All Topics / Help Needed! / Getting started

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of jaco22jaco22
    Member
    @jaco22
    Join Date: 2004
    Post Count: 7
    February 3, 2005 - 7:22 am

    Hi Everyone,
    after reading Steves first book I really want to do something but cannot get it understood by my wife. I suppose I’m somewhat aprehensive myself.
    We live on the N/Side of Brisbane own everything but our house which we have good equity. We have both been trying to freehold our home but I think we can move now and build our R/E investment.I need some help pleaaase in getting started.[blush2]

    Thank you
    anything appreciated

    555

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891
    February 3, 2005 - 7:32 am

    Hi Jaco,

    What is it you want to know? You will need to be a bit more specific.

    Regards
    Alistair

    Profile photo of calvin_thirty4calvin_thirty4
    Participant
    @calvin_thirty4
    Join Date: 2004
    Post Count: 556
    February 3, 2005 - 7:48 am

    I second APerry’s comment!

    I also understand where you come from. It has taken me nearly two years of constant talking and showing and calculating and proving to my wife and NOTHING. Then one day, we were discussing the difference in budgeting (my way and her way) and suddenly she changed. She came to me and stopped me from over capitalising the house we live in, because it is an investment! [blink] Jaw dropped to the ground.

    Like you, she has to be ready! Stay focussed, learn all you can, be positive, share everything with her with enthusiasm, and I bet you, she’ll either let you do it and she’ll go along OR she’ll come onside and when you go overboard, she’ll pull you back into line! Mark my word!

    Women are awesome, you just need to find that switch (not meant to be derogatory – so don’t come attacking!)

    Cheers

    C@34

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891
    February 3, 2005 - 8:07 am

    Calvin,

    I have a similer problem, except my wife is happy for me to spend money on our house but gives me greif if it is investing. I get around it by promising to go over everything with our accountant before I spend money.

    Regards
    Alistair

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    February 3, 2005 - 11:25 am
    Originally posted by jaco22:

    after reading Steves first book I really want to do something but cannot get it understood by my wife. I suppose I’m somewhat aprehensive myself.

    Your collective ‘fears’ are not unusual – I am sure that every investor has these at some stage in their investment journey. Some of the more common reasons for fear I come across in people are not sure what to do, fear of debt, mis and wrong information, a negative psyche, fear of failure and so on.

    To assist you in your journey I would suggest that you grab a couple of other property investment books – Jan Somers and Peter Spann readily come to mind. While their investment beliefs are different an understanding of their methodologies will assist you to determine what investment style suits you and your circumstances. There are many ways to invest in property and reading more widely will add to your knowledge bank and improve your chances of success and also resolve some of those feelings of apprehension.

    We live on the N/Side of Brisbane own everything but our house which we have good equity. We have both been trying to freehold our home but I think we can move now and build our R/E investment.I need some help pleaaase in getting started.

    From your comments it would seem that you do have capacity to start your investment journey.

    A large part of your existing equity can be released for deposits and costs on any purchases you do make. In effect the desire to pay down your home up until now has put you in this positioon and has established a sound foundation for the next step.

    Up to 80% of the value of your assets (house, land, etc) less any existing debts can be freed up for deposits and costs. Your income will then determine your borrowing capacity.

    Once you have determined your borrowing capacity then you know what is affordable and can start the hunt for a property that meets the criteria you have established.

    Then you become and investor and continue to leverage your now growing equity into other investments and so on.

    It is all pretty simple – after the first step.

    Derek
    [email protected]

    Property investment advice and researched property in quality locations available.

    Profile photo of byronent_2byronent_2
    Participant
    @byronent_2
    Join Date: 2004
    Post Count: 337
    February 3, 2005 - 1:10 pm

    Spending on your home is investing in my eyes.

    I have the same issue with mine, hasn’t stopped me moving forward though.

    Byronent
    Adelaide SA

    Profile photo of jaco22jaco22
    Member
    @jaco22
    Join Date: 2004
    Post Count: 7
    February 7, 2005 - 11:26 am

    Thanks everyone,
    I will read up more thanks Derek I only have to take that first step. Currently looking to see what capacity we have to work with and so far four lenders will comfortly give $400K. I think we can start with something near us for early $200K. and see how we go from there.

    Cheers All
    Shane

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