10 years ago it would just have been don't sell that house you bought in inner Adelaide for $40,000 because prices are going to go up ...
What advice would you give yourself 10 years ago that you know now?
- Thread starter geoffw
- Start date
Steve Mcknight's book wasn't published then, was it?
Advice? Read, Kum Yin, read! Don't sell, always buy.
I read Steve's book in 2006 for goodness sake! It was outdated by then. I scurried to buy Jan Somers & some others, passing up 'ordinary millionaires'. Big mistake!
In my ignorance, I did some things wrong like not getting depreciation schedules done early enough, not following through my original intention which was to live in one, sell keep cap gains, move to the 2nd, live in, sell keep cap gains & so on.
In my ignorance, I also did one thing right & oh, how very very right. I refinanced almost every other year & each refinancing gave me more money to buy. I revalued the houses & pulled out the remaining equity to buy SHOPS. Playing Monopoly - 4 green houses to make 1 red hotel.
Today that's my pension fund my magic pudding that never runs out. [touch wood no recession!]
So my advice to myself & to others? Buy as quickly as you can 4 green houses & then change over to 1 red hotel.
KISS C'est simple, n'est pas?
KY
Advice? Read, Kum Yin, read! Don't sell, always buy.
I read Steve's book in 2006 for goodness sake! It was outdated by then. I scurried to buy Jan Somers & some others, passing up 'ordinary millionaires'. Big mistake!
In my ignorance, I did some things wrong like not getting depreciation schedules done early enough, not following through my original intention which was to live in one, sell keep cap gains, move to the 2nd, live in, sell keep cap gains & so on.
In my ignorance, I also did one thing right & oh, how very very right. I refinanced almost every other year & each refinancing gave me more money to buy. I revalued the houses & pulled out the remaining equity to buy SHOPS. Playing Monopoly - 4 green houses to make 1 red hotel.
Today that's my pension fund my magic pudding that never runs out. [touch wood no recession!]
So my advice to myself & to others? Buy as quickly as you can 4 green houses & then change over to 1 red hotel.
KISS C'est simple, n'est pas?
KY
I would agree to buy quality low maintenance type houses and never sell, certain way to a easier life with more options.
Problem is when you get a few houses it is too easy to sell one or two for some decent paydays, when you have grown up with all your life with zilch.
Very important though to really work out what you want to do workwise because early retirement is very overated.
Problem is when you get a few houses it is too easy to sell one or two for some decent paydays, when you have grown up with all your life with zilch.
Very important though to really work out what you want to do workwise because early retirement is very overated.
1. This is so true. Apparently, many investors buy one IP, and sell it not long after, and never re-enter the market. I think a lot of people enter IP investing with grand dreams and aspirations and find out that it is not so easy, have a few dodgy tenants and decide it's all too hard, take the money and run.
2. It depends on how full and active your retirement is.
Are you speaking from experience? If so, care to elaborate?
I'd tell myself: "I'm so excited for you; you're in for an amazing decade, full of incredible opportunities and experiences!"
But in terms of advice or lessons:
1) Successful people aren't (necessarily) more educated, intelligent, or "lucky" than anybody else. But they do have their own views, and a willingness to act upon them.
2) The choices you're going to make that put family and friends above financial goals may seem expensive at times, but they're absolutely the right decisions.
3) Learn as much as you can, but don't ignore your gut instinct. Your intuition remembers all those facts that you've absorbed; it just adds interpretation to it. Successful decision-making is neither art nor science, but art informed by science.
But in terms of advice or lessons:
1) Successful people aren't (necessarily) more educated, intelligent, or "lucky" than anybody else. But they do have their own views, and a willingness to act upon them.
2) The choices you're going to make that put family and friends above financial goals may seem expensive at times, but they're absolutely the right decisions.
3) Learn as much as you can, but don't ignore your gut instinct. Your intuition remembers all those facts that you've absorbed; it just adds interpretation to it. Successful decision-making is neither art nor science, but art informed by science.
Yes I am directly speaking from my experience over the years and my first one or two rental properties.
Both those were cf + but I sold at the time for decent gains, I have told the story before one I made $40k the other around 25k, at the time that wasn`t bad for 12 months and a bit of work and the first time I ever had more than 1 or 2k in the bank.
Of course though I kept my ppor but the gains I made from the two sales were mostly gone in the next 12 months due to an extended vacation and my desperation to get out of the job I had done for 15-20 years at that time.
If I had simply kept those properties I would be on easy street right now.
Still, I have nothing to complain about as I now run my own business far removed from my old line of work which I can honestly say I enjoy and still retain my ppor with a hefty amount of equity.
But like everyone else I need to play my cards right the next couple of years, as my businees requires some serious upfront cash.
Thanks for sharing..what line of business are you in?
I agree, this is a great thread!
10 years ago I would have told myself to read and learn about property investing and buy IPs after my first property in 2000 rather than wait until 2005!! But would never change the fun and experiences I had living overseas in that time!
Anyone else got some advice for themselves??
10 years ago I would have told myself to read and learn about property investing and buy IPs after my first property in 2000 rather than wait until 2005!! But would never change the fun and experiences I had living overseas in that time!
Anyone else got some advice for themselves??
Now is the time to fix the next 10 years
Thanks for bumping this up fokas. It is a good thread and I hadn't responded last year.
People often overestimate what they can achieve in one year,however completely underestimate what can be achieved in a decade so 10 years is a decent chunk of time.
My advice to myself would be to do the things that I put off, thinking I'm too old........not fully appreciating, that I was going to be 10 years older regardless of whether I pursued those actions/activities or not.
Now is the time to fix the next 10 years.
Thanks for bumping this up fokas. It is a good thread and I hadn't responded last year.
People often overestimate what they can achieve in one year,
however completely underestimate what can be achieved in a decade so 10 years is a decent chunk of time.My advice to myself would be to do the things that I put off, thinking I'm too old........not fully appreciating, that I was going to be 10 years older regardless of whether I pursued those actions/activities or not.
Now is the time to fix the next 10 years.
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Hey...that was my quote!!!.....just kidding
My pearls of wisdom are:
My advice is (specifically in real estate) is it is not the timing but the time in the market.
Capital gains is great .....but cash flow is the oil in the engine for gearing to work!
Research the areas with potential....there are still areas where people shy from but will come good in the next 5-10 years. Ignore the naysayers and trsut your gut if you have done your due diligence.
...and ABOVE ALL TAKE ACTION......without this.....all you will be doing is contemplating the great learnings of hindsight!
Happy investing...
My pearls of wisdom are:
My advice is (specifically in real estate) is it is not the timing but the time in the market.
Capital gains is great .....but cash flow is the oil in the engine for gearing to work!
Research the areas with potential....there are still areas where people shy from but will come good in the next 5-10 years. Ignore the naysayers and trsut your gut if you have done your due diligence.
...and ABOVE ALL TAKE ACTION......without this.....all you will be doing is contemplating the great learnings of hindsight!
Happy investing...
Thanks for bumping this up fokas. It is a good thread and I hadn't responded last year.
People often overestimate what they can achieve in one year,
My advice to myself would be to do the things that I put off, thinking I'm too old........not fully appreciating, that I was going to be 10 years older regardless of whether I pursued those actions/activities or not.
Now is the time to fix the next 10 years.
what a great thread.
I would say
dance more
buy every house in waytown you can get (location joke)
pay down that PPOR mortgage as fast as possible
take chances
stop listening to idiots
live
walk on the beach as often as possible
take time out for myself
really needed it more about 13 years ago though, was nearly on track 10 years ago.
I would say
dance more
buy every house in waytown you can get (location joke)
pay down that PPOR mortgage as fast as possible
take chances
stop listening to idiots
live
walk on the beach as often as possible
take time out for myself
really needed it more about 13 years ago though, was nearly on track 10 years ago.
hi
I would tell myself a couple of things
move forward and use the rear view mirror to check what I have done in stead of trying to work out what in front and moving forward that way.
don't think because its in writing thats its correct or that the writing maywell change and that the person handing you the pen is not your friend he could well end up on the other side of the table.
lenders are not your friend they are just giving you money but they will turn into trouble if you allow them to get the upper hand.
try to be financial free
that does not me to make an income thats high enough to be financially free.
because that just does not happen
have multipul income streams
these streams become rivers
and these rivers become a sea
have an income stream that matchs the expenditure and thats true financial freedom.
this is not something you understand from the start
If I had one thing I would love to have again is to understand the use and the way of getting income streams
and why these are so important.
also understanding money not the normal cash credit etc
but the capacity to negotiate deals with out money
what lender will take
what equity can do and how to use it
here is an example
when a male (main group)is in a meeting 40% of the information supplied is taken in and 20% is dress ( presentation)20% is capacity to deliver the information and 20% is body language of the presenter
when its a female main group
the number change 40% is body language 30% is dress 20% is capacity and only 10% is the information supplied
in both groups less then 50% is the information the rest is you
this again I did not know 10 years ago I do now
anyone can buy a property 100 or 1000 do but not alot have it as there full time job
how many here had a walk thru a garden at 11 or 12 just to think
me it was the botanical gardens
how many can do what they like each day
can wake up tomorrow and look forward to there day
if I knew about income streams and how they worked 10 years ago i would have been there like a rat up a drain pipe.
and the big no no is syndications
if I was to have put together a syndicate and understood how they work and how they can push you forward that rat would be up that pipe also
people will tell you how to invest
for me income streams are the best way to go
but not one
not one area like real estate
but multi
the more the merrier
as one drys the others flow
and then the dried one will flow again
the other thing
is put people around you that you want to be like
I read some where if 5 of your best friend are drug takers you will become a drug taker
if 5 of your best friends are devorced you will be devorced
if 5 of your best friends are finacially free
yes you guessed it you will be finacially free.
aim for where you want to be
if you are aiming for some where you don't want to be you will end up there like it or not.
last but not least enjoy what you do
I have done alot I have not enjoyed now I enjoy what I do but if I had 10 years back I would try to do what I do now
banks hate me
my clients like me
and my time is my own.
and I decide what I get involved in.
maybe I might come back to this post in say 5 years
I would tell myself a couple of things
move forward and use the rear view mirror to check what I have done in stead of trying to work out what in front and moving forward that way.
don't think because its in writing thats its correct or that the writing maywell change and that the person handing you the pen is not your friend he could well end up on the other side of the table.
lenders are not your friend they are just giving you money but they will turn into trouble if you allow them to get the upper hand.
try to be financial free
that does not me to make an income thats high enough to be financially free.
because that just does not happen
have multipul income streams
these streams become rivers
and these rivers become a sea
have an income stream that matchs the expenditure and thats true financial freedom.
this is not something you understand from the start
If I had one thing I would love to have again is to understand the use and the way of getting income streams
and why these are so important.
also understanding money not the normal cash credit etc
but the capacity to negotiate deals with out money
what lender will take
what equity can do and how to use it
here is an example
when a male (main group)is in a meeting 40% of the information supplied is taken in and 20% is dress ( presentation)20% is capacity to deliver the information and 20% is body language of the presenter
when its a female main group
the number change 40% is body language 30% is dress 20% is capacity and only 10% is the information supplied
in both groups less then 50% is the information the rest is you
this again I did not know 10 years ago I do now
anyone can buy a property 100 or 1000 do but not alot have it as there full time job
how many here had a walk thru a garden at 11 or 12 just to think
me it was the botanical gardens
how many can do what they like each day
can wake up tomorrow and look forward to there day
if I knew about income streams and how they worked 10 years ago i would have been there like a rat up a drain pipe.
and the big no no is syndications
if I was to have put together a syndicate and understood how they work and how they can push you forward that rat would be up that pipe also
people will tell you how to invest
for me income streams are the best way to go
but not one
not one area like real estate
but multi
the more the merrier
as one drys the others flow
and then the dried one will flow again
the other thing
is put people around you that you want to be like
I read some where if 5 of your best friend are drug takers you will become a drug taker
if 5 of your best friends are devorced you will be devorced
if 5 of your best friends are finacially free
yes you guessed it you will be finacially free.
aim for where you want to be
if you are aiming for some where you don't want to be you will end up there like it or not.
last but not least enjoy what you do
I have done alot I have not enjoyed now I enjoy what I do but if I had 10 years back I would try to do what I do now
banks hate me
my clients like me
and my time is my own.
and I decide what I get involved in.
maybe I might come back to this post in say 5 years
well! turned forty couple days ago, and did'nt like it , i had plans to where i would be when i was 40, but somthing must have gone wrong
so i learnt, don't listen to negative folks, stop smoking, go for finance, now not soon??? stick to the plan,
write a mission statement for my self and keep it handy for the next ten years, so i can enjoy my 50 th birthday more,
go for broke , do what i wan't to do, as my partner has held me back way way too much! she can join in or miss out , as i have been wondering what if for too long now!
so i learnt, don't listen to negative folks, stop smoking, go for finance, now not soon??? stick to the plan,
write a mission statement for my self and keep it handy for the next ten years, so i can enjoy my 50 th birthday more,
go for broke , do what i wan't to do, as my partner has held me back way way too much! she can join in or miss out , as i have been wondering what if for too long now!
