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Hello peeps, I feel like a fraud but I'm here

Discussion in 'Introductions' started by Teddy, 24th Jun, 2015.

  1. Teddy

    Teddy Active Member

    Joined:
    19th Jun, 2015
    Posts:
    37
    Location:
    Sydney
    Hi Everyone,
    I'm Teddy, I've come from the SS forums( where I was Freemo) where I explored lots but didn't post much at all.
    I have a cooperative other half, who is very good at following the lists I make and 2 teenage daughters who are not. We both work full time, no uni quals or trades, early 40's, long term steady jobs, we poke along ( as my dad would say)
    We have 8 properties, including PPOR, mix of Sydney and regional.
    I have no real strategy, I've tried working it out but just can't settle on anything concrete, I really just wing it and hope for the best.
    I like shopping for houses and have had some fun in the last couple of years.The purchasing started as a family member needed somewhere to live, then I saw a need so bought a few more to rent to family. Currently have family in 4 properties. My accountant tells me it cost us $300 to hold our portfolio last year, so I guess we are doing ok.
    So the fraud thing, I don't feel like a REAL property investor. I don't know what our strategy is, I don't know what our serviceability and LVR is, I find I don't know as much as I should. So that's why I'm here, to learn.
    Thanks for having me. :)
     
  2. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,391
    Location:
    Somewhere in the land of Oz
    gday fraudster, sounds like you doing great winging it!i guess its about doing what your comfortable with.
    are you here to refine your investing skills to work on the planning side? whats behind the cruisey style.? couldnthave "just happened", theres plenty of work involved to get 8
     
  3. Hodge

    Hodge Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    514
    Location:
    Melbourne
    How do you find renting your properties to family? Much trouble or smooth sailing?
     
  4. Teddy

    Teddy Active Member

    Joined:
    19th Jun, 2015
    Posts:
    37
    Location:
    Sydney

    I'm here because I don't know what I don't know and I need to learn, so yes to all of it, investing skills/planning, the whole lot
    Whenever I've decided to buy another place I just ring my broker and ask him to help make it happen, he did each time I asked. I make sure all the numbers stack up and it will pay for itself and it doesn't interfere too much with our current lifestyle.
    We started with nothing and 2 kids 14 years ago, dad lent us $7000 and that combined with the first home owners got us into our first house, capital growth and time did the rest. As I say, I got here through mostly good luck and following instincts, now I need to learn.
    Cheers
     
    Gockie likes this.
  5. Teddy

    Teddy Active Member

    Joined:
    19th Jun, 2015
    Posts:
    37
    Location:
    Sydney
    I make sure they understand their responsibilities not only to me but the rest of the family that also rents, they screw it up for everyone if they mess up.
    So far, no issues at all, 2 under market rent, 2 at market rent.
     
  6. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,391
    Location:
    Somewhere in the land of Oz
    good stuff well done. lots of reading ahead! lots of people here to help. perhaps check out the mindset stuff to get a feel for that. perhaps get some of the brokers here to cross check numbers, plenty of info on ss from brokers if your broker is following the same rokering techniques.
     
    Teddy likes this.
  7. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    2,976
    Location:
    Brisbane
    I reckon you could teach some of us a thing or two :)
     
    Simon Hampel likes this.
  8. Rixter

    Rixter Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    572
    Location:
    Portfolio Perth Brisbane Sydney Melbourne
    Congratulations and well done Teddy.

    You are living proof that you dont have to get it right you just have to get it going.

    I see so many people who procrastinate waiting for the perfect time or perfect this or that. Thing is there is no perfect time... the details can come later like you say your doing now.

    As nike says - Just do it! ......and you have.

    Well done.
     
    Teddy and The Silver Bear like this.
  9. Teddy

    Teddy Active Member

    Joined:
    19th Jun, 2015
    Posts:
    37
    Location:
    Sydney
    I feel like a celebrity just said hello to me
    I have taken your advice from another thread and looked up the head books, I think this is where I need to start. Not really looking forward to it as I don't like to explore my feelings or motivations, so it may either make me or break me.
     
  10. Rixter

    Rixter Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    572
    Location:
    Portfolio Perth Brisbane Sydney Melbourne
    LOL.celebrity I think not :eek:..tho maybe I should put in for appearance money ;)
    You will discover we all live on 3 plains of existence - spiritual, intellectual & physical.. And we move through the first 2 to manifest into the 3rd.. trouble is, majority of the population purely work to change the 3rd alone without realising its the first 2 that needs the work. Akin to trying to change the numbers on a scoreboard without changing the game play beforehand.
     
    Teddy likes this.