The lifestyle you desire?
- Thread starter SliderC
- Start date
So true BV.
We have 2 sets (husband/wife) of property supers. This one set, was also our handyman, who we hired to do extra work for us. When we came back this year, we found out they were stealing from us. We have reported them to the Police.
They were stealing the money from the coin laundry, renting out vacant apts (we thought they were vacant) and pocketing the money. We also paid them to do repairs, which they didn't do. Breaking and entering our tool shed, after keys were handed back etc.
We thought we could trust them, because he was the nephew of our previous supers who retired a couple of years ago. They felt really bad, when they found out what was going on.
Thankfully it doesn't add up to a lot of money.
Ive had the same question about how not selling an IP can fund your lifestyle. The only answer is it wont until at least 10+ years after your purchase in most cases.
I don't own an IP yet and really only want to buy investment property to set up my kids for their future. Im 34 and feel ive left my run to long to make a fortune myself.
I don't own an IP yet and really only want to buy investment property to set up my kids for their future. Im 34 and feel ive left my run to long to make a fortune myself.
What a load of rubbish.
Whether you think that you can or you think that you can't, you're right.
It's all about your outlook.
The plethora of little green kudos squares also offers insight that DT provides a lot of good information, thought provoking questioning for newbies and has a sense of humour.
You know there is an ignore button should you wish to use it.
pinkboy
Who cares? If he really does make $500k per year, good on him.
It?s very much possible to retire on $100k per year from your property portfolio without ever getting a six figure salary. It might not be quite as easy as on a large salary, but I wouldn?t call it difficult either. (Says me who?s only ~10-15% of the way there)
For the record, my salary begins with a 7 and has 5 figures.
First world problem : have to pick out good properties so that can make funds for subsequent properties
For the record, my salary begins with a 7 and has 5 figures.
First world problem : have to pick out good properties so that can make funds for subsequent properties
Good on you. But, you need not feed the troll.
Haters will hate!
Just the way I feel I guess. I come from a long line of factory workers and investing was never in my families vocabulary. I have only started thinking about investing since ive had kids (5 years ago) and really focus on them now. I know ill be comfy when im in my 50's if we start buying IP's within the next 5 years and keep buying. I just don't see myself making millions of dollars like I wished I did when I was a teenager. I am not settling, just accepting my limitations and not taking stupid risks which my kids may have to clean up and live with like I have to for my parents.
I think that's a cop out mate. It's not really relevant what your parents did - if everyone did the same as their parents we'd still be using corded phones.
I understand you've got a family now and they deserve some focus. Still have 20 years ahead of you though - properties should double twice in that timeframe according to that other thread
LOL!
You wanna come and be my understudy, then.
I started investing at 40, have done almost everything wrong (other than buying a PPoR at 24), and have still done OK.
Start now, learn from this site, and by the time you hit my age you will be a few streets ahead of me for sure - and that will be a decent result in anyone's book.
I think that's a cop out mate. It's not really relevant what your parents did - if everyone did the same as their parents we'd still be using corded phones.
I understand you've got a family now and they deserve some focus. Still have 20 years ahead of you though - properties should double twice in that timeframe according to that other thread
I hear ya
I don't plan on "Giving up" and will keep learning and educating myself on investing etc. I live a very different lifestyle to my parents, purchased my first house when I was 20 and my second when I was 29.
I read a lot of books on investing and follow people like Kiyosaki, Trump, Robins etc but the one thing they fail to teach or mention is how to keep paying the mortgage and the bills while setting up a business or spending money on servicing loans etc. I cant get my head around taking a huge risk now I have kids. When I look back to when I was single, I should have taken so many more risks than I did. I'll still take risks, but none that will probably pay off until decades.
And I love cars and enjoying the lifestyle of having a hobbie, so im not prepared to throw all my pay at investing like a lot of other people do. I guess its about growing and learning, both which I feel I do
What about inflation?
Its great that your rent goes up, but so does the cost of living.
You also have to take action even when the noise says otherwise, because the houses aint gettin any cheaper..... but hang on if MickStephens believes this.... then this is what will happen.
No point even going there, to be a successful property investor you need to be a positive person, without this it will all turn to sh.t anyway.
MTR
Bought my first IP when I was 34 (2 years ago) and bought 2 since.
Came to Australia when I was 29 as a student. Paid off the education loan and other debts that I incurred in settling here when I was getting paid 45k. Had a child, wife did not work for a year, bought a new car outright 4 years ago, bought my PPOR 3 years ago, bought 3 IPs since. All this and my pay is not even close to 6 figures. And we are having another baby soon. Not sure what is in store for future, but I for one, would not sit and do nothing.
Mate, as DT mentioned, you are just finding reasons to NOT work towards your dreams. And as spludgey rightly said-
Whether you think that you can or you think that you can't, you're right.
Yes absolutely.
Fear also comes into play, people jumping into cycles that have peaked because they need convincing that the market is actual booming, by the time they get the courage its too late.
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