seeking replies

[dook]

Hello everyone,
Im feeling a bit awkard about posting this as im not used to telling people anything about ourselves let alone the whole www. But after reading these postings over a few days im beginning to see the real advantage of forums like this one, and if you dont mind i would like to post our situation for comment and perhaps advice.

Im 43 mostly have worked in the building construction game as a labourer and can earn anything from $20 000 to 45000 p.a. happily married .my wife 44 has a govt. job as a service officer and has held the fort many a time in the lean times when im short of work,i just work on the ppor. she earns about $39 000 gross p.a.
Own our ppor by beach close to town in southwest W.A. valued at $250 000 bought it for $205 000 after improvements and plan to stay in it for the forseeable future.

Between us our super is at the moment $291 000
Have zero debt.
Have no kids.
I believe we have worked hard and saved well to reach this point in our lives so please dont take this post as gloating or a spun story as it a true and honest account of our position.
Though reading the posts i now realise we could waste a golden opportunity not to invest in property.
The forum and all the contributions have made me see that we need to work a little smarter now.
Would appreciate perhaps a what would you do type response or any constructive criticisim, all though i am expecting at least a little flak!
We dont all live in a financial savvy world but from forums like this we can learn.

Respectfully 'Dook'

 

[rickmick]

G'day Dook,

Welcome! I don't see why you are expecting any flak.

I think most people are on this forum are here to learn and if their current capability permits, help others.

I'll throw in my 2c worth and say I think-

You should suck in as much information from this forum and also other sources as possible.

Try to formulate a plan of what exactly you want to achieve with the help of the recently acquired knowledge.

You have enough equity in your home, and serviceability from your wives income to take on at least some form of conservative investment approach without relying on your irregular income. It will depend a lot on your risk profile.

Take your time. Don't act until your 100% happy with what your doing. It isn't easy to take control at the start but it gets easier as you go and there is an almost unlimited supply of information available these days. You just have to sift out the junk.

Sorry I can't offer anything more specific but I'm definately not an advisor. But, I am constantly learning heaps and it's FUN



Cheers
Rick

 

[Sunstone]

Dear Dook,

Welcome to this great forum and congrats on taking the step to open up and put up such a post.

Firstly Rickmick is right. You need to have a plan and goals.

Everything we want to do in life is driven by goals and we design the plan on how to achieve the goals.

If you do not have a goal how will you know when you have arrived or which plan/path to take in order to get there?

Design your first goal. Do you want to create a business? Do you want to have passive income of $___________/year or month? Do you want to create your own development? Do you want to own a realestate agency? Do you want to want to own a block of apartments? Do you want to own your own Whitsunday Island and retire there? etc etc.

The "Ultimate goals" and "why are you here threads" are good to look at. And are worthwhile reads.

After you have worked out your goal, developing your plan on how to achieve this is important. Matching your skill set with the methods the achieve your goal is important. One of the best posts I have seen on the forum is Michael G's "Tool Box" post.

Have a look at the following link:

http://www.somersoft.com/forums/showthread.php?postid=9071#post9071

In looking initially I see that you have good building skills and can have free time available at different time during the year. Renovating your PPOR is great but at some point in time the value you can add relevant to your time diminishes. (No longer does $1.00 worth of labour and time add $1.50 worth of value to the PPOR. Maybe it is getting too close to $1.00 for the moment).

Therefore suggest that you seriously look at the renovation market. By doing up delapidated houses and then renting them out could be a good way to get started.

Have a think about it and let us know how you go.

Cheers,

Sunstone.

 

[geoffw]

Hi Dook,

Welcome to the great world of property investment.

Just one thing I'd like to add to the previous posters.

If you haven't done so already, you may find it useful to read something on investment- Jan Somers "More Wealth from Residential Property" (http://www.somersoft.com.au/Book4.htm) is a geat start- it will give you an overall picture in a logical sequence.

 

[dook]

thankyou

rick mick, sunstone, geoffw.
and anyone else who posts a reply to my "seeking replies" post.
THANKYOU. i am not alone

 

[geoffw]

Dook,

We've all been there.We've all started out- knowing nothing. And we've all been learning along the road.

And we're still learning. That's why I hang around here. Now that I have the overall concept sorted out, I learn heaps more in here than by reading any sort of book.

All the best for your journey.