Family members' keep preventing me from moving forward (by suggesting to wait for the market)

Discussion in 'Property Market Economics' started by Achimy, 14th May, 2018.

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  1. Marg4000

    Marg4000 Well-Known Member

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    Your family members are NOT preventing you from “moving forward”.

    They are offering advice. It is up to YOU as to whether YOU take heed of that advice.

    The decisions rest solely in YOUR hands.
    Marg
     
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  2. spoon

    spoon Well-Known Member

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    Then why buy? Inherit one or all of Dad. One day. You can get sick of your job but not sick of him.;):D
     
  3. dabbler

    dabbler Well-Known Member

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    Seeing Dad or Unc care for you so much, propose to them that you buy one of the properties they already have at the 2014 or whatever buy in price, if they do not like this idea, never listen to them again and do your own thing.

    They can either help, or stay out of it unless you ask, I do not even discuss what I am doing with family, there is no need.
     
  4. marmot

    marmot Well-Known Member

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    Sounds like one family that we knew , hubby decided to borrow lots of money to invest in the stockmarket.
    Wife was dead against it , but was no use .
    At the time shares were a sure thing and everyone was apparently borrowing huge amounts of money and using the house to borrow against.The banks were absolutely flogging the wealth creation plan.
    It had worked well for years, so no one saw what was about to hit them
    The party came to an end with the GFC.
    They lost the house, and the marriage .
    To her credence, she went back up north in her 40s and paid off another house, minus the husband.
     
    Last edited: 16th May, 2018
  5. See Change

    See Change Well-Known Member

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    There’s a thread in North Queensland .

    IMHO , it won’t boom until brisbannana has .

    Buy outer rim in brissie and then later in North Queensland .

    We did that in the last cycle . Too late for Sydney but caught booms in brissie and Nth q’land

    Cliff
     
  6. MWI

    MWI Well-Known Member

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    I am open minded
    I am always open minded, hence I listen to most, then I follow with the questions. If family and dad are proven investors, have multiple investments, have achieve desired property outcomes, been active in few states for at least last 15 years, so have been in the market for few cycles, then I may listen otherwise I would ignore their advise.
    It doesn't matter whom the advise comes from but rather is it an opinion or a fact from somebody that 'walks the talk'! It's like taking advise from people how to raise children who never had children, would you take that advise? Remember theory is different from life experience!
     
  7. dabbler

    dabbler Well-Known Member

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    Huh ?

    I think you misread ?

    I do not live with my family that I grew up with....i,e my mummy or my daddy, while they are free to say what they wish, I am all growed up and do my own thinking :) So I only need to share with those it directly effects who are decision makers.

    I also wonder in your story if that same person would be held high if that plan had worked, anyway, not my business how others peoples relationships go or are structured. Nor did I see the OPs age or other personal info, but even if living at home .........

    A short version would be, make your own decisions.
     
  8. icic

    icic Well-Known Member

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    Maybe they did the right thing for Sydney. Most properties have done most of the growth prior and if you are lucky you would have just caught last 30% growth at best but most wouldn't have grown all that much anyway. Now its a downward market and not sure how long it will stagnate for. If last two cycle is any guide, you are looking at 8 to 12 years. Sydney re has ran way ahead of income and the rest of the country, It will need time for income to catch up.

    p.s. Contradictory advices are everywhere and you will hear what you want to hear. Make your own assessment of press forward with your own plans.
     
  9. marmot

    marmot Well-Known Member

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    I think most people are now starting to realize that the banking RC is going to have a bigger impact on house prices than first thought , especially if they have allowed people to borrow to much money and it has to be wound back .
    At the same time the banks are being more thorough when looking at living expenses.
    Its also highly likely that the U.S is going to be more aggressive in lifting interest rates, which historically has meant bad news for the Australian economy, especially if we cant maintain rates closely matching or just above theirs.
    And then there is a 50% change of a government next year with the negative gearing gone , and yet many still stick with the same narrative that has generally worked in the past.
    What has worked in the past , wont necessary work in the future, especially if you are expecting house prices to keep on going up faster than inflation or wage growth.
     
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  10. Simon L

    Simon L Well-Known Member

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    Some family and friends who thought what I was doing was a bad idea are now asking me to help them do the same

    Only take advice from those who have achieved what you are trying to achieve. But important to think for yourself as well.

    Most aussies have a strong opinion on property - usually based on luck or personal circumstance
     
  11. Sackie

    Sackie Well-Known Member

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    Its all hocus pocus to me. I bet the RC don't know their left hand from their right. Regardless, I only ask myself 1 simple question:

    Is Australia still a fantastic place to live and do people still want to (and have access to) flock here to buy homes and live? aka Supply and Demand.

    For me, the answer is still yes and everything else is just superfluous commentary which has swayed back and forth for decades. That means I will keep investing in real estate in Australia which is in line with my risk profile and goals. If the fundamentals of what makes Australia great and supply and demand ever seriously changes then I can reassess.

    For now i'll continue to mop the Aussie prop.
     
    Last edited: 17th May, 2018
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  12. dabbler

    dabbler Well-Known Member

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    I dont know how your reply relates to what I was talking about, I guess the quote is an error.
     
  13. dabbler

    dabbler Well-Known Member

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    I dont think you need to see a person who is sucessful in investingnin one area or another as total or only qualification......there are hoardes of lucky people in Sydney

    It is also like saying a RE agent knows nothing just because they are not into IPs.....I know plenty who cant be bothered with IPs and tenants yet have fantastic knowledge and advice.

    You see people say stupid things all the time....like only buy in Sydney...or only this or only that, they even say such things here with little push baçk.

    So, you have to learn and run your own show, own your errors and be happy with the wins, everyone will make some mistakes.

    Your last sentence is pretty true.......but I am not sure what an aussie is anymore
     
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  14. Illusivedreams

    Illusivedreams Well-Known Member

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    Steve-ism #3 - Invest for results, not approval - PropertyInvesting.com

    Steve McKnight discussing the very issues of seeking approval.
     
  15. PresentNow

    PresentNow Member

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    "I remember as I was growing up, that when I learned how to walk I first stated to crawl. And as I was ready to walk I will fall down thousands of times before I was able to stand up and wobbly walk 1 step after another. I will also remember when I fell that my mum will run over to cuddle me and protect me, fussing over so I don't fall again.

    So I will try to walk when she was not looking."

    Here's some food for thought!

    People generally work 8 hour days, wake up early in the morning and commute at least 1 hour every day to get to work. They will arrive 9am on the dot, they may be a few minutes early or late. They will miss their children's birthday, they will miss special occasions or miss time with their family so that they can work work work. All that so that they can trade their time to make $55,000 per year on average.

    However, when you ask them to take 1 - 2 hours of their day to study for their future, to study the market, network with other property professionals, speak to real estate agents the excuses start piling up.

    I'm too busy at work, I have family commitments, I need to get my finances sorted first, my uncle, dad, neighbor's dog, long-lost brother has told me not to get into property etc...

    And as such, they continue to wake up early to commute to work and as time passes by, they regret, they get angry, they wish for change, but then the clock starts ticking again.

    @Archimy really are not ready to buy yet. In the 3 years that your father told you not to buy, what did you do? Did you study the market and convince them through your maturity and understanding of the market? You are getting frustrated and even thought about buying 1 property will not make you broke, but is that the attitude of a successful investor? Warren Buffet Rule # 1 - Never Lose Money

    If you want to retire in 10 years, you have already wasted 3 years doing nothing. If you don't get stressed by setting a goal then the goal is not important enough to you or doesn't feel achievable to you.

    Spend that 1 to 2 hours per day understanding the market, research about all the different strategies that is available to you. Go to property meetups to network and learn from other successful investors who are active investors, that is people who buy right, develop properties with a plan that they can replicate.

    McDonalds is not the most successful fast food business because they randomly made a burger, they have a process that anyone of their staff can make a burger. And their burger isn't even the best tasting yet they succeed.

    So you will need to develop a process so that you can replicate your result in your property research, due diligence, purchase etc...
     
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