Hi everyone,
I’m excited and ready to get back into PI after purchasing my first PI two years ago. Am at the stage of wanting to do it all again (and again),, but having trouble moving beyond my comfort zone! Would love some enthusiastic thoughts to kickstart me back into gear. Have been fortunate with the first IP as it has gone up 100% in value in the time I’ve had it and have only recently recarpeted, repainted and put in a DIY kitchen. Any ideas or advice gratefully accepted,, thanks in advance.Kittee
Kitee, do a search on past posts. there are heaps of suggestions
rich dad poor dad, and Steve’s books would give inspiration surely
Hi,
Congrats on a great IP, gone up 100%.
The first thing I guess would be to work out how much you got, or how much the banks will lend you. then go from there.
How much enthusiasm do you need when you have already gained 100% on the IP.Go for it!!!!
hrm
Kittie
HRM is correct consult with an independant mortgage broker and try and establish you level of borrowing first.
Remember this doesnt need to be the level of borrowing you go upto just what you an confortably achieve.
Think back to what pluses you came up with when you first decided to purchase your first IP and write these down. On the other side of the ledger think back about the negatives you had and write these on the other side of the balance sheet.
Work through each point and cross off those which you feel no longer apply or add ones that you feel may now apply.
For each negative ask yourself “What is the worst that could happen and write these down” Then ask yourself “Can this be overcome” i.e if it is an interest rate rise – can i take a fixed rate = YES.
At the end of your summary you will have narrowed down your list and can concentrate on those if any points are left.
Feel free to air those in the forum and seek what advise others may have.
Remember you stepped outside your confort zone once and can do it again and again and again.
Cheers Richard
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
My advise would be different to many, I would say do not “jump in”, right now is not a time where you need to do this, you do not want to go backwards, you have overcome the single hardest part of getting to where we all want to be but few are.
I would say to resist the urge to become to highly leveraged in order to get rich quick, retain a high level of equity in quality property and keep working toward a goal.Hi Kittee
With what you’ve already achieved why would you need inspiration?
Inspiration comes from within and then that drives motivation and action. Sometimes encouragement and support may help but if you don’t generate your own inspiration you will be limiting yourself to what others can do for you rather than what you can do for yourself. In doing so you will be handing control of your future to others. You are already educating yourself through experience – well done! Don’t rely on others for inspiration, you’re doing great already, trust your instincts and your own ideas. Continue learning and find a good mentor and you will continue to do even better.
pr
Hi,
You have done better than most already, great work. The next one is not as hard as the first although Research is the key word now. Make sure you do plentyof Research before jumping into another one.
The only disadvantage in this situation is that you expect the second one to outperform the second one, which may be a challenge but possible.
Research..
Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.au
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