Feedback regarding Career change into an Apprenticeship relating to IP's

Hi All,
Not too sure if this is the place to be asking, though basically I was after others feedback or advice for my current situation.

About Me:
Late 30's, Working IT and had enough of it, wanting to change careers but no uni degrees or Non-IT job experience.

I currently have 2 Investment Units and one that I live in so obviously have a fair few bills to take care of each month and cant afford to take time off without pay.​

Interests:
Ever since a young age I've always been a tight **** with a mission to retire rich and have investment properties pay for my retirement.
Ever since purchasing my first unit in 2007, I've been interested in Property Investing but realistically don't have much of an idea and rely on the feedback of more experienced.

Questions:
*While I am not too sure about being a Mortgage Broker at this stage, I was thinking of doing an apprenticeship as a Mortgage Broker so a)I can get paid while studying and b)I learn the finance side of things while I work towards certification at the end of it.
-Do many people put on older people for apprenticeships now days, or is it more for the school leavers.

*I do love money though I have no desire to be an accountant as that would bore the hell out of me, what other apprenticeship/traineeships could others recommend that would be related to Property Investing.
(Note - I don't like the idea of being a Real Estate agent, personally I don't like ripping off or lieing to people.)

*Any other advice from those that have made similar career moves out of IT into something completely different?

Thanks All.

 

Retraining and any kind of career change are a risk. You will be pretty well guaranteed to take a hit financially. It just depends whether the risk is worth the reward and work to you.

Learning new skills are exhausting and you will not earn the same $$$ when you start. That being said, what about a trade? Though trades apprenticeships are not at record levels so it will be competitive to get an apprenticeship.

It depends on your willingness to work, take risk/s and embrace change.

 

I don't think there is a mortgage broker apprenticeship as such. You just do a six month or so course and get your qualification.

Maybe you want to do a building type apprenticeship such as a brickie, chippie or sparky. You can earn a top dollar but you got to work for it.

I completed the bricklaying course at TAFE. Took four years, cost over $3K and in the end I hated it. Too much hard yakka. And dirty. You got to bend over, butter up bricks all day long. The boss works you like a dog so that he stays profitable.

Nah. Stick to IT. A lot of times the grass ain't greener on the other side.

I might give horticulture a go though.

 

What are your savings like?
It's a hard time to enter the broking sphere and you'd need to have quite a savings buffer built up to see you through to actually replacing your income. Not only are there less loans being written thanks to APRA but the govt is fiddling with the future scenarios for commissions/trails so it may become a very different career.

I left IT when I was 39 but I'd spent the 7yrs before that on my replacement income plan and learning property development skills. I bought up big before leaving because it would be awhile before the banks would be willing to lend to me.

Mature age apprentices are not common but they are appreciated. I would look at
- property management
- a tradie trade - carpenter, plumber, electrician

 

The biggest challenge in any business is not the business but attracting clients.

. That’s what it takes

 

You would be looking at several yeas for most apprenticeship ,a plumber to be lic is around six,as Datto has said the bricklayers bent over one block at a time day in day out while the offsider just keep stacking the blocks - carpenters is massive hard labour ,electrician or plumber maybe less but you still have to work ...Accountant sound good ,go to work clean no heavy manual labour go home clean and paid before they walk out of their office..

 

Accountancy and accounts take a certain person. The jobs are hard to get, lower paid with high volume of work, accuracy and stress. End of the month and financial year require someone who really does it because making neatness out of chaos and business maths does it for them.

You won't make money quickly or easily this way I am afraid. I've walked out of a stressful accounts job physically exhausted more than once. Finding money and negotiating payment terms, combined with charming people into following due process and moving physical files will do that.

Not an easy career change there.

 

Thanks all
Happy to take a pay cut for a few years if it does mean i will get into something more enjoyable eventually.
I was thinking of doing an electrical apprenticeship as i dont mind that sort of stuff and not afraid of the hard work.
Its the arrogant End-Users and snakes in the corporate world that i cant hamdle.

Fortunately I have managed to save up and set aside about a years worth of salary though it is in my offset account so would only touch if i really needed to.

I saw some mortgage related apprenticeship on the tafe website from memory a while back. Id have to look into further. At this stage just keen to hear others oppinions and experiences.

Thanks all. Much appreciated.

 

Do you hate what you do in I.T. or hate the industry as a whole?

I got fed up around your age with my job too. Could't think of anything I was interested in enough to retrain too, plus I'm generally lazy.

I stayed in my industry and set my own business up instead (with a 50/50 partner). We now employ a further 4 people.

They do most of the work, I still have to work but a good chunk of my time is now the book keeping, tax, finding new clients, writing procedures, looking for efficiency in our practices, doing the payroll, building the website etc. I love that side of it all and although I have to still get on the tools I now have other things I can do in the week to break it up and keep me interested.

Could you set up a consultancy or something? Start on your own and add staff as you grow? Slowly phase yourself out of it so you can enjoy running it rather than working in it?

 

Hi @Curious_About_Property

In the second quarter of 2017 I left my corporate job to pursue a career in Mortgage Broking and it was one of the best decisions of my life.

I was lucky enough to find an opportunity where I could start in an admin role and work from there to become a broker. One year on I have completed the accreditation process and am transitioning into a client-facing role as a broker.

In becoming a mortgage broker I have so learnt many lessons from mentors and from clients. Lessons that have dramatically changed many areas of my life. As a result of these lessons I have made changes that allowed me to rapidly grow my property portfolio, and have even learnt skills to help better deal with relationships in my personal life.

Time is your most precious resource, so if your current role is lacking in the fulfilment department, and you are passionate about property investing, I say go for it. If you are genuinely passionate, the money will come soon enough.

 

or you can learn how to sell on Amazon.com and build a brand and make a huge cashflow machine

 

Thanks. I don’t hate All of it, just that I’ve been doing IT support for financial services companies for the last 15 or so years and am sick of support type roles though no motivation to study in other fields of IT with so many roles being consolidated or offshored.

I like the sounds of starting off in an admin job to get a background on the operating processes and working my way up to something where I can get the skills to work for my self.

Thanks all. Much appreciated.

 

Come to think about it. I was looking into some shopify sites and setting up a drop shipping business but just worried I’d lose too much money with cheap quality products being returned.

 

You might like valuation as its a bit more hands on but you can still wear a tie?

Like an investor you have to be mindful of the state of the market you're about to get into. I would have though it was bad timing to get into mort broking in Syd. Maybe a property manager - always in demand

 

Hi @Curious_About_Property,

Great thread, I'm enjoying the replies as I'm in the same boat.

I've been working as a chartered accountant for the past decade, I earn an above average salary but have never really kicked any massive career goals despite being a very motivated individual. I put it down to lacking passion for the accounting game, its a noble profession and it will continue to serve me into the future but I've never aspired to be like anyone holding a position above me.

I found property to be my calling in life, and I now have a dog-eared determination to forge a career in the industry one way or another. My wife, a solicitor, has found passion in teaching and is pursuing this too. In 2 months time we will be leaving our jobs in Sydney (with 2yo) and moving to one of our IPs in Brisbane in order to reduce the cost of living while we make the transition (and renovate ).

I suggest putting your ideas down on paper and working methodically through them, this will allow you to circle back on them in the coming weeks. It takes time so don't expect it sit up in bed one night with a lightbulb hovering above your head. Talk to people from each industry, not just one, and get their feedback on what its like to be in their shoes, don't just assume you know all about it. (i.e Real Estate agent comments).

Lastly, have a plan then go for it, take that leap of faith. Life's too short

 

You will need a degree for that for accreditation. Either in property or related. There is a bit of wiggle room for past experience but not that much.

 

There are still brokers doing very well in Sydney, however as broking becomes more competitive you need to have something that sets you apart from the herd.

It could be that you become an expert in a certain region and share that knowledge with clients as part of your service, or maybe you speak a different language and become the go-to-guy for that portion of the community...

The most important thing is to be passionate... Clients will appreciate your passion and it will give you the motivation to grind it out through the tough times

 

In all homesty I don't think you would last as a broker either. I don't think your 'why' is there.
You like property and being cautious with your money. None of those directly correlate with being a broker I'm afraid.

There is a high degree of sales work in being a broker plus being a self starter, processes, endless compliance work, lateral thinking and also extensive policy knowledge + some street smarts to boot.

So I am not sure you are looking to get into that industry for the right reasons my friend..

 

Thanks all, great feedback to take on board.