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Top 5 tips for newbies?

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  • Top 5 tips for newbies?

    Hi All,

    I thought I would start a thread on the 'top 5 tips for newbies'.

    As most of you might know (or suspect), I am quite new to PI. I have only recently gone unconditional on my first IP. I have been reading on PI for two years, now, and believe I have learnt a bit along the way. I wanted to share what I believe, at this time, have been the 5 most important things I have learnt on my journey to date. Hopefully others can pitch in, newbies and seasoned investors alike, and contribute to a resource for people new to PI.

    So here are my "top 5 tips for newbies", based on what I have learnt so far.

    1. Find people who are actively investing in property, and who are passionate about property. Your local property investors association and Property Talk are excellent places to find such people. Don't be afraid to ask questions of these people, no matter how silly you think the question might be.

    2. Clearly indentify why you want to get involved in property investment, and what your goals in property investment are. Make sure the goals are quantifiable (e.g., I want $2M net equity in 10 years time), not simply "I want to get rich. Your goals will determine your strategy. (Thanks to Poomba for this one.)

    3. Form and foster relationships with people who can help you in PI. These include a good RE agent, a mortgage broker, a lawyer, and an accountant. Don't forget your important personal relationships - family and friends.

    4. Come to grips with fear. This is not simply a case of "conquering fear". Some fear is good - it is a subconscious reaction to real and present dangers. Other fears are simply the result of irrational prejudices. I have found that the trick to coming to grips with fear is learning to know the difference between the two. I have also found that this is not easy!

    5. Don't be in a hurry (unless your investment goals require you to be in a hurry). You won't miss the property boat, because the property boat never departs. This is not to say that one shouldn't move quickly when the situation dictates - but if you move quickly, also move wisely. For example, if you put a quick offer in on a property just to get it under contract, make sure you have an escape clause.

    I've learnt a lot more than this, but these are the "big five". I'm hoping that I can learn more from others who contribute to this thread.

    Good investing,

    Paul.

  • #2
    Keep to Basics

    Comprehend what the term Supply and Demand means.

    Do not buy into half the BS about by people who have not walked the walk so have no right to talk about it.

    Use common sense,put yourself in a prospective tenants and future buyers shoes.

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    • #3
      Originally posted by SuperDad
      As most of you might know (or suspect), I am quite new to PI.
      At 363 posts I'm not too sure about new, how about run-in?

      Cheers,
      Jarrad

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      • #4
        Hi Jarrad,

        No, I really am new to PI. I don't want to make out that I have more experience than I do. The number of postings doesn't translate into actual hands-on experience with property.

        Paul.

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        • #5
          I'm the opposite

          Been retired for 7 years as a result from investing in property and still carry the label freshie.
          Last edited by mals69; 09-07-2006, 11:47 PM.

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