G'day Wish-ga, is it feasible to consider taking in a boarder in your house? or able to move out of the PPOR and rent it?...it becomes IP, renters help contribute to mortgage repayments...not sure where this leaves you roosting, but just a thought...
I've got the portfolio concept but not the cashflow.... you too?
- Thread starter wish-ga
- Start date
It is a bit of a catch-22 isn't it?
Keep at it. A bit of grit and determination will go a long way.
You're not studying to be a tradie by any chance?
Cheers,
The Y-man
Hey Wish-ga;
Forget about the 10 properties in 18 months stories; that was over 10 years ago in another time. Cheap properties in high rent yield areas and during a boom. The good old days.
A good first step (other than increasing your income) is to learn patience with all this (no sh*t!; I hear you saying).
I don't know how old you are, but I didn't start "investing" in real estate until 2000. At aged 39.
At this point in time I had bought/sold a few houses (PPoR's) and had arrived at this age with a fully paid for PPoR by fluke.
I know this is ahead of where you are now, but stay with me.
Also, I didn't access any of my PPoR equity for years (until the PPoR was paid off), so having even the knowledge to do just that one thing will put you past where I am in the same time-frame easily.
Then, I discovered property investing, and once I started reading and studying, I was awake at night for hours on end thinking of the possibilities, and was in a big hurry to become 'The Donald'.
It was killing me, and now I'm thinking about my age, my mortality and my family (just had a newborn son) and I'm thinking I've gotta get a move on here; I don't wanna retire at 65 or worse; be still working.
But, 7 years down the track the difference has been unbelievable, and the next 10 years are going to be spectacular knowing what I know now.
The first few years we bought 2 properties and were slow and it drove me mad; I started thinking that all the stuff I read about getting rich from Resi r/e was BS , but then we bought another property in year 3; this one was with a lot more knowledge and experience, then another a little later the same year, then another 15 months later, and so on. We probably could have gone a bit harder as we had a bit of equity to use, but we're thinking safety first.
So, the point is that within 10 years (maybe less), you can EASILY put yourself into a position to be financially free and retire if you want.
The question is; can you wait 10 years, can you set your mind on that goal? That is the patience factor.
Forget about the 10 properties in 18 months stories; that was over 10 years ago in another time. Cheap properties in high rent yield areas and during a boom. The good old days.
A good first step (other than increasing your income) is to learn patience with all this (no sh*t!; I hear you saying).
I don't know how old you are, but I didn't start "investing" in real estate until 2000. At aged 39.
At this point in time I had bought/sold a few houses (PPoR's) and had arrived at this age with a fully paid for PPoR by fluke.
I know this is ahead of where you are now, but stay with me.
Also, I didn't access any of my PPoR equity for years (until the PPoR was paid off), so having even the knowledge to do just that one thing will put you past where I am in the same time-frame easily.
Then, I discovered property investing, and once I started reading and studying, I was awake at night for hours on end thinking of the possibilities, and was in a big hurry to become 'The Donald'.
It was killing me, and now I'm thinking about my age, my mortality and my family (just had a newborn son) and I'm thinking I've gotta get a move on here; I don't wanna retire at 65 or worse; be still working.
But, 7 years down the track the difference has been unbelievable, and the next 10 years are going to be spectacular knowing what I know now.
The first few years we bought 2 properties and were slow and it drove me mad; I started thinking that all the stuff I read about getting rich from Resi r/e was BS , but then we bought another property in year 3; this one was with a lot more knowledge and experience, then another a little later the same year, then another 15 months later, and so on. We probably could have gone a bit harder as we had a bit of equity to use, but we're thinking safety first.
So, the point is that within 10 years (maybe less), you can EASILY put yourself into a position to be financially free and retire if you want.
The question is; can you wait 10 years, can you set your mind on that goal? That is the patience factor.
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