I am a new time investor, keen to learn and very motivated. [
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I have spent the past 12 months buying our house, moving into it and renovations. With the intent to sell in the short term. Now I am actively looking for an IP project.
My partner keeps asking when am I going back to my old job,
which was in the IT Industry.
I guess you could call it a crossroad in life, where I have such drive and determination to pursue an avenue in Property. I spend my time doing much research, looking for potential areas, etc, etc. Understandably I am not directly contributing to a dual income. Are their others out there who have been able to take that step in life, changed their direction. I would be keen to hear your stories? Thanks!Im with you… im getting itchy feet and want to leave my IT job too!
But I havent got the replacement cash flow i need at the moment to support my lifestyle/family.
As a career, you could be your own Real Estate Agent, managing your IPs through a PM. And just adding to your assest with new IPs as you find them.
Steve did it! [
]Regards,
Arty.[
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“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)Yes, that is a thought. Thankyou. I feel better already [
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Now, I got to convince my other half!!!!!
Seems an ongoing battle of late. He is so sick and tired of me talking IP, IP IP!!!!! Mind you I am living with a Financial person. Analyse everything!!!!! Not that this is a negative, just frusrating the best of times!!!! [!]Possibly, I should also look into a realestate course.
Finnie, I felt the same way, I went home read the book and babbled it all out to my wife, who was overwhelmed with information. She is now reading the book.. so soon we can both sit down and plan what we are going to do to invest in our future..
sometimes id bore myself, just babbling on.
[]Regards,
Arty.[
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“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)Similar situation for me. My wife has not a lot of interest in property investing, while it is my favourite topic of conversation!
I have to bite my tongue at times as she always takes the negative view while I see dollar signs and potential.
I find it stimulating and fun and would love to do it full time – instead I invest with a friend who has the same drive and interest, and discuss IP’s constantly with him.
I think the fun we have doing it is more important to me than the returns.
Finnie, one of our goals is to be in a position where we can work less in our jobs.
It helps if your partner has the same goals or is supportive of the idea. Bouncing ideas off each other and keeping each other motivated will help drive you to success.
Gordon
Invest in People for a Prosperous Future!
Hi Finnie
My husband and myself are both keen investors. We realised that if he wasn’t going to work for the rest of his life (I am a stay at home mum, property investor and share trader) we would need to do something.The other thing we have noticed is that some of our friends one of the couple wants to invest while the other isnt interested or worse they are negative. This tends to restrict their investing or stops it in its tracks.
I hope you can get him to see that this is for both your futures. Good luck
ErikaSame for me……..I am forever spurting the opportunities of IP’s. My wife is usually my rock and has (thankfully) in the past stopped my from investing in “Get rich Quick” Pyramid schemes.
She understands the concept of buying property but more with a Capital Gains strategy than income. I have tried to explain Steve’s concept but I need another method of enlightenment.
We are living off my wage while she brings up our children. I want to be involved before they get too old and this is really the best opportunity I’ll have (+ve Cash Flow).
I have just got her to start reading Steve’s book and hopefully she will start to realise that there are other methods to Wealth Creation.
Finnie
Sounds like you have a good mix of enthusiasm and caution between the 2 of you. Try to encourage your partner to become more involved in property investing, more educated and with your natural positive outlook on things, you will probably find a happy medium.
Remember that it can’t happen too quickly for most people, and to be a full time property investor requires a lot of knowledge, and experience that can’t be learned overnight.One thing about giving up your ‘job’ is your loss of ability to qualify for the good loans. You will have to start applying for low docs, which generally means higher interest rates and hgiher LVRs. Just be mindfull of this.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terry,
If your passive income reaches your old salary eg. $70K pa. Would the banks take this into consideration when applying for a loan ?
It would be like your still earning income, just not doing a daily job to get it.
[8D]Regards,
Arty.[
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“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)Terry,
Normally yes. It depends on where this passive income is coming from. i.e. if it came from IP’s rented then the bank will accept up to 75% of this as income.
Not sure about other asset classes.Regards,
Tim.
[
] Thankyou all for your feedback. I don’t feel so alone in this IP world!!!
I guess the thing that frustrates me is the fact that we have one rural property valued at $300K which we own and confident this will continue to appreciate. Our current home approx $600K of which we have a $300K mortgage. Not sure what angle to take, ie: cheaper properties, quantity more, potentially looking at weatherboard, fibro shacks, or quality with bricks&mortar. We financially need to be alot smarter. Bascially I feel like I am behind the [8]Hi Finnie
A great idea, though being a full time property investor would take time to achieve. Only after lots of hard work and smart investing could this be achieved. How many properties would you need in your control to gain enough +ve cash flow to suport your family.
My wife and I have discused this issue over & over. We are thinking of taking the plunge, selling our house, renting and Investing the cash from the sale ($900,000.00) into more +ve cash flow IP’s
Have a look at my post (“sell house, rent and invest”) let me know what you think.
Andy[8D]
Hi FinnieA great idea, though being a full time property investor would take time to achieve. Only after lots of hard work and smart investing could this be achieved. How many properties would you need in your control to gain enough +ve cash flow to suport your family.
My wife and I have discused this issue over & over. We are thinking of taking the plunge, selling our house, renting and Investing the cash from the sale ($900,000.00) into more +ve cash flow IP’s
Have a look at my post (“sell house, rent and invest”) let me know what you think.
Andy[8D]
Hi Andy,
I must say that my partner and I have been talking about the same thing. We moved into our home last year. We are seriously thinking of listing our home on the oversees market (not sure yet as to how I go about this). Reason I say this is because I believe our home would cater for an Asian Market. We feel that if the interest rates hike up then we may find it difficult to find the right buyer for our house.Buy and Hold! That’s what’s been drummed into my head by avid Property Investors. Leverage of the PPOR with a LOC and if it’s a change of environment you are looking for, rent out your PPOR and rent somewhere for lifestyle choices but the underlining rule (so I’m told time and time again) is never sell.
I’m new to this forum…enjoying the threads immensely!
Thank you [
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We are seriously thinking of listing our home on the oversees market (not sure yet as to how I go about this). Reason I say this is because I believe our home would cater for an Asian Market. We feel that if the interest rates hike up then we may find it difficult to find the right buyer for our house.
[/quote]Dear Finnie, i’m afraid unless the buyer is an australian residence (PR at least), then selling your existing home to a foreigner would be difficult as the FIRB ( Foreign Investor Review Board) restrict any foreigners from buying second hand properties. it’s not to say u can’t but it’s normally difficult to get approvals. It’s easier for the Foreigners to purchase vacant lands or first hand properties, not second hand per se.
As i’m not an Australian PR yet (still studying), that’s what’s been hintering me from making more IP purchases even though i’ve been wanting to… The reason of them doing so, according to them, is to protect the australian property market from rising too much due to influx of foreign investors purchasing properties in australia, hiking the price up, ( not that it’s not already going that way anyway ) [
]Kevin
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