Getting started

[Xav]

Hi everyone,

I am looking to get started in property investing. I don't plan on purchasing any property for a year or so yet, but in the meantime I would like to take the opportunity to educate myself, so as to give myself every chance of success later on.

What I would like to know is what I would be best off reading, watching or attending.

Any advice is greatly appreciated, but I would perhaps suggest that it might be useful to recommend some entry level material, some intermediate material and then some advanced material.

Thanks a lot!
Xav

[tricky]

Hi Xav,
Spend an hour each day (or more) reading anything on this site.
It's an amazing resource.

[David_W]

Hi Xav - I firmly recommend joining your local PIA. Call (03) 348 3270, OR e-mail [email protected]. The Canterbury Property Investors Association offers fantastic speakers, discounts and networking opportunties, so for your tax deductible membership sub, you can't go wrong.

In fact I would go as far as saying ALL investors should join their local PIAs. Go to www.nzpif.org and JOIN NOW and take advantage of being a member.

Rgds David

[GJB68]

Xav,

My advice would be to just get out there and do it - a great way to learn.

By waiting for a year and filling your head with lots of education, this will more likely than not just raise questions in your head as you learn and prevent you from ever taking action and you run the risk of becoming a seminar junkie as you strive to learn everything there is to know. And you will hear about something else and will want to know all about that before you do anything.

I met a lady who had done the RM academy $3,995 + she had finished her RM mentoring $4,995 + she had attended a few other seminars and had spent over $10,000 but still didn't have any property as "it wasn't the right time!" Not saying this is what you would do but it is just an example. Even though many people have paid thousands of $ on the academy, it is believed that the statistic of 97% who will never do anything is relevant, which is astounding.

Not sure what your financial position is but there are plenty of ways to buy a property without having any money - equity partner to name one.

Why do you want to start property investing? What are your goals? If it is for financial freedom then you are delaying it for a year.

It can be daunting starting off but there is no better way to learn than by going out and taking action.

My 2 cents worth.

[Dean@Massiveaction]

Hi Xav. If your budget allows the best money to spend in NZ in my opinion would be to do the Richmastery Property Academy and Global Business Ideas MFS courses. RM will get you fired up and cover all the basics for you and GBI will open your mind to more advanced financing strategies. Then take some action and start investing

[Rampage]

Little old fashioned.

Save a deposit choose a area where the population wants to live. do the sums buy a rental. when equity in property grows buy another and another etc....

read posts in this forum.

[Xav]

Thanks for the comments.

Hi Xav,
Spend an hour each day (or more) reading anything on this site.
It's an amazing resource.

I intend to! There is a certain level of presumed knowledge in most of the material though (which is to be expected) and it is that basic knowledge I'm looking to acquire.

By waiting for a year and filling your head with lots of education, this will more likely than not just raise questions in your head as you learn and prevent you from ever taking action and you run the risk of becoming a seminar junkie as you strive to learn everything there is to know. And you will hear about something else and will want to know all about that before you do anything.

I understand what you are saying, and have read with interest pooomba's thread on the necessity of getting out there and doing it. I'm not talking about attempting to become an "expert" simply by reading, rather I am starting at the very beginning and need to pick up a whole lot of basic knowledge.

I accept that I will have to jump in the deep end at some point, but I would like to get some idea how to swim first! It's all very well trying to get out there and purchase a place, but I think it would best to at least know what to look for when purchasing?

For example, there is a lot of terminology that I don't even understand yet. I anticipate being able to pick it up relatively quickly, but knowing the best place to look would be very helpful.

In terms of the wait, there are few personal reasons around waiting for a bit, but a year was just an estimate. I don't intend to set myself a strict timeline, but rather jump in when I'm ready (bearing in mind the above).

If your budget allows the best money to spend in NZ in my opinion would be to do the Richmastery Property Academy and Global Business Ideas MFS courses. RM will get you fired up and cover all the basics for you and GBI will open your mind to more advanced financing strategies. Then take some action and start investing

Thanks. Am I likely to get more out of the RM course when I know very little about property investing or after I have done some reading and (hopefully ) picked up the basics?

[Dean@Massiveaction]

Hi Xav. I think the RM course personally is the best place to start irrespective of your knowledge base. I encourage any new investor to start there. If you know nothing you'll get absolutely heaps out of it.

[Monid]

Ask and Propertytalk provides:

The below link summarises some of the property related jargon:

http://www.propertytalk.com/forum/showthread.php?t=2655&highlight=jargon

I seem to recall another thread on this, anyone got the link.

Hi Xav

As with others I think a good way to learn it is to get out and do it. But first you need to sit down and figure out your plan. What this will involve is some reason why you are doing this and then some methods of how you might go about this.

There is plenty on different investing strategies and their advantages and disadvantages here on PT though you might have to dig a little to find them.

As a general rule, personally given the wealth of free info on PT I'm reluctant to pay for information myself.

David

[Monkeyboy]

Keep reading here and come along to the events that will be organised for forumites. There will be a coffee meeting coming up in Chch in the not to distant future.

[Dean@Massiveaction]

Plenty of jargon explained HERE

[Xav]

Thanks for the suggestions and links everyone