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Thread: Where to start?

  1. #1
    Join Date
    Apr 2005
    Location
    Opotiki
    Posts
    2

    Default Where to start?

    Hi there,

    I am a newbie to Pt and I have been viewing everyones articles and think this website is great!! I am new to buying IPs, currently still renting and not to sure where to start? I am a housewife studying for my real estate sales cert. Hoping this will teach me a thing or two.
    I have read a few real estate books from real estate pros. Robert kiyosaki, Peter Conti, Olly Newland.
    But, what I would like to ask is if anyone could tell me whats the steps I should take to make the move? Should I save for a deposit or advertise for motivated sellers? See a broker an accountant? I suppose this depends on our current situation.
    Anyway I know I must sound a bit fresh..but well thats what this is for isnt it?
    Bit shy about asking but anyway might be worth the response!!

    Thanks

  2. #2

    Default

    Hi JT_bust

    Welcome to the forum!

    I'd get out there and check out every property for sale in the area (or pick an area to specialise in). Work out which would be good investments, why, why not. Talk to the agents, talk to the people viewing houses, find out what they like and don't like. Know your area inside out.

    As for a deposit, yes, you'll need one, but if possible use the equity in your own home. And any savings should go against reducing that mortgage - you get a better rate of return.

    Work out who your team will be, find a broker you can trust, an accountant who knows property and all the issues relating to it, likewise a lawyer. Start attending PIA meetings, make the effort to travel to Tauranga for theirs.

    If nothing else you'll have networked well for a career in real estate. And hopefully you'll have some investments.
    Wealth vs Health - why have both when you can gorge on one?

  3. #3
    Join Date
    Dec 2004
    Posts
    2,081

    Default

    Hi JT_Bust, welcome , at the expense of your chosen name may I first wish you no such thing (since we are all here to make positive returns), that stops the other thought from progressing further.

    I have often thought of doing exactly the thing you are doing, if for anything but for educational purposes, last time I checked you could do the course for three hundred dollars or so. (Correct me if I am wrong). So that is a good start in my view.

    What the next step for you will very much depend on your personal circumstances, your introduction only allows for general opinion, the more information you provide the more likely you will find someone here who has most probably been in the same situation and hopefully, they would share that with us all.

    What I have learnt from the wisdom shared by the many here that help, is be forever reading and learning about property investing. Donít be shy, (we donít know who you are) keep asking questions no matter how silly they seem, most times you will get a helpful answer, sometimes youíll get a cheeky answer, donít worry always look for the positive in everything.

    what I would like to ask is if anyone could tell me whatís the steps I should take to make the move?
    What move are you thinking off?

    Should I save for a deposit or advertise for motivated sellers?
    Always have a budget and save as much as your ego will allow. What do you mean advertise for motivated sellers? Is this a gem I have not heard about, please explain what you mean by this.

    See a broker an accountant? I suppose this depends on our current situation.
    Without saying, professional advise is always a must, even after reading the recommendations from the professionals on this site or any other site for that matter. However, what do you want to ask?

    I suppose this depends on our current situation.
    It mostly depends on what situation you want to be in, and what are you prepared to do to make it happen.

    I sincerely hope that helps, let us know some more if you would like more personalised opinions.

    Thatís it from me, I look forward to reading some more from your journey.

    Regards,

  4. #4
    Join Date
    Mar 2005
    Location
    Wanganui
    Posts
    60

    Default

    Hi JT_Bust

    Keep doing what you are doing. Get your real estate certificate and you will have one foot in the door for your first investment. The industry can be pretty cut throat and try not to get caught up in office politics.

    Check out National banks first home owners scheme. You may be able to use equity in your parents home as a deposit. Stay away from Kiwi bank as I have not heard a good thing about them. Rumored for this election is possably a first home owners grant from the goverment.

    Carefully consider what type of property you wish to buy. Establish a regular income for the banks/brokers. Save enough for a deposit. Get your loan approved. THEN go shopping. You should be aware at this stage what the market is doing, where to buy and what to buy.

    Another option to consider is to buy your own place, get in flat mates to help pay off the mortgage. Establish equity in your home and go from there.

    No mater which way you go it will have to be a long term strategy. In this market cash + properties are as rare as hens teeth. So you will have to subsidise your investment. Read previous posts to work out exactly how much.

    Do your maths with consideration to future interest rate rises. Make allowances for new additions to the family or unexpected surprises. Our first loan application was turned down because my wife was pregnant at the time.

    The best strategy is to concentrate on an area/town you are familiar with. Listen cerefully to the pros and cons of a property. Why does one place get a better price than the next ? Buy a bad house in a good area is a good investment. Look at cheap ways to add value to a place, ie: paint it yourself. Resale has allways be a major consideration when purchasing for me.

    Try and clear up any outstanding dept before making your first loan application.

    No matter what you do it will take long term financial discapline to achieve your goal. At times you may feel like pulling your hair out.

    Feel free to post any dumb questions here, as we all have to learn sometimes. But check previous posts to see if your answer is there first. The anonimity of this forum provides a safe haven for newbies and oldies alike.

    When considering a property, post financial details here and watch the experts break it down. You may be surprised as I have been :P

    Well done for having the courage in making your post. This type of post in my opinion should be perminantly on top in the sticky dept.

    Hope we have answered your questions. Between us you should be more enightened. Had a few to drink tonight, does it show ???

  5. #5
    Join Date
    Apr 2005
    Location
    Opotiki
    Posts
    2

    Default

    Thanks guys for your enlightening suggestions, much appreciated. I will use these ideas in my journey.
    Yes, I agree it is all really about doing your homework first.. study, study,study and then apply the knowledge.
    Should I save for a deposit or advertise for motivated sellers?
    Response to ivi...I have read some great free ebooks form Peter Conti & David Finkel. How to attract motivated sellers? How to create multiple streams of income? Other great ebooks by Robert Allens, Road to wealth,90 day challenge....
    Great books!!
    Once again thankz...

  6. #6

    Default

    My advice for what it is worth
    1. get your team of advisors FIRST
    2. an accountant, solicitor, and finance broker plus get a couple of mentors
    3. Go to at least 3-4 property workshops and seminars and listen
    4. Get a deposit ready

    AND do all of this before you go looking for a property and the reason is simple - you do not know what you are looking for and where the returns are and all the agents want to do is SELL

    Become smarter quicker and you can build a portfolio easier

  7. #7
    Join Date
    May 2005
    Location
    Auckland
    Posts
    257

    Default

    Hi everyone!

    I guess I'm like JT-Bust looking for some advises on where to start after reading all these great books.

    I am so impressed that all of you are happy to help and advise. It is wonderful :P

    I started my AIP a couple of months ago so do not have much there yet . Well... I am guessing my situation with deposit and loan is going to be hard cos I do not have parent's house or any other property in NZ.

    I do not feel like I'm willing to wait a year or so until I have anough for deposit though. I feel I need to strat acting and am afraid this feeling could be lost if wait too long...

    May be I should do some Quick Cash deals first to make money for deposit?

    Could anyone please advise me on that?

    Many thanks in advance


 

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