Self-assessment is crucial. Ask yourself what you want to achieve in this field. If you have a positive attitude and you have the dedication to stick with it and do your best, property investing may be for you.

Arm yourself with a wealth of knowledge about the real estate industry in your chosen area:

• Track the figures on property sales
• Understand the laws for purchasing in your target area
• Understand how to sell property to your target market
• Look at different financing options
• Understand the common mistakes to avoid
• Get to know the documents required
• Understand the roles of real estate agents and lawyers in the entire transaction

Teleseminars are a great and convenient way to personally get in touch with real estate experts and to learn more about what they do and their personal success tips.

Many real estate educators hold property events throughout the year, in the different areas of Australia, targeting different methods of investing. Also, network with other people who share your interests and share and learn valuable information.  Find a mentor who you can relate to and learn from them.

Once you’ve started on the knowledge gathering journey, the next step is to assess your own financial situation. Find out the financial options available to help you get started in property investing by speaking to a reputable mortgage broker.

Finally, never stop discovering and learning.  Remember, the more you learn, the more  likely you are to succeed.

Make sure you take a look at the Get Started in Property Mentoring program if you are keen to start on your investing journey (www.getstartedinproperty.com).  Trial the program for the first month for just $1.  Use coupon code GSIPTRIAL when you check out.

By Wendy Moore, Founder, www.savvywebwomen.com

Covered under the solar hot water rebate program are homeowners, landlords or tenants who replace their electric storage hot water systems with the solar or heat pump units and only their main residence. Those eligible can enjoy up to a $1,600 rebate.

The goal of using solar hot water systems is to cut greenhouse gas emissions. It has been confirmed that in Australia, water heating is a major source of greenhouse gas emissions and utilizes approximately 28 percent of energy in a single home.

The solar hot water system plays a key role as it is not only environment friendly but it also provides families with big savings on their yearly electricity bills ranging from $300 to $700. The Australian government recognizes the benefits of using renewable energy and is strongly committed to provide incentives to homeowners who adopt the eco-friendly systems.

Homeowners can only choose one of either the solar hot water program or home insulation program to avail of the $1,600 rebate. The reimbursement will be given only after installation. To be eligible for the hot water rebate, homeowners, landlords or tenants need to install a solar or heat pump hot water system with the assistance of a qualified and licensed electrician or plumber.

Those who can apply for rebates now are homeowners who have installed solar hot water systems on or after February 3, 2009 until June 30, 2009. Submission of applications is allowed within six months after the installation. The application form must be signed by the installer to certify that your unit is new and a hot water system. The installer is also required to give other technical and installation details.

More information on this program can be read on the Department of Environment website at www.environment.gov.au/energyefficiency.

By Wendy Moore, Founder, www.savvywebwomen.com

First, you need to evaluate your financial capability. Decide whether you will use a some of your own personal funds in the deal, how much is required and whether you will need additional finance to fully support the real estate project you are about to start.

Researching the costs involved in purchasing a property is key. Check the internet and visit property investing sites that cover the areas you wish to purchase in.

Purchasing costs can be estimated at five percent of the total purchase price. This may include legal fees, mortgage application fees, stamp duty and other taxes for the property. The amount, however, can differ depending on the state where the property is located and the total value of the property.

So what are some of the other upfront costs that you have to keep in mind?

Deposit. Depending on where you buy, some vendors request up to 10 percent deposit of the total loan value upon the signing of the contract.

Insurance.  Once you sign a contract to purchase, you need to arrange an insurance cover note for the property until settlement then full insurance will be required.

Taxes. Purchasing a property always involves payment of certain taxes.

a. Goods and services tax or GST may be applicable to some property purchases and, in Australia, is pegged at a flat rate of 10 percent.

b. Stamp duty is a state tax covered in different transactions including the purchase of real estate. This can either be on a fixed rate or on an increasing scale. The total value of the property is considered in calculating the stamp duty.

c. Land tax may be payable and refers to a state tax that is charged yearly to land owners. It is based on land ownership or land usage in some states. The tax is charged on the total unimproved land value at a specific date. The rates and thresholds may vary from one state to another.

Consulting a real estate lawyer is your best option when it concerns investment costs.

By Wendy Moore, Founder, www.savvywebwomen.com

Assess your needs. Determine first your overall financial situation. Ask yourself if you have enough savings to push through with your investment plan, if you have a good credit score and payment history.

Consider your finances. Decide whether you will use part of your personal funds for your investment venture or will you rely totally on a mortgage loan? Figure out the amount of loan you want as well as your financial capability. As well as thinking about the loan amount you can borrow, you need to consider your ability to repay the loan.

Fixed versus variable loan. Consider the type of loan you want - is it going to be a fixed rate or variable rate loan? A fixed rate loan involves a locked in rate for the duration of your loan but it can protect you against interest rate fluctuations due to market conditions. Variable rate loans are preferred by some as it allows them to avail of low interest rates when the market is performing well.

Credit rating. Having a good credit history is vital. Your ability to maintain a favorable credit standing will show in your credit rating.

Do some research. Shopping for loans from different banks and lenders will help you compare and guide you in making your final decision. This is where a good finance broker can save you time and money.  Let them do the leg work for you.

By Wendy Moore, Founder, www.savvywebwomen.com

A $3.9 billion Energy Efficiency Homes Package is now in place which allows homeowners to apply for rebates in various areas such as ceiling insulation, low emission heating system and solar hot water.

The homeowner insulation program covers only existing homes excluding new extensions and homeowners who have not availed of assistance under the solar hot water rebate program after February 3, 2009. Although the insulation program will officially start on July 1, 2009, homeowners who have installed ceiling insulation in their homes on or after February 3, 2009 until June 30, 2009 can now reimburse costs. The maximum rebate allowed is $1,600.

Also eligible for rebates are landlords and renters covered under the Low Emission Assistance Plan for Renters. The rebate, however, is lower at a maximum of $1,000 for the installation of ceiling insulation.

Application for reimbursement will be accepted up to six months from the date you purchased the ceiling insulation. Also to be submitted with the application form are a copy of tax invoices from the purchase and installation and a copy of two quotes that meet the requirements.

For eligible homeowners planning to install ceiling insulation after July 1 can still grab the rebates. All you need is to call the Department of Environment at 1 800 808 571 and make a booking. The Department will determine your eligibility based on the details you provide after which a professional installer will go to your home, make an assessment of your insulation needs and install the ceiling insulation. Visit the Department of Environment website for more details.

By Wendy Moore, Founder, www.savvywebwomen.com

In Australia, the real estate market is showing positive signs for people wanting to purchase property for investment purposes.  Things like lower interest rates, increasing affordability, higher rental rates and a severe lack of supply of homes in some areas.

Areas with strong growth indicators are more likely to benefit and will include the suburbs that first time homebuyers and investors find attractive  Look at suburbs considered appealing, such as those in strategic locations with ready access to public transport, schools, child care centres, supermarkets and so on.

Housing demand has been consistently high in Australia.  It has been estimated that Australia will need an additional 1.15 million new dwellings between 2002 and 2011. Two thirds of these dwellings will be separate houses.  However, the pace of building newly constructed homes cannot cope with the demand. In 2008 for instance, only 150,000 new homes were built, well below the 180,000 needed to house the demand.

Mortgagee sales and foreclosures are on the rise. By the end of 2009 alone, it is estimated that some 30,000 homes will face foreclosure. Investors have the opportunity to seize opportunities in this sector.

If you are serious about investing in property, now is the time to prepare and to make sure you are ready to act should real estate opportunites head your way.

This old doctrine of adverse possession protects the land owner against anybody who wants to claim the property but fails to provide proof of a better land title. It protects the occupier of the land concerned from being ejected by any person who may later on discover a technical issue concerning the land’s original boundaries.

Let’s take an example. Mr. A owns a certain piece of land which he has turned into a farm. He has been farming there for 20 years. Then comes Mr. B, the new owner of the adjacent land, who found that the fence around Mr. A’s farm was incorrectly placed inside the boundary of his property. The land owned by Mr. B had been sold several times in the past but it is only now that the boundary issue came up when Mr. B requested a survey of his property’s boundaries.

So, can Mr. B have part of the property included in Mr. A’s land back? Does he have the right to get it back? How can the true boundary of a property be determined?

If we are to base it on the old doctrine of adverse possession, the answer is no. Mr. B no longer has the right to challenge Mr. A on this issue and recover his property. Mr. B cannot force Mr. A to move the fence back to the original and correct boundary.

In cases like this, the role of a surveyor is crucial. This is because the process of challenging a land owner on the issue of adverse possession involves several stages.

Two questions I like to ask are: “if money was not an issue, what would you truly love to do? What are you really passionate about?”

For many, they have to stop and really think about these questions, as they have never been asked before. Many do not have an answer. For those that do, they are rarely doing it right now.

Ever noticed how really successful people are REALLY passionate about what they do? For them, it is a joy, never work.

So, I put the same questions to you. Once you have your answer, follow your passion.

I’m sure you know the people that I’m talking about:

• Have you ever had a friend or loved one question what you are doing?
• Have they ever suggested that now is not the best time to be investing in property?
• Have they shared a hard luck story about an unfortunate friend or “Uncle Harry” who lost everything when they purchased an investment property?
• These people will always know “someone” that tried property investing and got burned really badly, was ripped off by some shonkster or just didn’t make it work.

Trust me – I’ve had these types of people around me too.  They mean well.  From where they sit, they don’t want to see you get hurt and are trying to shield you.

But for others they may also be projecting their own fears and doubts around themselves and their own lack of action on to you.  They may be feeling inadequate as they have not taken any steps themselves to improve their life and don’t want you to either.  If you do, then perhaps they might lose you and where would they be then?

You need to learn who to listen to.  What you will find, as it certainly has happened to me, is that once you start to do things “differently” to the rest of the pack, people will start to offer you all kinds of advice.  They will know better than you and want to share what they know.

Unless that person is someone you greatly admire, find inspiring and is successful at what you are looking to be successful at too, think twice about taking their advice.  When you start listening to “hot tips” from taxi drivers, it is time to stop and reassess.  Of course, be polite and thank them for taking the time to share what they know, but make sure you weigh what they have shared with you up against all the other knowledge you’ve gathered.

Beware the dream stealers.  People like stability, not change and you will cause people to be uncomfortable with their lives, as you are taking the action that they are too afraid to.  That’s okay.  Recognise when you meet these people, modify your conversations accordingly and treat their advice with the weight it deserves.