Hi all
I am a single mum supporting 3 children. I have my own home (very large mortgage) and yes, struggling to keep our heads above water most of the time. But want to keep our family home and support my children the best way I can by doing so.
Am just interested in property investing down the track, trying to learn what I can and read up on what I can, and would be interested to chat to other single mums who are successful property investors.
If you have found it difficult but managed to strive ahead then I would like to hear your stories.
I need inspiration [blush2] to be who I want to be, so would be good to hear from others who have achieved and love to achieve.
Thanks
[biggrin]Mustang,
Just reading the content on this site should be sufficient, however check out http://www.wildlywealthywomen.com/ for some additional networking!!
Regards,
DCA friend of mine, in 2 weeks is moving into her first home with her daughter, but her mum did help out with the deposit,’we should be so lucky’.
Are you renting or buying? if buyung have you looked in getting into your own property with vendor finance? Something to think about.
Good luck
DardiYou go girl!
I’m just starting out too. I have one IP at this stage, but have some exciting plans for 2005 and beyond.
If you like reading you will gain a wealth of information from Steve McKnigts books.
I can also recommend any of Margaret Lomas’ books, and the Reno Kings have some good ones too.
If you are looking for some motivational reading I suggest: You Can Do It, by Paul Hanna.
They all should be available from your local library[biggrin]
Hope this helps (knowledge is power), good luck!
Regards, SharonSharon
While I am not a single mother investing in property, I am the daughter of one who did, with reasonable success.
In the late 1980’s, My Mum bought and we lived in an old (very crappy!) house an a big block, while sherenovated it and found a financial partner to help her build 2 more strata units out the back. This resulted in enough of a return to move into other ventures herself. (in the days of 18% interest rates)
Her other main achievement was peaking my interest in real estate from the age of 10. You will be setting a great example for your kids, which will be a fantastic investment in their futures, if, of course, they are interested!
All the best.
~jo~
Hi Mustang66,
In the audio tape ‘Tales From the Trenches’ there is a story of Nivia Pryor who left school and home at 13 and worked 2 jobs and found a way via property investing. She always takes her children when looking for property. Great interview of someone with determination who could have chosen a much different path.
Cheers,
Gatsby.mustang66,
This is my second post only. I usually just read. I will try to offer some inspiration. I was a single mother with a 6 month old child when I began to build up a property portfolio. I have seven positively geared properties but I did, in fairness begin 7 years ago when property was taking off in Melbourne. Then I followed the wave to Queensland, sunshine coast, Adelaide and lastly Tasmania. I studied Diploma in Financial Markets at the securities institute and obtained it in the evenings. I studied and read while my daughter slept. I worked fulltime shift work and paid a great deal in childcare wages. I got no child support and never had the family support for child care. I renovated a three bedroom house from top to bottom so I could get a great return. I had never tiled or plastered before but I gave it all a go. I knew what not to do myself next time when I renovated a unit that made my best friend cry when I bought. I always bought only if the numbers stacked up.Now I am just sitting on and watching a modest share portfolio that is upward trending and has done well, while I manage my properties accounts. I still read the finnie every day and am working more part time these days. I have worked hard over the years and made some sacrifices for the long term benefit.
Having a child and being a single mum meant I never had to wait for another persons opinion. I just went for it.
I am 34.
Good luck. Be smart. Assess the upside against the downside. Don’t do nothing!!!!!!!!!!! Read, Read Read…..
Originally posted by allymac:mustang66,
I got no child support and never had the family support for child care.Note: You may have been better off without child support from the gov’t. For some unknown reason, carried forward losses in realestate (usually a result of depreciation allowances) are added as a plus income on your income assessment.
Tip: Make sure you start a Low Value Pool for depreciation (items under $1000). This is shown in a different area of you return from normal income/expenses on rental property. It can make a difference in qualifying for centrelink payments. Tell your accountant and they will know how to set it up.
If you want to get out of a hole, first stop digging.
Hi all,
This is my first post as I usually just read as well.[smiling]
I don’t really have any advice to offer at this stage as I like yourself mustang66 am a single mum with 3 children. I am trying hard to make ends meet and am working full time but missing out on time with my children that I will never be able to get back. This has inspired me to try a new avenue in an attempt to gain some financial independance for myself and my family. I do not yet own my own home however i have owned a house a long while back when first married so this of course means i am not eligible for the fhog.[grrr]
I am currently renting and I am not thinking of doing anything immediately (would like to start in 6-12 months time) as I don’t feel I have the backing behind me yet to make my first purchase. I am just trying to get all the information i can before jumping in the deep end.
I am undecided if my first purchase should be a home for us to live in or if I should start in ip’s straight up as i feel i could not afford a home in the area we like with the space we need at the moment.Advice from anyone would be appreciated.
Kezzeh
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