Aust. Property Investment Books

[isamonster]

Hey guys,

Im a 20 year old student who is really keen on getting into property investment. I'm well on the way to to buying my first house and was just wondering if there any books on australian real estate you could recommend a beginner like myself? Any help would be appreciated. Cheers.

 

[bunsen burner]

I've read lots. This is the best:

 

[isamonster]

I've read lots. This is the best:

Cheers BB, I'll grab a copy!

 

[Navy_cash]

Steve Mcnight's books are worth a read, all focused on Positive cash flow property but there's some good ideas in there and they will make you want to buy property.

 

[bunsen burner]

Steve Mcnight's books are worth a read, all focused on Positive cash flow property but there's some good ideas in there and they will make you want to buy property.

Never met anyone who has made money from standard +ve cash flow such as in Steve McKnight's book. And do wraps and his other strategies is a whole lotta f***ing around.

Steve's initial idea was great. Had 135 properties making him f***all. Then he wrote a book. And everyone followed his strategy. So prices of all his country town shit boxes went up. And he made a shitload - ironically our of growth and not out of cashflow.

I've met lots of people who have bought lots of country town cashflow +ve and they are stuck in a trap - lots of work to manage them, anywhere between little and -ve growth, and little profit.

If you're going to do cashflow +ve you need to be creative - buying in growth areas but finding an unseen niche to convert something to cashflow +ve like student accom etc.

Steve McKnight is by all accounts a good honest bloke who found a niche and made a killing but i wouldn't for a second advice a new investor to go down this road. The well is dry.

Other good books:

7 Steps to Wealth by John Fitzgerald
Building Wealth through Investment Property by Jan Somers

 

[Navy_cash]

Like i said, Steve's books are "worth a read" if for no other reason they get you excited about buying property, and get you thinking about running with it like a business. I think it's best to read as much as you can on the subject, everything you can get your hands on, and then use everything you have read to make your own decisions and strategy.

That said Australian Property Investor Mag is pretty hard to go past. If you want a good overview on property start reading that.

 

[checkraiseulite]

I've read lots. This is the best:

Are you this Michael Yardney bloke?

You've pumped up his development management/advisory company in a previous thread and now you are telling posters to get his book.

 

[bunsen burner]

Are you this Michael Yardney bloke?

I don't have a pedo beard, so no. I'm not affiliated with him in anyway whatsoever. His book is just the best one I've read to date. There's a few others I've mentioned that are very similar, but his is better.

You've pumped up his development management/advisory company in a previous thread.

Care to show where I did this? At most I would have mentioned them becuase they do what someone was asking. Pretty sure I also would have stated I have no experience using them or can't vouch for their service either way.

 

[checkraiseulite]

I don't have a pedo beard, so no. I'm not affiliated with him in anyway whatsoever. His book is just the best one I've read to date. There's a few others I've mentioned that are very similar, but his is better.

Care to show where I did this? At most I would have mentioned them becuase they do what someone was asking. Pretty sure I also would have stated I have no experience using them or can't vouch for their service either way.

"I would suggest contacting a company called Metropole. They are Vic based and specialise in making money from small devs. Their usual MO is a duplex. Buy block big enough to sub divide, bang on duplex, sub divide, either hold or sell.

* i don't work for these guys, have never used these guys, I just know what they do...."

From the best builders thread.

I was actually joking as well. Having read, been entertained by and mostly agreed with your posts, I found it amusing when imagining them coming from someone who looked like the bloke on the front of the book.

 

[Rancid_Beasties]

Never met anyone who has made money from standard +ve cash flow such as in Steve McKnight's book. And do wraps and his other strategies is a whole lotta f***ing around.

Steve's initial idea was great. Had 135 properties making him f***all. Then he wrote a book. And everyone followed his strategy. So prices of all his country town shit boxes went up. And he made a shitload - ironically our of growth and not out of cashflow.

I've met lots of people who have bought lots of country town cashflow +ve and they are stuck in a trap - lots of work to manage them, anywhere between little and -ve growth, and little profit.

If you're going to do cashflow +ve you need to be creative - buying in growth areas but finding an unseen niche to convert something to cashflow +ve like student accom etc.

Steve McKnight is by all accounts a good honest bloke who found a niche and made a killing but i wouldn't for a second advice a new investor to go down this road. The well is dry.

Other good books:

7 Steps to Wealth by John Fitzgerald
Building Wealth through Investment Property by Jan Somers

There are a few others who do alright with the cashflow +ve strategy in country areas. Nathan Birch for example. But you're right, you either need to buy in a regional hub with growth and get a reasonable balance of cashflow and capital gains, or buy something so cheap (ie a dilapidated/burnt out/vandalised shack like Nathan does) that you can't really lose money. But the possibility of working your way up from virtually nothing (both in terms of assets and income) to a large portfolio with these really cheap, cashflow positive rural properties is what attracts so many people. The problem is most people just don't put in enough legwork to do it right (99% of the reason for Nathan's success appears to be networking with agents and tradespeople). Most Aussies have demanding jobs and invest in our free time - the cash flow positive strategy requires alot of time and effort but can be well worth the while.