Like someone already mentioned I am also screaming to get a mentor on board and push forward with creating a portfolio. One can do this without help but then again how many mistakes will you make before you get it right. Always learn from other's mistakes and surround yourself with individuals who are more knowledgeable. Having said that....................
Can anyone give some confirmation that:
- this PRE is not a scam
- they give sound and credible advise
- they are value for money?
- etc.
Cheers
Value for money is a value judgement. You'll have to determine that yourself.
PRE offer a service. You need to work out for yourself whether it's beneficial to you.
I have posted elsewhere on the forums about my experience with PRE: they are good experiences, I think their strategy is excellent, we used some of their professional contacts (financial advice, mortgage brokers) but didn't buy into their mentor program.
IMHO it's easy to create a property portfolio. Very hard in the current climate to make one that is a good investment. Work out whether you want properties that will impress your friends, or impress your accountant.
Push forward by buying ONE good investment property. You need to determine the meaning of "good investment".
First determine your strategy. To do that, identify your risk tolerance: are you feeling lucky? How much work do you want to put in? Can you wait 10 years to get your investment back? Can you wait 15 years to get a decent return?
My opinion is that we're in a new era. The old era enjoyed decades of capital growth. This left the road in 2003 and came to an end in 2008. I don't think that many of the "investors" have worked this out, most are still buying low-yield properties on the expectation that capital growth will
just happen and all they need do is hold on for a couple of years and negatively gear the losses to ease the pain. Property developers are going broke: if they cannot make a buck then who can?
There will be capital growth, but it won't be a doubling every 7 years. Positively geared properties are out there but you don't get rich quick out of them UNLESS they are in a mining town BUT the risks of failure are higher out there.
I think the strategy needs to involve buying a property that can have both the yield and capital value improved quickly. This is not a new strategy, lots of other people know it, so finding these properties takes time. Margins are thin because other people are willing to pay too much.
Not financial advice, YMMV, etc.