Any help/information greatly received

[Parky]

Hi all,

This is my first time to the forum and also my first post, so please bear with me.

I have sold my building/maintenance business which I worked very hard to build up over the past 12 years and the rewards are now sitting in the bank. I now need a new challenge and the experience I've aquried should help in this major new step in my life. My new aim is to become a property invester and although I've read several books on the subject, I honestly know very little. I intend to put in 110% full time, just as I did on my previous business. I gave a honest and reliable service, with some of my clients staying with me for the 12 year duration.

I really am looking for as much guidance and help as you guys can throw at me. If it means attending seminars, obtaining a mentor/coach thats fine. I don't expect this to be an easy ride and realise I'll make mistake along the way - its a learning procedure and of course everyone as to start off in this position. I suppose mine is better than most investor virgins as I have the finance to kick start this venture.

I have heard that you property inverstors guys are a helpful bunch, so if I ask dumb questions or do not understand some of your terminology you use, please excuse me.

Having found Property Talk I half expect that my wife will feel that I'm having an affair with my computer as I plough through all the threads on this site and gain the information I require . Seriously I don't feel you can do too much research and something that can seem quite minor can be benificially major... look & learn as my grandfather always said to me.

I do appreciate you reading this and am grateful for any advice, no matter how small or insignificant you feel it maybe.

Kind regards.

Parky

[Propoholic]

Hi Parky

I really am looking for as much guidance and help as you guys can throw at me. If it means attending seminars, obtaining a mentor/coach thats fine. I don't expect this to be an easy ride and realise I'll make mistake along the way - its a learning procedure and of course everyone as to start off in this position.

Read as much as you can (books, posts on propertytalk), join your local property investors association & set some goals. It may take you some time to decide on the area of property investment you would like to get involved with eg investment, trading, development.

Read the following books (if you havent already):-

Residential Property Investment in NZ:-Lisa Dudson & Andrew King

Planning for Property Success in NZ:- Andrew King

NZ Real Estate Investors Secrets:- Graeme Fowler

Grow Rich with the Property Cycle:- Kieran Trass

Property tax:- A NZ Investors Guide:- Mark Withers

How to Grow a Multi Million Dollar Property Portfolio:-Michael yardney

Investment in some good courses would also be beneficial, perhaps when you have narrowed down what you would like to get involved with.

[xris]

Hello Parky,

That was a good introductory post. Welcome. I am sure your wife will not be alone in thinking that, neither will quite a few husbands as well.

I like trying to keep things simple. First, what do you want to do? Be a long term investor, picking up property year-by-year so when you retire you will have a large portfolio to retire on? Or be a high powered trader, flicker, doer-upper and then retire in five years' time having made your millions?

xris

[Parky]

Hi Propoholic,

Thanks for the reply.

Half of the books you mentioned, I have read and the other half i will obtain in the next couple of weeks. After working 14/15 hour days previously, reading 3 books should be a doddle - just need to digest all the info from them.

I received my Property Investors Assocition application yesterday, so at least my mind is working in the direction as yourself .

Thanks again.

Parky

[SuperDad]

Welcome Parky

Hi Parky,

Welcome to PT. Like you, I'm researching property investment. I've found the community here at PT to be absolutely brilliant. In addition to being wonderfully knowledgeable and helpful, they aren't afraid to tell it like it is. If you have a bad idea, they will tell you that it is a bad idea. (I know, I've had a few.)

Firstly, to Propoholic's list I would add a subscription to NZ Property Magazine and Kiwi Property Investor magazine. When I joined my local property investor's association, my membership included a subscription to the first of these magazines - I'm not sure whether all PIAs do this though.

Xris asks "what do you want to do?" I would rather ask: "what is your goal?" (These questions are complementary.) Do you want to increase your nest-egg, say, fourfold in ten years time? Do you want a passive income of, say, $75K PA in two years time? Choosing a goal will help structure your your investment strategy. Suppose you want to quadruple your nest egg over 10 years. You can then figure out the best strategy for achieving this goal - work backwards from the goal!

Many forumites will be helpful with suggesting strategies for achieving your goal. I have personally found pooomba (Dean Leftus) to be very helpful - when you get a chance, check out his noble goal. It is not a financial goal, but money is what will allow him to ahcieve that goal, a goal that has driven him to acquire a multi-million dollar property portfolio. Inspirational stuff.

On a more personal side, you need not exclude your wife from your affair My wife now enjoys reading property-related literature, including this forum.

Very best,

Paul.

[Parky]

Hello Parky,

That was a good introductory post. Welcome. I am sure your wife will not be alone in thinking that, neither will quite a few husbands as well.

I like trying to keep things simple. First, what do you want to do? Be a long term investor, picking up property year-by-year so when you retire you will have a large portfolio to retire on? Or be a high powered trader, flicker, doer-upper and then retire in five years' time having made your millions?

xris

Hi Xris,

Thank you for your kind words.

As I'm 46 now, I don't intend on doing this for more than 10 years, so this is something I need to crack on with and obtain plenty of property in the early days. Some of the properties I'll do up and sell on if I feel the market is right for each individual particular property at the time. Others I will keep, maintain them myself and hopefully they will produce the figures we all strive for.

Regards

Parky

[Propoholic]

Hi Parky

After working 14/15 hour days previously, reading 3 books should be a doddle - just need to digest all the info from them.

A good property trading book is 'How to be a quick turn real estate millionaire:- Ron Legrand' (will give you a good overview of trading)

The following are recommended personal development books:-

The One Minute Millionaire:- Mark Victor Hansen & Robert Allen

The Millionaire Next Door:-Thomas Stanley & William Danko

Mind Power into the 21st Century:- John Kehoe

Money Success & You:- John Kehoe

The 7 habits of highly effective people:-Stephen R Covey

Powerful Changes:- John Burley & Bryan Fergus

I received my Property Investors Assocition application yesterday

What association are you joining? If you are located in Auckland (or may be in the vicinity over the next 12 months?) there will be a number of one day courses run by the Auckland Property Investors Association. These could be quite useful to you.

[Dean@Massiveaction]

Hi parky. Given that you are cashed up I would strongly recommend you FIRST, sit down and write down your goals, timeframe them and then SECOND, go and see someone who can help you set rules and buying strategies. Given the right help you can get a great result quickly but you don't want to stuff it up.
You'll find info here on amongst others: Andrew King, Lisa Dudson, Kieran Trass, Ron Hoy Fong and Graeme Fowler, all of whom would be worth paying to see to help you with getting started.
After that you may or may not want to join a mentoring group. Richmastery and Acumen both have good courses available but get a 1 on 1 first and decide if you need it.

[Parky]

Hi Superdad,

Thanks for you reply and advice.

I think Dean's advice for a intial one on one to set out a plan of action and goals was good, so today I have made some enquires on this matter.

Thanks again.

Parky

[Parky]

Hi Propoholic,

Its like having my personal librarian on line... thanks mate. I will add the books to my birthday list!!

No I'm not near Auckland, but would travel for the right advice and info.

Cheers.

Parky

[whitt]

Top choice of books in the list there Propoholic.
Parky if you read all these books you will be ready to go.

[NZGEMS]

Hi Parky
well done on deciding to join the ranks of property investor. where are you based? I am happy to meet with you if you want to have a chat, i live in Hamilton and talk for an hour for coffee or 2 for lunch. You pay ok?
I have done pretty well with property over the past few years and intend to stay in it for a few years yet.

but as the others say deciding on what you want to do is important and how you want to go about it. I do a mix of long term rentals and trades this works well for me as with the extra money from trades i can pay down loans on the ones i plan to keep long term, that is after travelling the world and having lots of fun too of course. SO i guess it is also important to decide what is important to you, how much do you need to retire on? Do you have that now? and Just want somewhere to hold it, well of course property is the answer there, that is my personal unbiased opinion anyway.
Do you want to get into a few trades or do ups if you want to put your time into something? there are many ways property can work.
Good luck with your decisions.
Robyn

[Dean@Massiveaction]

Sorry Robyn. Didn't mean to leave you out of the list. Parky,Gems has done VERY well out of property, well worth a lunch!!

[NZGEMS]

Thats ok Dean, I am not worried, just thought i would mention it as Hamilton may be closer for him to come than Auckland. Or he could make a couple of days of it and take as many out as he could manage, maybe you could do a colletive in Hamilton and Auckland Parky. just a thought. I know of a couple of other Hamilton ones i could recommend if you wanted to meet with a few of us at once.
good luck Robyn

[SuperDad]

Parky,

I can recommend you taking up Robyn's offer. I did a couple of weeks back, and it was well worth it. I'm still digesting what I learnt. I still can't believe that people such as Robyn (and Dean), with such a wealth of experience and the drive to match, have the time to sit down with newbies and offer their advice - all for the princely sum of a coffee or lunch.

Paul.