Hi There, I have been reading the forums for many years now, initially back in late 2016 when I was first looking to buy an IP. Whatever it may be in life, I always do alot of research and I used the forum as a tool to see if people believed the market would continue to rise or stagnant. Without too many specifics, I didn't up end buying the IP and took a few holidays instead and got married. Over the past 3 years I have continued to follow the forum and have learnt alot, and have had many laughs along the way. In hindsight, I should have subscribed back in the day but I just have so many online accounts and didn't think I needed another one. I work as a Construction Project Manager (30yo) and have followed the Real Estate market since 2011 (mostly Southern Sydney). Each week I enjoy reviewing Auction Clearance rates prices on a Sunday whilst having a beer watching the footy. Back in 2016/17 I thought it was too risky a time to buy an IP, so I held. I told my partner (who desperately wants to move out from our unit to a house), that I believe prices would drop and be more reasonable in late 2019. So I promised her that we would have our PPOR house by the end of 2019. So based on the above, we didn't actively attend open houses/inspections during 2017/2018. Over the past few months we have picked up our attendance as I have watched the market in Sydney become a little more attractive. So anyway, I will eventually summarise my ambitions in its own thread, but essentially I own a unit (650k - title in my name) in southern Sydney with a smallish loan. The missus is after a 6bed 4bath castle on the water with 800sqm and a heard of Golden Retrievers to run her business. But I am looking to keep the unit as an IP and then buy a new home with the aim to renovate it cheaply through my work contacts. I am doing the sums at the moment what is best for us. On this basis I have gained a plethora of knowledge from the veterans on the forum, in particular Investment property title, loan and tax set ups. I am currently looking into more depth the information and discussions on SMSF and the general share/stock markets. I appreciate all the time and knowledge people have put into the forum, and I am hoping I can give a little back. PS. The market has definitely picked up, if not surged over the past 2 months with the places in my area. Alot have sold at auction atleast 10% over advertised price. Eg. Listed between 1.1-1.2, selling for 1.35. Cheers
Welcome. But sounds like a definite case of analysis paralysis to me! You've been watching the market for 8 years and haven't pulled the trigger. Back when I went to property meetings, I met a lot of people like you, that talked about their plans, but you'd see them 12 months later and nothing had changed. You'll just have to bite the bullet and accept that you won't do everything perfectly the first time around. I've got 10 IPs and I know I'm far from perfect in many aspects of my game! You miss 100% of shots that you don't take.
I am interested in the dynamics of the market and thats why I follow it. I had no intention of buying or the money for it that long ago as I lived overseas partying it up for a few years post 2011. I was lucky enough as I didn't need to work for 2 years. Only in late 2016 did it become realistic and I chose not to buy another property, and I believe I made the right choice. But now at 30, aiming for 1.8mil of funds ain't easy for a decent PPOR and IP. This is without LMI and no mortgage stress. I have never really wanted anything more than a home, but now with an increase in income in the past year I do have a few options
