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.
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!)
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
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
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..
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