stupid newbie

[sp275]

Hello all,

I have a quick question about a book ive purchased. '20 properties in one year'by Graeme Fowler. Is the information still relevant in this book as it was published in 2008?. In the blurb it talks about no money down purchases, and i think the rules have changed regarding that right?

If you hadn't guessed by the nature of the question, my knowledge on property is zero. Im 30 and left NZ a year and a half ago with 17k debt and just completely disillusioned with being a 'forever renter' and decided to teach English in China to get enough money to begin investing. Im still a while away yet from kicking off, but im at 57k now and by next August i will have 100k and will go into a partnership with my friend who owns a couple of properties already. He works for the bank approving home loans so he's on the ball, but i don't want to go into this relying on his advice and want to know what to do myself. So i have given myself until next August to read as many books and posts on this forum as i possibly can. If i ask stupid questions its genuinely because i am.

So if that book previously mentioned is no longer relevant to today's rules, what books specific to NZ would you recommend? i also purchased Property 101 by Matthew Gilligan and The NZ Real Estate Investors Secrets 2nd ed by Graeme Fowler.

Any help is greatly appreciated and good luck to everyone
Scott

[donna]

Hi Scott,

Graeme's '2nd' is his latest book and Matthew Gilligan's Property 101 is also recent and they're both highly recommended. Also hang around on PropertyTalk. You'll learn more reading the discussions and asking questions within threads than you will from reading a book or two. Over the years many new investors have learned the ropes of property investing via the experiences of other investors, and that's even before they made their first purchase. Now many of these investors will help you out.

When you read a discussion - be sure to scroll down and you'll see 'similar threads' so you can read earlier discussions on the same topic.

cheers,

Donna

[sidinz]

Read the mega thread by Orion. Pretty sure he discusses that either there or somewhere else on this site. Orion = Graeme Fowler. He also has a FB page. Property Investors NZ Chat Group.

[Don't believe the Hype]

You're already miles ahead of most... you took action clearing your debt... you're saving hard... you've achieved a good result from your saving. You took a path that others would deem too difficult heading overseas to teach English in China - many would rather whine about how difficult it is and you're now actively trying to educate yourself on the subject matter before diving in.

I for one am more than happy to help you with any questions you have... well done you!

[orion]

Hello all,

I have a quick question about a book ive purchased. '20 properties in one year'by Graeme Fowler. Is the information still relevant in this book as it was published in 2008?. In the blurb it talks about no money down purchases, and i think the rules have changed regarding that right?

If you hadn't guessed by the nature of the question, my knowledge on property is zero. Im 30 and left NZ a year and a half ago with 17k debt and just completely disillusioned with being a 'forever renter' and decided to teach English in China to get enough money to begin investing. Im still a while away yet from kicking off, but im at 57k now and by next August i will have 100k and will go into a partnership with my friend who owns a couple of properties already. He works for the bank approving home loans so he's on the ball, but i don't want to go into this relying on his advice and want to know what to do myself. So i have given myself until next August to read as many books and posts on this forum as i possibly can. If i ask stupid questions its genuinely because i am.

So if that book previously mentioned is no longer relevant to today's rules, what books specific to NZ would you recommend? i also purchased Property 101 by Matthew Gilligan and The NZ Real Estate Investors Secrets 2nd ed by Graeme Fowler.

Any help is greatly appreciated and good luck to everyone
Scott

Hi Scott, yes was only written 3 years ago and still relevant to now.
However you won't just be able to go and get 100% finance when starting out. The only way I was able to do that was with having a lot of equity in 40 other properties, so the overall LVR was relatively low. You can still do that today as long as you have a lot of equity.

Kind Regards
Graeme

[sp275]

thanks

Wow, thanks so much for the replies. Amazing to get an offer of advice from someone and then a reply from the author of the book in question. Unreal. Thank you so much once again!!

[sp275]

well its 17 months since I last logged on here, and in that time I've picked up 2 properties. one in wanganui and one recently in invercargill. the books i read were massively important, but as someone who scrimped and saved and bought in wanganui in April 2020, to see the price go up by 104k by November 2020 was absolutely unbelievable. I was able to use my savings and new equity to get a nice 3 beddy down south . to have 2 houses was something I never thought possible, and it happened all in 2020.. I've got 2 more years left in china and I'm actually excited to come home now that my horizons are a little different and should be able to get my owner occupied once I return. 3.5 ago left nz with 17k debt and nothing else. crazy ride it's been and the books, the facebook group and the brokers at twine all made it possible. I still feel like a stupid newbie but hey doesnt matter if you have good people to guide you.

[Sanya]

Many congratulations on your property acquisitions Scott. From 17k debt in 2017 to two investment properties in 2020 is a remarkable transformation in wealth. Just shows what's possible with hard work, commitment to saving and educating yourself on investment. Well done.

[donna]

Yeah, well-done sp775. A lot has moved on since 2017 and 2021 is going to be another interesting year of change - see our 2021 predictions and add yours.

cheers,

Donna

[wodger]

Awesome, well done.

[Perry]

Tis said, Scott, that the only stupid question is the un-asked one.

Well done.