Bought IP but Lost job.............bad news

[pennyk]

my husband has been retrenched a few times, and it has always led to more positive opportunities.
My advice is for your wife to get a new job as soon as possible. I know its tempting to take a holiday, or even take time our for renos etc. But I think its easy to end up wallowing in self pity or getting bitter about the retrenchment if you have too much time to think. It also makes it more difficult to get a job afterwards.
The people I know who have suffered the most from retrenchment are those that have taken a long break (any more than a couple of weeks) before looking for another job.
and those who have looked for work, taken a contract/ casual position quickly have done the best.
As an employer, I'm always more inclined to employ someone who is currently working rather than someone who isnt.
So, I agree with the other comments about getting a contract/ temp job first. My husband's current job was also a contract position initially, and became permanent after around a year of contracting.
I think he had less than a week off between being retrenched and starting a contract job.

My other advice is to see a careers advisor. I think is now fairly standard for the company that has retrenched people to provide some free "counselling" sessions. this is very helpful, particularly for updating resumes. If she had been in the job for a long time, the style for resumes has changed significantly and it would be good to have something that was "modern" as she moves forward.

 

[monalisa]

Like other people have already said, I believe sometimes (actually most times) disappointments are blessings in disguise... it may push you in a direction you had not considered before, and your family will come out stronger

Best wishes.

 

[redwing]

Last Saturday me and wife attended our first auction. We never been to auctions before. We saw 4-5 RE Agents and an Auctioneer and @ 8-10 interested parties. We found out that it was a bank mortgage sale auction. 3X1 with BIR in two big bedrooms, solar water heater, reticulation bore on a 800m2 block, 100 m from a primary school and 50m from bus stop. The house needs some painting and good cleaning.
We thought, if we can buy below $330K, it can be a good buy. Auction started with $220K, there were 4 bidders and stopped at $296K. We were the highest bidder. Auctioneer declared that if auction does not reach $300K, they will put back in the market as reserve did not meet. Everybody left except us. We accepted bank's offer and signed contract for $300K. paid 10% deposit. We were very happy as we bought our 6th IP.
Yesterday wife rang me at 8am. She starts at 7am and usually call me at 12.15pm. I asked her, what is wrong? She said "Company is closing our department and they made us redundant." Big shock for her........for me too. I went home early to support her. She was so upset that she could not talk for a while. She woke up early as usual this morning, But she does not have job anymore. I told her that she does not need to worry, everything will be fine etc etc But.........
Thanks GOD, we have good savings and I work for mining Construction company FIFO.
Did anybody has this type of situation before? How did you deal with it? Please respond, your experience will help us. Thanks.

I read all of this and thought, what...you attended an auction in Perth

My wife was retrenched approximately 7 years back, she was due to go back to work after the baby,however the international company she worked for was moving location and she was advised her position was being made redundant as part of the move and a merger, this all happened around the time of a purchase of another investment property also

The severance package payout assisted and they also offered a retraining package to be used to acquire new workplace skills, which was taken up.

What the others have said above resounds also, I like the saying:

"Sometimes only a change of viewpoint is needed to convert a tiresome duty into an interesting opportunity." - Alberta Flanders

Maybe a great opportunity for her to have a break, reassess, regroup and move forward

 

[Ergophobia]

If your income will cover your expenses look at this as an opportunity to really focus on your investments... Get her renovating, property spotting and property managing.

Or just get her a FIFO job with you, lots a couples do this and get ahead real quick.

300k for a 3x1 in Perth is great... What suburb?

 

[Africandaisy]

Hi IPinvestor

Sorry to hear about what happened to your wife. I guess its something that many of us fear (I'm a Victorian public servant = endangered species). I found this thread really interesting and quite reassuring in many ways. But ultimately, the bottom line for everyone is whether we have enough buffer (and/or a second household income stream) to cover the mortgage & outgoings during a period of unemployment. Best wishes with the new property.

 

[Peter 14.7]

Wife throw her job in just after we bought first PPOR I have been retrenched twice.

Each time, had a cry, sucked it up and found a new job, bigger and better.

Don't panic. You will be OK. Apply resilience and you will succeed.

Peter 14.7

 

[Andrew_A]

As others have pointed out this can be the trauma that leads to a bigger and better job or opportunity, good luck!

 

[ipinvestor]

I read all of this and thought, what...you attended an auction in Perth

Hi REDWING,
We just went to see the auction, and found out that it was Mortgage sale. and good house on big block. So bought it...........(It was not an emotional buy)
Buying unconditional when wife got redundancy is.............. stressful till you get unconditional loan approval.

 

[ipinvestor]

If your income will cover your expenses look at this as an opportunity to really focus on your investments... Get her renovating, property spotting and property managing.

Or just get her a FIFO job with you, lots a couples do this and get ahead real quick.

300k for a 3x1 in Perth is great... What suburb?

It is in Lynwood. Wife is planning quick Reno for new purchase. FIFO is not possible for her.
Thanks.

 

[ipinvestor]

RAMS approved our finance

Thanks GOD. Stressful week. Received a tax message from RAMS that they are sending me Unconditional approval.
Thank you very much for all of you for your support & valuable advice. We found a tenant too. They will pay $350 from the first week. And quick reno before settlement.
Regards.