Hi All
Long post coming, not spell checkled etc. but hey it's the internet.
I have come full circle, I quit work 5 years ago, 1st year was great did nothing just managed the properties for a while, then did some developments.
Gave all the properties to property managers and told them I don't want to know about it, if it breaks fix it, if it needs a new tenant get one, if there is a bill to pay, pay it.
then bought a business spent 6 months getting it running smoothly and then left it running under management, great income earner no mental stimulation at all. Buying another business spent 6 months learning about it all, licensing etc. etc. set it up to run under management.look at ways to expand etc.. I run very vertically though, with a manager for each area of the business and delegate well so that it takes a lot of my time for a while and then not once you have the topic under control so to speak it is the manager's job not yours. So as long as the figures are working the brain is not, well not at a high level anyway. Stimulating for a while but the brain gets to a certain level when it needs more stimulation. It's lots of numbers and all that sort of stuff but It is the research in the initial stages I find more excting and stimualting. Could I go on collecting businesses like property, maybe but you will get to a stage of having too many managers and having to employ someone for the managers to answer to so that you can look at more growth. Each one is stimulating in the early stages but I reckon you've got a good 2 years from purchase of one till you are ready to fund the next one so an unstimulated bit in the middle.
So although busy at the moment have decided am going to do a doctorate at uni full time for the next 3 years looking at specialising in business structing, trusts, bloodline trust, joint venture commercial type law is the goal anyway. I would have never ever dreamt of anything like that 10 years ago, the idea at the time of being stuck inside an office would have driven me crazy. Now I find all this stuff really interesting and am looking forward to cleaning out the cobwebs.
I am glad I gave up work but the visions I had of just hanging out with the kids and doing the property thing has completely changed. Don't get me wrong I have a great, life, it is stressful at times with the businesses but they are not mentally consuming enough to keep the old brain going. Also I wouldn't sack the manager(s) and have to deal with the day to day crap and staff issues that they do. I treat it as though only my managers are my employees, the rest are the staff are their employees, they need them to reach their goals and It is their job to work out the best way to get there.
So I guess what I am saying, in a vary rambling sort of way is that having the vision that you are going to retire is great, not having to work is outstanding, but there may be a time when you need to do something again for fullfilment/brain stimulation etc. I would love to be content just sticking where I am at. It is also porbably to do with the sixze of my financial capacity, I get a good income and don't have to work yes, but don't have enough to do bigger developments, estates etc that would be more challenging then the townhouses or low rise unit thing.
I have young kids and spend heaps of time with them, way more than anyone else I know. I really do love the freedom that property has given me but when I quit work I would have never thought I would have needed to pursue something else. While working for someone else my whole focus on the property thing was being able to quit. And again I am not saying it's bad, it is 1000 times better then having to work for someone else, I am just saying that beware that doing the property thing might not be fulfilling enough. If it is for you excellent, unfortunately I have a very short attention span. Good luck and hold on to your dreams.
. I sure hope so!
