sorry to have such a selfish thread on here, so I put it in Coffee Lounge
My background for those that dont know
Age: 39
Status: Single/Divorced with 3 kids that I have pretty much sole custody of
IPs: a few
Passive income: Approx $800 -$900 per week on a good year, $600 -$700 per week on a bad year (ie lots of maintenance/vacancies)
Job: part time
Firstly, I enjoy my job, its flexible, its easy, it pays ok,and i am good at it. My true passions are property though. As my kids are getting older and independant, and having less time for me as they do, I want to give another shot at my life, I did a business before in a gym that was cut short because of my exwife.
My current passions are scouring the country for good buy and hold deals, good buy and renovate deals and Development sites.
Here are the options ive considered with comments:
1. Do nothing and live off rent and equity:
No thanks, far too young to do that, and although I could probably retire to some beautiful country, if I can do what ive done so far, I can definitely replicate it
2. Conveyancing:
No thanks, the amount of grief that I see my conveyancers go through,plus all the paper work plus the job is very unsatisfying
3. Mortgage Broking:
Maybe, the brokers I use do a good job, but im not too sure putting in say 30 hours per week will cut the mustard in the industry unless im so damn good at it
4. BA
I do buy on behalf of my friends but all accross the country, so I doubt I will have the patience/resources to get a BA license across the 4 states that I operate in. Unless there is another way to get around the different laws
5. a property education business
This interests me, however, im getting the feeling, people will think its a OTP selling business which doesnt interest me. I also feel that even if I start with a genuine property education business, eventually I will be forced or lured into selling OTP which I may as well become a used car sales man and change my name to Luigi. But i feel that I will lose my passion for it as I wont be in the action of finding deals and transactions, and will too busy teaching people, which I dont mind, but dont want it to become 24/7. Plus its far riskier in terms of business success
6. JVs
Keep on doing JVs for bigger and bigger projects for developments
7. buy a business such as Aust Post or something that will give me good cashflow and is relatively safe and established as compared to starting one from scratch which you might as well go to the casino and put it on Black,in terms of realistic % of success in starting a small business from scratch
so far 6 seems to be the safest, rewarding and to fit my persona. I dont see any problems except the fact that my income may be sporatic, however, every step in life is not perfect, life is not perfect.
My life has had its ups and downs, and at present is on a huge up which I am grateful for, but I would like to push the boundaries!!!
Thanks everyone
My background for those that dont know
Age: 39
Status: Single/Divorced with 3 kids that I have pretty much sole custody of
IPs: a few
Passive income: Approx $800 -$900 per week on a good year, $600 -$700 per week on a bad year (ie lots of maintenance/vacancies)
Job: part time
Firstly, I enjoy my job, its flexible, its easy, it pays ok,and i am good at it. My true passions are property though. As my kids are getting older and independant, and having less time for me as they do, I want to give another shot at my life, I did a business before in a gym that was cut short because of my exwife.
My current passions are scouring the country for good buy and hold deals, good buy and renovate deals and Development sites.
Here are the options ive considered with comments:
1. Do nothing and live off rent and equity:
No thanks, far too young to do that, and although I could probably retire to some beautiful country, if I can do what ive done so far, I can definitely replicate it
2. Conveyancing:
No thanks, the amount of grief that I see my conveyancers go through,plus all the paper work plus the job is very unsatisfying
3. Mortgage Broking:
Maybe, the brokers I use do a good job, but im not too sure putting in say 30 hours per week will cut the mustard in the industry unless im so damn good at it
4. BA
I do buy on behalf of my friends but all accross the country, so I doubt I will have the patience/resources to get a BA license across the 4 states that I operate in. Unless there is another way to get around the different laws
5. a property education business
This interests me, however, im getting the feeling, people will think its a OTP selling business which doesnt interest me. I also feel that even if I start with a genuine property education business, eventually I will be forced or lured into selling OTP which I may as well become a used car sales man and change my name to Luigi. But i feel that I will lose my passion for it as I wont be in the action of finding deals and transactions, and will too busy teaching people, which I dont mind, but dont want it to become 24/7. Plus its far riskier in terms of business success
6. JVs
Keep on doing JVs for bigger and bigger projects for developments
7. buy a business such as Aust Post or something that will give me good cashflow and is relatively safe and established as compared to starting one from scratch which you might as well go to the casino and put it on Black,in terms of realistic % of success in starting a small business from scratch
so far 6 seems to be the safest, rewarding and to fit my persona. I dont see any problems except the fact that my income may be sporatic, however, every step in life is not perfect, life is not perfect.
My life has had its ups and downs, and at present is on a huge up which I am grateful for, but I would like to push the boundaries!!!
Thanks everyone