Analysis Paralysis
- Thread starter Firefrog
- Start date
then just start small.
buy something like a 1 bedder and repeat a few times over a few years. then buy a bigger 3 bed duplex half. then move up to 4x2s. then sell it all and buy a big rusty shed on a big block of polluted land and sit back and watch the income pour in.
Don't hesitate to start small. Like one of the previous writers on this thread we bought several years ago and for the first 6 months or so it was very frustrating with niggly repairs.
However, in 9 years that property has more than tripled in value and has been the springboard to other property.
However, in 9 years that property has more than tripled in value and has been the springboard to other property.
FF, trust your numbers, the first one is the hardest, then you can't wait to buy the next....... I did the analysis for months before jumping in, found a great deal and still had cold feet, then thought to myself 'I have looked at so many deals, if I dont take this one, when will I?',
As my first post I just want to say thankyou to SS members, you provide such great info, I have learned from these people and bought PPOR and 2 IPs in the last year.
As my first post I just want to say thankyou to SS members, you provide such great info, I have learned from these people and bought PPOR and 2 IPs in the last year.
FF
Personally I think you need to sit down with the wife and say, I want to buy an IP for our future but I am afraid
I am organising a LOC to fund the deposit of IP etc.
My main concern is if we run short of money for our own personal use and own PPOR repayments for the first year or two, what would we do?
Now I read where your wife does not work by mutual agreement. Personally, I would be expecting her to say to you. Well if we do run short of money I will get a part time/casual job etc...to help us over the first year or two until we see how the IP works out and how much tax you get back.
I have 4 sister-in-laws who did not work whilst their kids were little and in school. 3 are working now and have little chance of retiring. 1 S-I-L still has her head buried in the sand.
Me, I took time off work, worked casually, worked part time, worked fulltime for 3 years when 50 - 53 years old and will be retired before turning 55 years of age.
IMHO 80-90K income to support a non working wife & 2 kids unless you have a car allowance from your employer would be a tight ask.
A partner works with you to achieve common goals...
FF
Our 2 kids did not go to private schools, 3 of my S-I-L's paid for their 9 kids to go through private Catholic schools each with onl their hubby working.
I am happy the way our kids turned out...
Cheers
Sheryn
Personally I think you need to sit down with the wife and say, I want to buy an IP for our future but I am afraid
I am organising a LOC to fund the deposit of IP etc.My main concern is if we run short of money for our own personal use and own PPOR repayments for the first year or two, what would we do?
Now I read where your wife does not work by mutual agreement. Personally, I would be expecting her to say to you. Well if we do run short of money I will get a part time/casual job etc...to help us over the first year or two until we see how the IP works out and how much tax you get back.
I have 4 sister-in-laws who did not work whilst their kids were little and in school. 3 are working now and have little chance of retiring. 1 S-I-L still has her head buried in the sand.
Me, I took time off work, worked casually, worked part time, worked fulltime for 3 years when 50 - 53 years old and will be retired before turning 55 years of age.
IMHO 80-90K income to support a non working wife & 2 kids unless you have a car allowance from your employer would be a tight ask.
A partner works with you to achieve common goals...
FF
Our 2 kids did not go to private schools, 3 of my S-I-L's paid for their 9 kids to go through private Catholic schools each with onl their hubby working.
I am happy the way our kids turned out...
Cheers
Sheryn
