My name is Ian & I have just read The Wild One’s story & it inspires me but it annoys me.It annoys me because I haven,t had a go (yet) at property investing.
Here,s my story.
I,m 46 & 11yrs ago I had a struggling business in the construction industry, no money, debts, renting & desperate to buy a house for my family. I answered an add to buy a cheap rundown property 150kms away, on vendors finance with the intention of at least getting into the market.
The deal was for 5yrs int only with the principle to be paid after the 5yrs.In the end I sold for what I paid for it & lost &32000.The whole episode has bugged me for the entire 11yrs as I had no real plan & no idea.
This might sound a tad woeful but talking to a workmate last year he told me he was into +CF property investing & the penny dropped.An investor had got my money & the price he wanted.
This started a small fire burning (Steve calls it the passion).in me.
Anyway 3yrs ago I borrowed from family & friends for a deposit on a house, talked the price down $15500.Since then the value has gone up Iv,e paid everyone for the deposit & never looked back.I know now that +CF property investing is within my reach & the next stage of my life is called Invest Invest Invest.
Currently taking my first real step which is accessing equity in house.
Would like to finish by saying great forums & thoroughly enjoy all comments & education I,m receiving also inspiring stories add fuel to the fire.
Thanks Ianikerr
Go for it ian!
Remember to take equityy as cash out of your house for the new IP. Theres no need to (cross collaterise) put at risk your house with a new investment.[biggrin]
Live, Learn and GrowLifexperience
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