Top 5 for new investors

[Gerrard]

Most important thing that an investor should know is that "Investing is risky!"

I would have said investing has risks associated with it, rather than it is risky. Risks can be minimised through education and experience.

Gerrard

[Julian]

Gerrard,
I would argue that good deals can be bought AND made!
Julian

[Gerrard]

Gerrard,
I would argue that good deals can be bought AND made!
Julian

True Julian. I was thinking more along the lines that there has to be a twist or opportunity not obvious to your average buyer on the street.

There's plenty of evidence of people still buying good deals, but more and more I see people having to come up with ways to make good (or even great) deals.

Gerrard

[red123nz]

Hey Guys,

Names Sean, I recently joined APIA in November, and I really enjoyed reading this thread. I am new to property investment but I am passionate and I have defined goals.

Cheers

Sean

Ps: my email is [email protected] if anyone wants to add me on msn and have a chat.

[Monid]

Welcome to PT Sean

Worth having a look at the wiki to clarify terms and things, and if you want plenty of reading the link in my signature is my attempt at a greatest hits of Propertytalk...

Cheers
David

[NZGEMS]

HI people I would like to add something to the list and it may work for some as it has for me

Turst your OWN intuition,

for me this has always worked and the more I have gotten into the property the more I have realized it KNOWS what to do. Takes time as the voice (or feeling) isnt loud to start with but in time beleive me it is there for you.

Personally I am not into analyzing too much, I do a little at times, I beleive you should either get to know a market you are in very well or have people you can trust to do it for you (which is more the way I do it) so for me NOW and it could well work for newbies too.

1. trust my intuition
2. get a fantastic team on board
3. have fun.

thant is all i need , as many of you will know I have always worked on getting a fantastic team on board which I am continually working on even when I am relaxing at the beach as I am at present, I have one simple rule for trading too and many dont get it when I tell them, it is simply " I have to make money"

For me I started by just going to open homes as often as I could I looked at hundreds of houses and met hundreds of agents before I actually pulled the trigger, I think some people are too impatient and want to get in before really getting a feel for the market, but then there are those too who overanalyze and will never get in.

good luck, this is a fun game when you get into the flow.

Robyn

[red123nz]

Cheers Monid, yes I have your page ( best of ) in my book marks and I tried to read one a day Are you based in auckland?


And Robyn as always with the great advice Cant wait to meet you in person

[Monid]

Hi Red123NZ, I was based in Auckland but now I'm based in Portstewart in Northern Ireland... I'm back in March for a visit though and hopefully there will be a gathering.

Cheers
David

[Perry]

• Did anyone mention luck?
• And some common sense?
• A modicum of business 'nous?'

Also, somewhere on PT is a thread wherein
someone commented that if a 'professional
advisor' knows more than the PI does, watch
out.

It was an interesting and provocative thread.
Well worth a look. (If it can be found )

Nothing is won without sacrifice.

[waiopehu24]

Persistence 3 The continuance

of an effect longer than the cause that first produced it.

Jump in and see if you know how to swim. That would be my advice. And if you find out you ain't too good a swimmer i'm sure you'll learn pretty fast!

[Alien]

Hey Monid,
I just wanted to say that your greatest hits selection is fantastic. I'm new to PT and my head is swimming with all the info you provide from this link. Some great ideas and comments from everyone here that don't always agree but force you to look at all sides! Good stuff for a newbie like me.

[mortgage broker]

I think that the most important thing in the current climate, is to find out how much you can borrow.

And don't be afraid to ask different banks, at the end of the day you don't wont to spend endless hours looking for something that you might not be able to buy. Or missing out on things that you could.

Oh and if you have been to a lender six months ago, the criteria has probably changed drastically.

[zedrex]

• Did anyone mention luck?
• And some common sense?
• A modicum of business 'nous?'

Also, somewhere on PT is a thread wherein
someone commented that if a 'professional
advisor' knows more than the PI does, watch
out.

I'm not sureI agree on luck, luck signifies something out of your control (lotto tickets for instance) in my experience most of PI is down to the right place at the right time with the right atitude.

Commons sense, yep - by the truckload is good, ditto a bit of business nous, after all we are in this to make money aren't we?!!

As for prof advisors knowing more than the PI then watch out....hmmm
Nup, I don't agree, if I know more than my lawyer, accountant, broker, tradies etc then I reckon THEN I need to watch out. As PI's I think we are more big picture thinkers than detailists, we rely on our "team" (all of whom should be PI's IMHO) to give us the specialist knowledge we require to make our PI goals a reality, we are the ones who pull the information together to see if a deal is going to work for us or not, whatever strategy we are using.

My advice to new investors -
Get a good, a really good team around you. (Lawyer, broker, etc - all should be ACTIVE PI's themselves)
Talk to other PI's (that way you can learn from their mistakes and their successes)
Understand that you will still make mistakes anyway!
Don't be tempted by all the "get rich yesterday" hype that is prevalent around PI these days.
Really, really, really get educated about what your about to get into.
Negative gearing - understand it fully!
Enjoy it, it's a roller-coaster ride but it's a whole heap of fun!

[Perry]

I'm not sure I agree on luck, luck signifies something out of your control (lotto tickets for instance) in my experience most of PI is down to the right place at the right time

Being in said place at said time can be a stroke
of good luck, all reasonable planning aside.

As for prof advisors knowing more than the PI then watch out....hmmm
Nup, I don't agree, if I know more than my lawyer, accountant, broker, tradies, etc., then I reckon THEN I need to watch out.

Unfortunately, I couldn't find that thread. It was very
provocative in a mind-expanding way. Once I'd got my
head around it all, I could see the point.

Get a good, a really good team around you. (Lawyer, broker, etc - all should be ACTIVE PI's themselves)

I suspect luck plays a part there, too. It's an oft-touted
piece of advice. It almost always comes with no guidance
about selection criteria.

[zedrex]

Being in said place at said time can be a stroke
of good luck, all reasonable planning aside.

I guess it all depends on your individual perspective, I REALLY think that we CREATE our own luck by our thoughts and actions and attitude - but that's just me!

Unfortunately, I couldn't find that thread. It was very
provocative in a mind-expanding way. Once I'd got my
head around it all, I could see the point. -

I would dearly like to see that thread, anything that is thought provoking is worthwhile

I suspect luck plays a part there, too. It's an oft-touted
piece of advice. It almost always comes with no guidance
about selection criteria.

Yes it is, sadly it would seem in many ways to be achieved by trial and error, a friends PM that they swore by - cost me in excess of $6k, generally however, personal reccomendations are a good place to start as long as you gel with those individuals - getting along with your team has a significant impact on your success or lack of it.

PS: How the hell does the multi-quote thingummy work??