't got the nerve to actually invest in a property yet

[eri]

the slow way to gain PI knowledge

is by wasting time

the fast way

is by wasting money

[mattinvestor]

I think a good way to learn relatively fast without wasting too much money is to learn from other successful people!
They will teach you the shortcuts, and you can model their habits to get you on the fast track.

That's why I love to read alot of investing books as well as biographical books, AND actually talk to successful investors.
Good luck!

[JenniferG]

I've already learned a thing or two from mistakes I made. I kind of was forced into investment property when I had to move and couldn't sell my home. I ended up renting it out and made a bunch of mistakes.

[mattinvestor]

taking action and actually making mistakes can also increase your learning quickly. You learn from mistakes very quickly! Well that's my experience. I hate making mistakes and losing money. So I ensure that I quickly make up that money the next time round, and I get smarter about my decisions. but taking action is a very good way to learn. You can get very paralysed by analysing too much and wanting to be too perfect