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Beginner's Guide

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Roxy | 29 Aug 2013, 10:15 PM Agree 0
Hi Everyone,

Curious to find out where I should begin with property investing. I truly am a blank canvas when it comes to property however I am very eager to learn the ropes. There seems to be so much information online I'm not quite sure where to start.

Has anyone got any tips/recommendations on where I should start?

Thanks in advance.
  • Eos Property | 30 Aug 2013, 10:10 AM Agree 0
    Grab yourself a couple of good books and start there. Suggest Margaret Lomas, Jan Somers (More Wealth from Property) and Steve McKnight as good places to start. Between the three of them they hold a different philosophical perspective on 'how to' invest in property.

    Have a look at property books dot com dot au - there are summaries of the various books by the authors I have listed so you can work out which ones would be good to start with. Don't forget second-hand book stores etc are grab places to grab book bargains.

    Once you have read the three books you will find that one strategy will resonate more for you. Whichever one it is will become your property investing 'rule book' and you follow that. There are countless arguments why one strategy is better than another - you need to work out which suits you.

    Set a time limit on the learning phase of your journey - otherwise you may find yourself learning forever.

    I would also suggest you sit down pretty early with a broker to get them to look at your financial situation and to give you an estimate of how much you can borrow. This will provide you with a financial framework to work from.

    Depending upon the feedback you get you might need to put a few strategies in place in readiness for the day you launch, clear credit card debt, clear personal loan, build a deposit etc.

    At this stage DO NOT get a pre-approval - that should wait until you are really ready to hit the property road.
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