OK Time to make the big plunge. I have read 0-130 and have researched the forums. I read threads that have made me fear the who real estate industry is a pack of sharks just waiting to rip me and my lack of experience apart. I fear that what made me like Steve’s pitch (ethical win-win)is what makes me a potential sucker to people out there who will take advantage of me.
I want to succeed very badly and am not afraid of the hard work to get there. I have a goal – have enough passive income to leave full time employment on my 45th birthday (6 years). I am currently saving $500 a month for a deposit, I could probably save $100 more if I was more frugal. I have only a few thousand saved (as my epiphany only came at the beginning of this year that I did not want to continue the way I was). No credit card debt. A car loan that pays out next year. I have salary sacrificed 5% of my salary to buy shares in the company I work in ( I guess you could say they were blue chip …well they are big blue anyway [wink] ). I also have multiple sclerosis and 2 early teenage kids (the kids are the bigger handicap!). I rent and pay around $1400 a month in an area I have to live in because of proximity to my children’s school, father and my work.
I want to hold someone’s hand (or many people’s for that matter). I know that many small +ve properties will get me where I want to go and I hope that those who started that way can point at what today would be a deposit to start there. Has anyone done a wrapper -> wrapee -> ip rental property? Can it work or is a large deposit required?
I can see that +ve commercial property would be a good move too (and I wouldn’t “lose” the FHOG) but is it possible to go into that with only a little deposit?
I guess what I am really saying is that I would a) like mentoring and b) I would like a goal for my saving. If I had something tangible for where the money is going to go I would be more inclined to put more of it aside. I know my lifestyle can be trimmed of a heap of fat and will do that if needed.
Please be gentle
hi there
I would give you this advice, have a dream and reach for it and because it is your dream you can let those in you want or tell em go away…Positive- you have savings, never too late. Big thing people look for is a saving history. Good thing you also have a car loan, they like to see a payment history. Better still you have no credit card debt (unlike me but Im ok with that) better still you have equity in shares. YOU can use those shares yes? I dont advocate selling and some lenders dont like to touch shares, but they WILL look at the income you derive from those that also help with your serving any loan.
I guess there are things you can do on this level….by using those shares, but I think you already know that.
I dont knwo a lot that can save 500 a month and maybe increase this to 600. Wow come and hold my hand!
Now I cant advise on wraps, I dont know anything about them and I kinda dont really ….well at this time, its not for me.
I dont know your situation but doesnt look like you have problems getting a loan….
Elves
” a blind man may see what a sighted man may not”
Thanks Elves for your encouraging reply [biggrin].
I have enthusiasm in bucketloads and I really know where I want to go…I mean I can see the destination but not the road to get there (which is where the fear of sharks comes in).
I guess if practical suggestions are scarce in these forums I need to find a source for stories that involve people like me and see what they did. (I checked the stories around the site and most are people who did the Australian dream and used the equity from their PPOR to start off, something that I am not able to do). Library extensions time.[mellow]
There has to be something out there that someone like me can get a toehold in?!
nice subject title – good way to attract readers.
“If You never never ask, you’ll never never know”
Hello Gramyre;
If you need more stories, you can read “Rich dad’s Success stories” these stories will inspire you.
Regards
StartThanks Geo…I am lucky that my second job happens to be one of the best jobs in the world (Computer Game Reviewer) and writing a catchy headline is almost a hobby now.
Start, I appreciate the recommendation and will look for it at my library this week.
Sort of off topic, I was told by a friend that many of the Rich Dad titles (and other “guru’s” publications) could be found in the peer to peer networks (like kazaa) in both ebook and spoken form. I think looking there would mess up my karma ao you won’t catch me looking there. [glum2]
Gramyre,
You should also take a gander at ‘Story by story’ by Jan Somers & ‘Ordinary Millionaires’ by Jim McKnight.
They both provide Australian success stories…somewhat more useful than ones from the US
All these books are available at public libraries.
Good luck on your journey!
(BTW: I write the odd game guide myself)
Cheers,
Aceyducey
You must be logged in to reply to this topic. If you don't have an account, you can register here.
