Hi
I have some questions for full time investors.
When did you as investors know when to quit your day job[specool] to turn full time investors?
Was it when you had X amount of built up equity?
Was it when you had X amount of properties?
Or when you had X amount of income from properties to fund your lifestyle?I am aware that everyone’s circumstances vary and we all have our own strategies, goals etc. I am just after peoples thoughts as to what it was that made the light globe go on in their heads for them to make the decision to go full time.
Any feedback would be appreciated.
Regards
Regrow
You are a fool for 5 seconds if you ask a question, but a fool for life if you don’t.
Im not a full time property investor , but am on my way there the last couple of years I only work 3 days a week.
For me personally I need the cach flow to be able to invest full time . It is no good having $10,000,000 in equity if you are paying a loan back on say $100,000,000 and you rent is just covering your costs , you still cant retire. How ever if you had $10,000,000 in equity and after paying all your costs on investments you still have say $200,000 a year profit (or cash flow) , guess what you might be able to start investing full time. On the other hand doesent matter weather you have 1000 propertys or 10 propertys if you have $200,000 cash flow a year guess what you might be able to starting investing full time.small print , this might be achiveable depending on your life style , rick takes no resonsability for anyone quiting there job.[exhappy]
Cheers Rick
Monopoly, my favourite game
Great post regrow, Rick, good for you!
We decided that we’ll never never know if we never never go. We just decided one day to quit our jobs and try our luck in full time investing.
We had loads of equity and negotiated a big LOC with the bank, but no cashflow to service it. Where others would panick, we got creative, we had to, we threw ourselves in the deepend head first and it was sink or swim.
We didn’t sink, instead we ended up making our whole years salaries in 3 months!!!
Once you see that, there is no returning back to a J.O.B
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Rick T, Dr.X thanks for your replies.
Rick keep up the good work and maybe one day soon you can kick the last 3 days a week.
Dr.X good on you! Sometimes you just got to trust you gut instincts and go for it. Nothing ventured nothing gained.
Well done!
Regards
Regrow
You are a fool for 5 seconds if you ask a question, but a fool for life if you don’t.
I am not really retired, but I quit my ‘job’ when I had just enough money coming in to cover the basic living expenses.
If it doesn’t work, you can always get another job.
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
The light came on for me a few years ago when I stumbled into a seminar called “Making your money work harder than youâ€. It made me aware of a huge gap in my education. I lapped up just about every book in the library on financial freedom & wealth creation. Good debts & money-eating assets? Wow!
It all came in very useful when I became a single mum at 50 & lost my family home in the process. Having to provide for myself and two young kids was a good enough reason to make sure that I learned fast & learned well. I chose the share market because mistakes were cheaper & easier to fix, and I could do everything from home.
It’s been a great journey and this is just the beginning………….Yes, I’m also in private practice. However, I chose my own hours & don’t see that as a job because I’m doing what I love – the money is a bonus, not the reason for doing it. I decided to grow my wealth first so that I can do my work in peace. Like having your cake & eating it too. Delicious!
Starglow
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