How to begin a career in developing

I have this mindset, but how do I follow through when I'm paying down my $400k PPOR mortgage on my sole income?

Second job? More education? Patience? 100% IP loans?

If you're paying down your mortgage then it could be argued you don't quite have the mindset.certainly if you've got an average income and you're paying down a mortgage you won't have much leleft to invest so you need to increase your income, decrease your outgoings or both
 
I have this mindset, but how do I follow through when I'm paying down my $400k PPOR mortgage on my sole income?

Second job? More education? Patience? 100% IP loans?


If you want my honest answer (even though you didn't ask for it)

1. You need to learn a lot more about property investing. the simple fact that you ask "100%ip loans" means you have much to learn. I'm just keeping it real with you.

2. You need to clearly have a vision what you want. What your goals are, when you want achieve the, etc. After you read some books, or get the knowledge anyway you can/prefer eg youtube etc then you will have a better idea how to goal set.
3. Depending on how aggressive you want to be, that will determine how focused you need to be. reducing your debt, increasing your income..i don't care..whatever it takes for you to achieve your goals. You also need to do mindset development IMHO (everyone does really just most don't care, huge mistake IMO).



Look First step is to get more knowledge. Reading is a great way.
 
I have this mindset, but how do I follow through when I'm paying down my $400k PPOR mortgage on my sole income?

Second job? More education? Patience? 100% IP loans?

Change your mortgage to IO for a start so that you can reduce your outgoings. You also need equity from somewhere (savings, reno, development, cap growth, etc).

This is 101 stuff though - not really a topic for the "development career" thread.
 
I have this mindset

Trust me you don't, not yet. If you did you wouldn't have to ask the questions below.


when I'm paying down my $400k PPOR mortgage on my sole income?

Second job? IMHO Yes and change to IO.



More education? Yes (property)


Patience? Yes




100% IP loans? You will be able to answer when you learn more.
 
Change your mortgage to IO for a start so that you can reduce your outgoings. You also need equity from somewhere (savings, reno, development, cap growth, etc).

This is 101 stuff though - not really a topic for the "development career" thread.

HIYA Dave :p
 
I have this mindset

Trust me you don't, not yet. If you did you wouldn't have to ask the questions below.

Yes I do. I think you are mistaking an attitude towards money vs. actually learning + implementing the steps necessary to get to a given outcome (e.g. $X passive income).

I have the former, and am asking questions on Somersoft so I can achieve the latter. IMO a majority of the population don't even have the former.

Nevertheless thanks for sharing your thoughts and apologies for the thread hijack OP.
 
If you're paying down your mortgage then it could be argued you don't quite have the mindset.certainly if you've got an average income and you're paying down a mortgage you won't have much leleft to invest so you need to increase your income, decrease your outgoings or both

By 'paying down', what I actually meant was 'paying minimum repayments with extra savings kept in 100% offset'.
 
Yes I do. I think you are mistaking an attitude towards money vs. actually learning + implementing the steps necessary to get to a given outcome (e.g. $X passive income).

I have the former, and am asking questions on Somersoft so I can achieve the latter. IMO a majority of the population don't even have the former.

Nevertheless thanks for sharing your thoughts and apologies for the thread hijack OP.

Rizzle,

I would recommend if you haven't already, you watch a few les brown and Jim rohn clips from youtube.

With regards to the majority of ppl not having the former, your absolutely right. Personally, I think your very courageous for wanting to step out of 'mediocrity' and achieve your dreams.

Honestly I would read more on property investing (if u haven't already) and also develop your mindset. Mindset is not just about attitude, its about your philosophy on life.

Good luck mate.
 
Look First step is to get more knowledge. Reading is a great way.


I'm a green kid almost finished a Property & Valuations degree at RMIT and I'm doing a Cert IV Building & Construction with MBAV to gain more knowledge about how builders actually go about their work.

One of the most useful books I've read re strategy was Rules of Property by Michael Yarndey and following that I was lucky enough to set myself up with a weeks worth of work experience at Metropole earlier on this year which I found invaluable.

Being from the SE top of my list to read is a guide to planning/building on the Glen Eira council website

Someone else said it in another thread that the biggest risk is not knowing what you don't know. (Oscar I think)

If you had any suggestions on books that provide practical advice on building, subdividing and developing I would love to know about them!

KR
 
If you had any suggestions on books that provide practical advice on building, subdividing and developing I would love to know about them!

KR

My honest advice, do a development course. usually around 5-7k for two ppl. Simple.


Leo
 
I'm a green kid almost finished a Property & Valuations degree at RMIT and I'm doing a Cert IV Building & Construction with MBAV to gain more knowledge about how builders actually go about their work.

One of the most useful books I've read re strategy was Rules of Property by Michael Yarndey and following that I was lucky enough to set myself up with a weeks worth of work experience at Metropole earlier on this year which I found invaluable.

Being from the SE top of my list to read is a guide to planning/building on the Glen Eira council website

Someone else said it in another thread that the biggest risk is not knowing what you don't know. (Oscar I think)

If you had any suggestions on books that provide practical advice on building, subdividing and developing I would love to know about them!

KR

Mate just wondering if you have invested in property yet? I have found that all the reading and theory is good but you will also learn a hell of a lot from the process of actually doing it. Also, when you actually invest in property, you have the emotional element that's very present that you don't have in the theory. Its like ppl who make heaps of money paper trading.. yeah that's cos there's no emotions involved...duh.. once the emotions come into play its a whole new ball game ;)
 
150k to "most" people is not peanuts


150k for 2850 hours plus is very, very harsh. Its what society would have you believe is 'above average' even.

Most people live in this matrix Joey. I know its hard to understand because it requires a complete shift in mindset. Once this is actually understood, that you DONT have to work 40 hours a week, the best years of your life..for the next 30-50 years... and settle for 80k, then ppl start to realise.. ****.. can I actually earn xyz for much less time, effort put in? It starts to open up doors in your reality and life takes on a new meaning.

I know this isn't what everyone wants, but I suspect a large majority of ppl would LOVE to have more financial independence in their life and not struggle after 40 years of working and left with a stupid super that isn't barely enough to cover a decent standard of living.

So true Leo! It's like matrix indeed. The weird thing is most people don't notice it or decide not to do anything about it.

Working hard to get my way out of it :).
 
Mate just wondering if you have invested in property yet? I have found that all the reading and theory is good but you will also learn a hell of a lot from the process of actually doing it. Also, when you actually invest in property, you have the emotional element that's very present that you don't have in the theory. Its like ppl who make heaps of money paper trading.. yeah that's cos there's no emotions involved...duh.. once the emotions come into play its a whole new ball game ;)

No not yet! I've set myself a goal of having one by the end of 2015. I'm just finishing up uni and am looking to enter the workforce (FT) shortly (if any developers out there want a motivated junior assistant or would take me aboard for a short period of time please pm me!). I understand the best way to learn is to get involved and I am certainly trying to do that with other family members property dealings. These have however been more commercial sells.

I'm just trying to do everything I can to set myself up with the best shot possible. I'm going to keep trying to set myself up with some more work experience opportunities whilst looking for permanent employment and At 24 I've got a decent deposit and strong family backing so I'm very confident I can enter the market in the next 12 months. It's just going to hinge on me getting a FT job and finding the right opportunity!

For now though I am committed to reading and absorbing as much information as I can because I know it can only be beneficial and I'm going to back myself in to make things happen.

KR
 
For now though I am committed to reading and absorbing as much information as I can because I know it can only be beneficial and I'm going to back myself in to make things happen.

KR

smart man KR. Many ppl somehow have this delusion that they can bypass the 'absoring the knowledge stage' and jump straight into a purchase without even knowing what a B&P is and still do consistently well..as ive said many times before, thats the reason why statistically its a very small number of 'property investors' who actually achieve financial independence from their investments. Ive recently read a thread where someone doesnt want to pay for a depreciation schedule. I can tell you that person has 0% chance of being finaicnally free. So i hope thats not a goal of his/hers.

Anyway Good on you mate! Your young, intelligent and driven. its pretty much upwards from here for you. At the risk of sounding like a nag, do some research on mindset development. Les Brown, Jim Rohn. I promise you if you follow that path combinded with property investment knowledge, your success will be limitless.:D
 
Hi guys,
I read a fair bit on here but don't post much..
I'm currently a self employed electrician in Adelaide. I have a mortgage on an average house in morphett vale I am In the process of renovating.
I have read a fair bit on this topic about gaining knowledge and reading, can anyone recommend some decent books for beginners?
While my business is in it's early days (6months) I would like to gain as much knowledge over the next 12 months where I am hoping to have around 50k deposit and no debts other than my current mortgage.

Many thanks
 
Toff, we are in Adelaide also. Would like to connect with you as we are starting in this area also, and live very close by!

Somebody, I think C9??? Said this "Many would go under capitalised " and I was wondering if you wouldn't mind at what point would you consider somebody under capitalised? Thank you.
 
what do the experienced developers out there think is the best way for a first timer to accurately price and conduct a feasibility analysis on a potential investment/development?

I would have only a small idea as to what may be the price and costs involved with such an undertaking. it is obviously going to be crucial when making a decision to pull the trigger or not so how/where is a good place to start learning this skill?
 
Purchase price = sale price - costs - profit - contigency

Always shoot at the highest end for cost, allow for lowest end on sale price, have decent sized contigency and don't enter if your profit isn't worth the time/risk

My suggestion would be if possible have a mentor assist.
 
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