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Guidance needed!

Discussion in 'General Property Chat' started by MJS1034, 19th Aug, 2015.

  1. MJS1034

    MJS1034 Well-Known Member

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    Hi everyone.

    I've always had an interest in property and finance but over the last 18 months that interest has turned into a massive passion of mine. I have just purchased my first IP and am planning on building a multi $million property and share portfolio.

    A little about me, I'm 23 years old and currently living in Melbourne. I moved to Melbourne 2 years ago to peruse a career in Afl. Whilst chasing this dream I've put my career on the backburners and only now am I realising I need to start looking for a long term career im passionate about incase that dream doesn't happen.

    I'm fortunate in that I'm earning pretty reasonable money from my football which only takes up a couple of hours of my time on a Thursday night and Saturday afternoon. I'm also working fulltime so I'm in an okay position at the moment. Whilst being in this position I believe it's a good time for me to try and get into a career im passionate about.

    Can anyone give me any advice or recommendations on where to start or a good career to pursue?

    Thank you all in advance
    MJS
     
  2. Hodor

    Hodor Well-Known Member

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    Afl could give you a massive leg up if you qualify for professional sports person packages with the banks. Think they still offer 90% no LMI. I'd be looking in to that. Sounds like you may not be there yet... Get a good mortgage broker anyway. Borrowing funds is the lifeline of growing a multi million dollar portfolio.

    Career advice is tough. You can make money almost anywhere. Go with what you enjoy. I'm happier now after changing careers for less dollars.
     
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  3. JacM

    JacM VIC Buyer's Agent Business Member

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    Hi MJS

    If you are playing with the AFL you might be best to look at the days/times that are committed to that and figure out what sort of other jobs can be done in the gaps when you don't have to be at footy training/games. That will help narrow the choice of jobs substantially.
     
  4. MJS1034

    MJS1034 Well-Known Member

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    Thanks for your reply jacm.

    I'm not playing with the AFL so a normal 9-5 day Monday to Friday would work fine.

    I've heard of companies like Victorian finance group that offer on job training whilst getting paid minimum wage + commission to learn the ropes of mortgage broking. Not sure how it all works but would have to look into that more. Something like that would be ideal as I'd happily sacrifice lower income to get into a career whilst being in this fortunate position with my footy.

    I wonder if there's anyone on this forum that has been successful in using a company like this as a stepping stone into their career?
     
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  5. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Do you have any interest in business, or would you be happy working for someone else for your career?
     
  6. MJS1034

    MJS1034 Well-Known Member

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    Yeah ideally I'd like to own my own business eventually but right now I wouldn't mind working and learning under someone else.
     
  7. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    @MJS1034, might be worth doing some reading/youtube watching–the likes of Jim Rohn, Brian Tracy and more recently, Brendan Burchard have great material which will fill you with useful ideas and philosophies including how to find great mentors, how to do well professionally, how to find and pursue your passion etc.

    If you are keen to learn under someone else, find the number one person in the area you want to work and do whatever it takes to get in their door even if it involves wiping their bum, unpaid, for a year.
     
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  8. MJS1034

    MJS1034 Well-Known Member

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    Great advice! Not so sure on the wiping of bums but apart from that it sounds like a great plan. Thanks @Steven Ryan
     
  9. Dan Donoghue

    Dan Donoghue Well-Known Member

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    I echo Stevens sentiments, if you have a revenue stream from your footy that you can get by on, an unpaid internship is a fantastic way to build up experience which will make you more employable. Once you land one, spend as much time as you can watching and learning from the guys who are high up but also remember to get high up you need to climb so keep an eye on what the process guys do each day.

    If you do get into one of these roles then make sure your boss moves you around different departments to get a broad understanding of the business, don't let them sit you in a corner stuffing envelopes every week, it's not free slave labour, it is a job that you are being paid with experience instead of cash.
     
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  10. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Pleasure.

    The short version is to do whatever it takes to get around people who can help/teach/mentor you.
     
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  11. Hanison

    Hanison Well-Known Member

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  12. albanga

    albanga Well-Known Member

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    The issue you will face with footy is (and correct me if I am wrong brokers) but no lenders will take the income into account as it's not at a professional level. So whilst you may be playing in a country league getting $2,000 a game in the lenders eyes your income will be your 9-5. If that is low and your planning on starting a new career you may find it hard to begin building a portfolio based purely on serviceability.

    So congrats on joining and beginning to learn the ropes I think you have done something 90% of investors do not. Take the time to learn about property and as you pursue a new career and your salary increases you will be ready to go.

    I reccommend jumping into the finance section of the forum and read the experts posts for a month you will start to see who the guns are. From there perhaps reach out to one of them and see if they would be willing to mentor you if becoming a broker interests you. You can start a new business and have the security of your football as you learn the ropes and start to build your skills. Come 1 year time and if your killing it then some lenders will take 1 years financials and you will be off and running.

    Good Luck!
     
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