The most important lesson I've learnt in Property investing
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Buy whenever possible and dont be afraid to go hard if youve done your due dilligence.
Definitely do not listen to others who have little or no experience
Listen hard to others with more experience than yourself
Buy Buy Buy
Do not be afraid of good debt
Dont be afraid of big dollars, you need to get used to thinking big
Listen more
learn as much as you can
have a buffer in place
have sufficient insurance across the whole portfolio
Definitely do not listen to others who have little or no experience
Listen hard to others with more experience than yourself
Buy Buy Buy
Do not be afraid of good debt
Dont be afraid of big dollars, you need to get used to thinking big
Listen more
learn as much as you can
have a buffer in place
have sufficient insurance across the whole portfolio
Very good post.
The line regarding thinking big was of particular interest.
I am by no means a wealthy person - wealthier than 10 years ago for sure.
I often listen to people like Warren Buffet on tv, and am constantly amazed by how nonchalant they are when they talk in figures with 7 zeros on the end - especially when it is a loss that they are describing.
Having ventured a bit further down the path, I can see how that mindset kicks in after a while.
I talk with my brother regularly about investing and so on; he's 11 years younger than me and just starting out really. When I mention our figures his eyes bug out and he can't get his head around the debt level.
But he will.
Begin with the end in mind, then change your mind partway to the end.
Nothing is set in concrete, you may have a strong 'never sell' mentality but you need to accept that sometimes you will buy a lemon and the only way to make lemonade is... well nothing, it just sucks. Get rid of it let someone else worry about it, you've got better things to do with your time.
Learn what you can from the experience and move on.
Andrew
Nothing is set in concrete, you may have a strong 'never sell' mentality but you need to accept that sometimes you will buy a lemon and the only way to make lemonade is... well nothing, it just sucks. Get rid of it let someone else worry about it, you've got better things to do with your time.
Learn what you can from the experience and move on.
Andrew
May I use this? Is it yours? Love it!
Personally I use
" you have go to have go to make again"
in my business dealing I say:
"have faith in everyone, but trust no-one"
But I like Jan Somers quote at a seminar in 2000 who said:
"learn to love your (good) debt" i.e. don't fear large loans if the deal stacks up
Peter
" you have go to have go to make again"
in my business dealing I say:
"have faith in everyone, but trust no-one"
But I like Jan Somers quote at a seminar in 2000 who said:
"learn to love your (good) debt" i.e. don't fear large loans if the deal stacks up
Peter
May I use this? Is it yours? Love it!
Begin with the end in mind is somoeone else'. The rest I made up for the post but may or may not be original (standard disclaimer).
By the way thanks for the kudo's.
Andrew
Only concern
I really enjoyed reading through the posts to date !
I am late 20's and looking to purchasing my 1st PPOR and renting out my CR.
I have a partner (defacto) and a 10 month old. Will be trying shortly for a 2nd child.
I love the talk of increasing wealth and becoming financially stable and secure.
I guess I also love reading people's little quotes, and trying to decide if they will fit with my current life situation, and help change my thought process to limit my concerns, so that I can go forward without fear, and still be able to sleep at night.
Concerns = providing for the family financially and physically/emotionally at all times. This will mean, with my partner being off work, me taking on the brunt of the income responsibility. I see my income going towards the new residance and disposable income on necessaties.
Anyone have some previous experience and perhaps suggestions that may help open up a new way of thinking. Perhaps an ideology that I have not yet been exposed to ?
I really enjoyed reading through the posts to date !
I am late 20's and looking to purchasing my 1st PPOR and renting out my CR.
I have a partner (defacto) and a 10 month old. Will be trying shortly for a 2nd child.
I love the talk of increasing wealth and becoming financially stable and secure.
I guess I also love reading people's little quotes, and trying to decide if they will fit with my current life situation, and help change my thought process to limit my concerns, so that I can go forward without fear, and still be able to sleep at night.
Concerns = providing for the family financially and physically/emotionally at all times. This will mean, with my partner being off work, me taking on the brunt of the income responsibility. I see my income going towards the new residance and disposable income on necessaties.
Anyone have some previous experience and perhaps suggestions that may help open up a new way of thinking. Perhaps an ideology that I have not yet been exposed to ?
I have no idea what your income is but from what I have observed some people struggle to live on $100K and some struggle to live on $50K. Some manange to accumulate multiple property on $40K while others are not able to save for a house deposit on $200K.
If you decide that you are commited to investing then you need to put aside an amount each month....without fail. And live off the rest. It's as simple and difficult as that. Interest payments have dropped.....save the difference. Wage increases. Save the increase (rather that spend it before it even comes through as most people do
). Tax refund? Invest it. After a while your investments will snowball and take on a life of their own. At that point it becomes exciting.
How are you finding all these old posts Redwing?! But agreed, update required detailing the change!
Seven up
..... Sigh ...
Back to Redwing's request for an update. should we call it 7 up
Since then , the thing that has changed has been our target which has shifted up.
We've gone back into significant debt starting just after the GFC , and scaling that up over the last three years . I haven't bothered adding up precisely how our level of debt compares with our previous " big " mortgage but a back of the envelope calculation would be around triple .
Included in that is borrowing to buy a weekender , so we now have some " bad debt " . We've also bought a down sizer a year ago which would have gone up around 20-25 % since then so our decision to buy the down sizer while we still live in the Up-sizer has paid off, though it has meant that I've had to " pull my finger out " at work for a year or two rather than cruise.
Watching the market closely so we can time the sale of the Upsizer
Cliff
Next 7 years update is just about due
..... Sigh ...
Back to Redwing's request for an update. should we call it 7 up
Since then , the thing that has changed has been our target which has shifted up.
We've gone back into significant debt starting just after the GFC , and scaling that up over the last three years . I haven't bothered adding up precisely how our level of debt compares with our previous " big " mortgage but a back of the envelope calculation would be around triple .
Included in that is borrowing to buy a weekender , so we now have some " bad debt " . We've also bought a down sizer a year ago which would have gone up around 20-25 % since then so our decision to buy the down sizer while we still live in the Up-sizer has paid off, though it has meant that I've had to " pull my finger out " at work for a year or two rather than cruise.
Watching the market closely so we can time the sale of the Upsizer
Cliff
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The most important thing for me is "it is not a race". Time and a strategy will give you the results you desire. It is your journey.
I agree with you, depending on the individuals goals. For example "time and strategy" using the B&H strategy could also get good results. Just depends how many decades you want to wait and what are the "results you desire". That will vary for everyone.
Personally I actually think if most (not all) investors are honest with themselves, they would like to be financially free as soon as possible. Therefore its important for their strategy to be inline with their goals. And generally this will mean a lot of learning (with a lot of expert help of course) to make their strategy as successful as possible.
"Its not much use running east, if your goal is to see the sunset."
Anthony Robbins.
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Some good points. Can't say I agree with all that.
Listen hard to others with more experience than yourself - listened to a subdivider with ~$300m net worth to not buy in 2008, the low point.
Buy Buy Buy - you'd rather buy at the low point in the cycle than the high point, because capital is scarce.
