Hello from a low income investor

Discussion in 'Introductions' started by Omi San, 8th Feb, 2020.

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  1. Omi San

    Omi San New Member

    Joined:
    12th Aug, 2019
    Posts:
    4
    Location:
    Adelaide
    Hi All,

    My partner and I are in our mid thirties, have a toddler and currently own two properties in the South/West Adelaide suburbs; our $480K 3b ppor (58% LVR) and a moiety title 1b unit (60% LVR). Home was purchased 7 months ago and the unit 3 years ago, it is currently tenanted by a friend who will likely die there. Currently we share caring duties and both work approx 20hrs a week, earning a combined income of almost $60k. Like our incomes, our Super savings are small, but we hope to use real estate as a retirement fund. Our current retirement aspirations are small because we spend very little (1 car, no credit cards, second hand clothing, etc) but I guess that could change if we build some momentum.

    We've got another bub coming and my partner will likely up her working hours slightly once the second, and final, bub is off the boob. In fact we'll probably adjust our working hours depending on our lending ability after a good chat with a savvy mortgage broker. For myself, pay increases will depend upon overtime however my partner may see some wage growth in the future.

    I haven't engaged a broker yet but in an ideal world we'd have a second investment property within 18 months. Something cheap, safe and high yield while the kids are still home with us. If I was buying today I'd have a good look at units by the water at O'Sullivan Beach, Christies Beach and Port Noarlunga.

    Anyways, thanks for reading my spill, and be sure to ask questions or provide some investment strategy advice. Cheers.
     
    Last edited by a moderator: 8th Feb, 2020
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  2. spludgey

    spludgey Well-Known Member

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    Good on you though, it's not as easy on a low income, especially if you have children!
     
    Last edited by a moderator: 8th Feb, 2020
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  3. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

    Joined:
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    6,166
    Location:
    Perth WA
    Welcome to the forums!

    I love what you’re doing - sharing the care and working part time. It’s awesome to see people creating what they want in their lives. It’s not all about raking in truck loads of cash. (Even though that’s fun at the right time too!)
     
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  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    15th Aug, 2005
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    Location:
    Gold Coast
    Indeed

    we can always make more $

    We cant make more time, and you Jess are a demonstrable example of how to make that work in real life.

    ta

    rolf
     
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  5. Willy

    Willy Well-Known Member

    Joined:
    12th Sep, 2017
    Posts:
    285
    Location:
    NSW
    Money management is far more important than income level when it comes to investing.
    I started on a low income and my partner who was a financial planner was earning three times more than I was. We had to delay buying our first house because I had my half of the deposit saved but she never had any money.
    And we pay these people to tell us how to manage our finances! (obviously not my partner anymore)

    To be planning a second IP while working part time with a growing family your obviously managing things well. Far better than some financial planners!

    Willy
     
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  6. willair

    willair Well-Known Member Premium Member

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    That's a good read and you are both on the same page that within itself is worth more then money and sort of like a choir where everyone's singing the exact same note ..Once you have that then anything possible..good luck..
     
    Last edited: 9th Feb, 2020
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  7. datto

    datto Well-Known Member

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    Keep up the good work Omi!
     
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  8. Angel

    Angel Well-Known Member Premium Member

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    19th Jun, 2015
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    Location:
    Paradise, Brisbane
    Mr Angel and I are old enough to be your parents, and we are also low income earners. Welcome to the world of being frugal so that you can make a far better life with delayed gratification in the future. Yes, you can do it. I have always worked part time since I was 21, or not at all when the kids were little. It is so worth it. Good for you both
     
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