Currently living off passive income

.......... now before you see the thread and think how many 0's or IPs. This is more of a realisation post. So I quit my job @ Aldi last week, was over 10-14hr days of the same thing literally every day. Even as a manager, due to short staff you serve customers, pack shelves and clean spills. Now I don't want to sound like a whiney brat but that's not for me!

Thankfully I have 3IP's in Wollongong region all positive cash flow ( 25 - 30k pa after all bills, interest etc ) due to CG since purchase and low LVR 35% currently. So albeit it not much income to live off it will keep me a float in the short term till I find work.

I sit on these forums a lot and 90% of my faves and tabs are real estate orientated ( wont tell you the rest ha ha ) so I am thinking about getting into Real estate as a career. After reading on here im not sure what I would specialise in, because theres pros and cons with all aspects ofcourse.

Would it be a good idea to get a certificate of registration in my now freed up time, just as a pre requisite almost or is there better value in doing full time study to land a role. ( obv depends on what role )

Can any property managers weigh in as to what qualifications they had behind them initially.... and if there is actual career progression? Id really like to live off my investments down the track like many of you do, im only 26 atm so I have some time before that.

Salary of the job is not important for me, well it is, but to a lesser extent than lifestyle, happiness and fulfilment - things I wasn't previously getting from my employer. I feel like property is going to be the vehicle for this and want to work in the industry..... But for now I guess ill enjoy a sabbatical, spend time with the gf and family, practise my poker face, and develop a less embarrassing golf swing.


Thanks for your time, Ramos
 
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All you need is a certificate of registration. As long as you want to work in the industry and don't mind learning, that's all you need.

You could go for the full license course so you get a chance to learn more about each aspect of sales, property management and trust accounting. You can even do the auctioneer or buyers agent accreditation.

Then you just need to find a job working as a sales or property management assistant and learn from there.
 
we recently advertised for an assistant property manager position and got 49 applications within a week. I interviewed the first 6 and found someone - didn't bother going through the rest.

Most employers are looking for experience, they don't want to spend time training people who are fresh to the industry. We throw work at them as soon as they walk into the office.

Also keep in mind that the government pays employers up to $7000 to take on inexperienced people as trainees - under certain training criteria and to provide qualifications and experience to them. This further takes away the incentive of hiring anyone with no experience if there are no grants attached to them.

I would look to see whether you qualify as a trainee and if an employer can get any incentives in hiring you - if not then experience is what will get you through.

work experience in different offices so that you can build up your value to employers.
 
That's a lot of applicants. Perhaps with all the property talk, people now think they can make a tonne of money working in the industry.

I agree Nick and it's always been the perception of this industry. Except people see what agencies can achieve after 10 years of hard work and think they will get that at start up phase - which off course is never the case as you need to build up a brand and recognition first.
 
You will need a certificate of registration in real estate. If you do full course, it will allow you to choose to become BA,sales agent or auctionier..


I have finished mine few weeks ago and waiting for registration... It is not that hard as long as you know basics of property dealing.

Feel free to PM me if you need names of institute and cost.

Good luck!!!
 
You will need a certificate of registration in real estate. If you do full course, it will allow you to choose to become BA,sales agent or auctionier..


I have finished mine few weeks ago and waiting for registration... It is not that hard as long as you know basics of property dealing.

Feel free to PM me if you need names of institute and cost.

Good luck!!!

If you do it through tafe, it's much cheaper but you have to do everything yourself.

If you go with a private institution, it costs more but is very easy.
 
I agree Nick and it's always been the perception of this industry. Except people see what agencies can achieve after 10 years of hard work and think they will get that at start up phase - which off course is never the case as you need to build up a brand and recognition first.

Or purchase it from someone who already has.
 
we recently advertised for an assistant property manager position and got 49 applications within a week. I interviewed the first 6 and found someone - didn't bother going through the rest.

Most employers are looking for experience, they don't want to spend time training people who are fresh to the industry. We throw work at them as soon as they walk into the office.

Also keep in mind that the government pays employers up to $7000 to take on inexperienced people as trainees - under certain training criteria and to provide qualifications and experience to them. This further takes away the incentive of hiring anyone with no experience if there are no grants attached to them.

I would look to see whether you qualify as a trainee and if an employer can get any incentives in hiring you - if not then experience is what will get you through.

work experience in different offices so that you can build up your value to employers.




Thanks for your post! How would I find that out?
I would honestly work for free to learn actually... a lot of people are always against this, but it would be valuable to me for experience and I have a high work ethic. ( but I see the other side of this too - employers want experience from day dot not someone getting in the way ha ha )




Would you still have your 30k cash flow if interest rates rose to 2% and your bank asked you to start repaying principal?


Well no, if rates rose it would go down accordingly. This sabbatical is temporary ( well hopefully ) as I transition to a career I am passionate about , as retail made me borderline depressed!! Therefore I don't plan to live on 30k a yr forever ;)




PS becoming a valuer actually sounds interesting ..... is it an in demand job though? Easy to break onto the scene?
 
Thanks for your post! How would I find that out?
I would honestly work for free to learn actually... a lot of people are always against this, but it would be valuable to me for experience and I have a high work ethic. ( but I see the other side of this too - employers want experience from day dot not someone getting in the way ha ha )







Well no, if rates rose it would go down accordingly. This sabbatical is temporary ( well hopefully ) as I transition to a career I am passionate about , as retail made me borderline depressed!! Therefore I don't plan to live on 30k a yr forever ;)




PS becoming a valuer actually sounds interesting ..... is it an in demand job though? Easy to break onto the scene?

Don't become a valuer, high pressure, low pay, little career development

Valex have killed the industry
 
I would honestly work for free to learn actually... a lot of people are always against this, but it would be valuable to me for experience and I have a high work ethic. ( but I see the other side of this too - employers want experience from day dot not someone getting in the way ha ha )

Then come to Adelaide mate :)

Also - working for free isn't 'free', the employer still has to cover admin costs, insurance costs, etc.
 
Also.... I don't have a mentor of sorts .....apart from the forum!

Anyone in the Shellharbour / Wollongong area willing to sit down over a coffee or lunch and provide me with realistic expectations going forward / share - swap stories / ideas etc PM me

Thanks Ramos
 
Then come to Adelaide mate :)

Also - working for free isn't 'free', the employer still has to cover admin costs, insurance costs, etc.

True! Totally overlooked that :(

I may be making a trip to Adelaide in the year, a former ALDI colleague bought there, as he is transitioning to work when the SA stores and warehouses are up and running 2016 I think
 
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