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A seasoned investor with a 19-year-old property portfolio says he is a strong advocate of paying good money for good information. But it's what happens next that matters most.
There is no sense in being a seminar junkie, says Victor Kumar, buyer’s agent, investor and director at Right Property Group.
“Because then all you are doing is getting hyped up, and you get hooked to the hype rather than the result,” he told The Smart Property Investment Show podcast.
Mr Kumar said property investing and identifying good potential properties, is a learned skill rather than something you are born with.
“It all comes back to basic fundamentals. All the books and seminars teach the same things, they are all just dressed up differently," he said.
“In the initial years we went out there and educated ourselves, reading books and attending seminars, both high-end and introductory, just to get all the information.”
He said he and his wife made a point of educating themselves in everything about property and business when they first arrived in Australia, to be “well-armed before actually rolling the dice to start investing”.
“In the first three years we spent in the region of $80,000 in educating ourselves,” Mr Kumar said.
Did it pay dividends? “Yes. Just one deal paid double that in our portfolio. So it was well worth it,” he said.
While Mr Kumar would encourage people to get a paid education, he also makes the point that when he started out Google wasn’t as prevalent as it is today.
“Now I would say that you should Google everything first,” he said.
“There is a lot of free information out there, a lot of YouTube videos and other free online material like The Smart Property Investment Show podcast.”
Mr Kumar also highly recommended Jan Somers’ More Wealth from Residential Property.
“Even though it is 20 years old now, read it for the fundamentals,” he says, “which are still very relevant today.”
Listen to Victor Kumar's full property investment story on The Smart Property Investment Show podcast:
An investment is an asset or item purchased with the expectation that it will generate income or appreciate in value in the future.