What an awseome thread.
The turning point for me was in 1992. I was a salary slave (still am) and father of a friend of mine bought an IP (unit in Bronte, Sydney). At the time I was renting in Bronte and looking around to buy a cheap PPOR. Over the 2 years of searching I noticed prices in the area were literally going up each weekend. My friend's father was making more money out of this investment with no physical effort, than I was in my job. It clicked then that this is what I should be doing.
Eventually bought a PPOR in 1994, and proceeded to pay off as fast as possible. In 1998 read one of Jan Somers books and realised why this guy was so wealthy even though he was just earning a salary.
Biggest mistake was seeing an accountant in 1998 to go "over the numbers" for my first IP purchase. He convinced me it was too risky and I would make more money putting the money into my PPOR mortgage.
BIG MISTAKE
What a loser he was, and what a fool I was for taking his advice. Late 1998 I finally purchased my first IP in eastarn suburbs and have not looked back since then.
I guess I was "lucky" to have been exposed to a property investor in 1992, see what was possible, and then stumbled on one of the finest books on property by Ms Somers.
Still have heaps to learn but well on the way.
The turning point for me was in 1992. I was a salary slave (still am) and father of a friend of mine bought an IP (unit in Bronte, Sydney). At the time I was renting in Bronte and looking around to buy a cheap PPOR. Over the 2 years of searching I noticed prices in the area were literally going up each weekend. My friend's father was making more money out of this investment with no physical effort, than I was in my job. It clicked then that this is what I should be doing.
Eventually bought a PPOR in 1994, and proceeded to pay off as fast as possible. In 1998 read one of Jan Somers books and realised why this guy was so wealthy even though he was just earning a salary.
Biggest mistake was seeing an accountant in 1998 to go "over the numbers" for my first IP purchase. He convinced me it was too risky and I would make more money putting the money into my PPOR mortgage.
BIG MISTAKE
What a loser he was, and what a fool I was for taking his advice. Late 1998 I finally purchased my first IP in eastarn suburbs and have not looked back since then.
I guess I was "lucky" to have been exposed to a property investor in 1992, see what was possible, and then stumbled on one of the finest books on property by Ms Somers.
Still have heaps to learn but well on the way.