Hi
Was hoping that someone out there would have some wonderful ideas on what to do in present situation.
Have been working in IT for a number of years, recently got interested in property investing. Now done One reno, one subdivision and was about to embark on a demolish and build 3 venture when I found out that it looks as if I will be made redundant at end of year.
My skills are too specific and outdated so unlikely to find other work.
Plan had been to get out of industry and do property full time but not sure we have the necessary funds or knowledge to do so.
Can anyone suggest a way to do this – or a job that I could get into that is involved with property so I can continue to invest and learn.
Cheers
Hey Misty,
Is there a way you can find out for sure if you’re getting retrenched? If you are you could start looking for a new job straight away. Even though your skills are outdated remember that there’s a skills shortage at the moment, so dont yet despair. You could also do some training/ education to update yourself in preparation of the retrenchment.
It’s good that you’ve started already with property, so ask yourself, if you had to live off what you can do with property, could you?
Also regarding a job involving property, you could start canvassing to see what’s going, what you could do and what you might need to do/get to get started in a property related job.
And if all else fails, you could fall off your chair at work at ride the work cover train off into the financial sunset, or there’s nothing quite as lucrative as a well placed sexual harrassment or wrongful dismissal suit…[evil4]
Hope this helps, good luck…G7
Hi Misty,
A couple of thoughts reading your post and extending upon G7’s comments somewhat.
Certainly find out for sure what the long term outlook is for yourself. Ask someone in the know.
Secondly – I wonder if you have adopted a ‘defeated’ attitude towards something that may or may not occur. For example I believe I will be made redundant, my skills are outdated and unlikely to find other work. It aint over until the fat lady sings.
From a financial perspective – Ed Chan made a wonderful comment at a conference I attended. He said make sure you have money to buy time should the world go pear shaped. Set up your LOC/equity loans etc now while you have income and hopefully some equity.
See if you have redraw facility already set (if applicable) and so on.
In our case we have access to sufficient funds to ‘tie us over’ for a considerable time before we would be in a vulnerable position. If we did have to ever sell then we could largely achieve this on our terms and not the buyers terms.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958To concur with Derek’s post ensure that you have had check of your finances before you look to give up full time work.
Trying to convince a lender to extend a LOC or to offer you development finance funding is not a good idea when you have just given up full time work.
Set up your structures in advance and then go for it.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Misty
Ditto to Derek’s comments regarding negative attitudes. Determine what would you like to do NOW, have a plan and then take baby steps to achieve your goals in the plan.
If you enjoy working in your field, do plenty of research regarding job opportunities and then talk to work colleagues?
If you want to start your own business, there are plenty of people in this forum that are willing to share their experience?
If you want to invest in real estate, read plenty of books, set goal, write a plan, find a mentor and enjoy the journey.
Hope that clarifies.
Cheers
JohnDreaming about financial freedom is all about taking some action TODAY. I am building my own successfully PART TIME business whilst still working in a Bank. If you want to know more, PM or email ME.
Thanks everyone, the plan before this happened was to be in a position to leave work within a year to work in property. We have knowledge to be able to do buy and subdivide and also our own reno work if there was nothing out there with enough room to pay people and we were about to start this build. Pretty sure we were right about figures – had done heaps of research.
Have been reading and learning about property for 3 years, started first one 3 years ago.
Really do not want to work in IT anymore and have not done so for a while – I work for a consulting company and it is pretty sure that the redundancy will happen – came from HR. Heaps of people have been made redundant in the last couple of years and a lot of others have left. Modern skills are in demand and graduates have these and only have to be paid half the salary so it makes business sense to go this way (for the company).
Ideally I would like to go straight into own business doing reno’s and subdivisions etc but am unsure that we have the funds to be able to do this. I have LOC set up and there is plenty in there to survive for a long while – BUT I would have no funds to cover standard mortgage let alone the extra on the LOC money.
Therefore I have thought about Real Estate Sales, Mortgage Broking, Property Management. Basically anything that I could do around property that would enable me to continue learning. The ideal would be to work in a property investment type area with similar type people.
Would be really interested if anyone had any info on these or other similar roles (ie what you would expect to earn in first year – not what is possible but just what the norm would be).
I have by no means become negative and am trying to see this as an opportunity to do what I had wanted to do anyway – just trying to asertain best way to do that.
Thanks so much everyone for advise.
Cheers
derek,
i was at the conference too, ed chan is a brilliant man I enjoyed his talk a lot (the food was good too). I just made the connection of who you are, congrats on your success so far, I’m interested that your on this forum of mostly cf+ investors, have you changed your strategy?
Dohicky
Originally posted by dohicky:derek,
have you changed your strategy?Certainly not – enjoy talking property (fullstop).
While the overriding investment philosophy is different the tricks and pitfalls can be similar.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958
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