BiG Tips: As you’re deciding if, or what property you buy – a home or an investment now or later, where you buy is crucial (you’ll find stuff on what and for how much in other parts here in Property Investing Strategies and Topics and in various BiG Blogs on property).
There’s an endless supply of ‘experts’ ready to advise you on the Top 10 suburbs, best growth areas, demographics and on and on.
Maybe you get advice from friends, other investors or a local agent. Property investing might not seem like rocket science, but one of the biggest mistakes you could make is not doing proper research and getting unbiased and trustworthy advice.
But don’t panic or get overwhelmed and end up doing nothing.
Stuff like this will help you:
- Identifying with your future self can help overcome the tendency to procrastinate – Science Of The Spirit [USA], SOTT.net;
- Inside The Mind Of A Master Procrastinator [YouTube, TED Talk] and The Procrastination Matrix, Tim Urban [USA]: Wait But Why;
- the Cost of Procrastination – Jeremy Sheppard, DSRData.
Here are some popular analysts and forecasters to help you get going, good luck:
Location, location, location, Hot Spots… Property buying and investing analysis, tools and research
- PropertyChat Forum thread Property Information Resources & Tools contains lots of shared ideas and reviews by members and this thread’s helpful too The Ultimate List of Property Research Websites
- Number Crunching. How to Understand Property Data – Aidan Devine, YIP
- Peter Koulizos, Property Professor – Property Planning Education eg Podcast: How to spot an up and coming suburb – understanding demographics and statistics (Ep.61)
- Margaret Lomas, Destiny eg [Vidcast] The Importance of Hotspotting and Top 5 Suburbs for Property Investors in 2019; Margaret Lomas on investing in today’s changed environment
- John Lindeman, Lindeman Reports; His course 7Steps2Success
- Terry Ryder, Hotspotting
- Jeremy Sheppard, DSRData: Getting hot spots wrong and Bad Financial Advice – Jeremy Sheppard, DSRData Debunking “6 Myths” suggested by others: Don’t wait till you’re ready; Interest rates aren’t low; You’ll never go bankrupt; Nobody’s trying to sell you anything; You can afford it”
- Here’s why you shouldn’t speculate in property hotspots, Michael Yardney, Property Update
- RealEstateinvestar They claim: “Australia’s Leading Property Investment Platform Easy to use tools and data designed to help you purchase profitable investment property.”
- Six game changing property investment tools BMT Tax Depreciation, Quantity Surveyor
Neil Jenman (Many real estate agents and others disagree with him) has written prolifically about why you shouldn’t sell by auction. His real estate training and business is strongly “no auction”. Here’s some of his work:
Nine Reasons Auctions Get Lower Prices (watch)
Free Books for Subscribers and Genuine SellersPros and Cons of Property Auctions – Yellow Brick Road
6 times you can snag a property before auction day and
13 tips for buying at a property auction – Michael Yardney, Metropole
What’s the best way to buy a house at auction? – BMT Tax Depreciation
Property Buying and Investing Groups and Forums
Big Tips: To help you work out who to trust, check out the discussions by investors in the many property investing community groups and forums. They talk about and share their experiences of ‘experts’ and generously share their ideas, tips and tools, have spreadsheets for analysing property and keeping track of your investment portfolio and more.
Many are free to join you’ll also find businesses with their own devotees and property analysis tools. BEWARE of testimonials and if you subscribe, unsubscribe in time after any Free Trial and before any PAID subscription starts or rolls over. It can be almost impossible to get refunds.
Some popular groups and sites are:
- Property Chat (replacing Somersoft Property Investors Forums) see the Forums and threads such “Buying, Selling and Managing Property > Property Information Resources & Tools“
- DestinyLive – Margaret Lomas They claim: “DestinyLive is a comprehensive resource and powerful tool set for anyone investing in property, brought to you by Australia’s leading property investment company, Destiny is a pioneer in the Property Investment Industry and has been in business for more than 24 years. Destiny provide you with the education, support and tools you’ll need to become a successful property investor. Destiny are an advice only company. They do not sell property, promote property developments or act as a buyers or sellers agent. All of Destiny’s Property Investment Advisers are Qualified Property Investment Advisers (QPIA®). Margaret Lomas is the creator, host and producer of the Web TV property investment shows ‘Property Investing Matters’ and ‘Under the Spotlight’ which can be viewed via the My Property TV (mypropertytv.com.au) website. In addition to being one of Australia’s most recognised and respected Property Experts, Margaret is the best-selling author of 9 Property Investment books, including titles such as ‘How to Achieve Property Success’, ‘Investing In The Right Property Now!’ and ’20 Must Ask Questions® for Every Property Investor’.”
- Somersoft PIA (Property Investment Analysis) Software. They claim: “Our Property Investment Analysis (PIA) program is an essential decision tool for investors. It will analyse the capital growth, cash flows, and tax implications for any investment property and provide instant feedback on the projected after-tax cost and rate of return. The software will compute cash flow projections for up to 40 years and has facilities for changing more than 100 variables including property price, rent, capital growth, inflation, deposit, loan type, etc. The internal rate of return (IRR) and the cost-per-week are recalculated automatically whenever a change is made.”