Join Australia's most dynamic and respected property investment community

Help me out with some ideas...

Discussion in 'General Property Chat' started by spendless, 23rd Jul, 2015.

  1. spendless

    spendless New Member

    Joined:
    23rd Jul, 2015
    Posts:
    2
    Location:
    Australia
    hi all
    just want to get some ideas on what the people on the forum would do in this situation. Basically been made redundant recently and got a ok payout. So my current situation is No job, $100k in offset, 280k loan, 1 PPOR ($600k) and 1 Investment ($500k).

    Love the idea of property investing but not sure what i should do with my time now? doubt ill be able to get a loan for another property while unemployed? im pretty conservative and wish i had bought more...been through 2 booms and really came out of it with not much..

    My previous pay was around $75k so if i went back to work it probably be around that mark.

    Anyways throw out some ideas on what you would do in my situation and what you would do for the next few months.
    The easy way out is going back to work and invest once im settled but thought ive got a chance to do something now so thought id ask people smarter than me for some ideas on what opportunity i might be missing in this scenario :)
     
  2. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,852
    Location:
    Sydney
    [QUOTE="spendless, post: 26280, member: 2288"

    Welcome mate.


    Love the idea of property investing but not sure what i should do with my time now? doubt ill be able to get a loan for another property while unemployed?

    If you want to build a portfolio further, your #1 priority now is to get a job. No job hence no income, game over.

    im pretty conservative and wish i had bought more...been through 2 booms and really came out of it with not much..

    If you haven't already, best thing I can recommend is to read up and learn as much as you can about property investing. Books, magazines, forum posts etc. Increase your knowledge and skill level and it will have a direct impact on your wealth creation outcomes, imo.


    Anyways throw out some ideas on what you would do in my situation and what you would do for the next few months.
    1. Find a job.
    2. Learn as much as you can about property investing.


    The easy way out is going back to work and invest once im settled but thought ive got a chance to do something now so thought id ask people smarter than me for some ideas on what opportunity i might be missing in this scenario.

    You need a job. No income at all. Its game over.


    [/QUOTE]
     
  3. skater

    skater Capitalist Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,422
    Location:
    Sydney
    Number 1 priority is GET A JOB!

    It's great you've got access to $100k, but in the scheme of things, that isn't a lot, and you will chew through that rather fast. So......get a job and read, read, read this forum & Sommersoft, absorbing as much information as you can, in order to move ahead from here.
     
    MTR likes this.
  4. Befuddled

    Befuddled Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    251
    Location:
    Sydney
    Be mindful that banks may not be willing to start lending you more money for investments as soon as you acquire a job. They like to see you hold down the same job over a period of time. If your goal is to build up a substantial portfolio this may affect your choice of job. Now that might mean taking a permanent role instead of a 6month contractor role that pays a bit more...
     
  5. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    If for whatever reason you want a break or think it will take a while to get a job...
    Study? Travel? Both?
    There's a lot you can learn in 3 months. Online qualifications have come a long way too. Double Diploma in Vocational Education and Training AND Training Design and Development? Or Business and Management?
    Go to the beach and play guitar?
     
    clint05 likes this.
  6. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,242
    Location:
    NSW
    Get a job or start your own business. Either way you need to make some money so you can qualify to borrow for IPs.
     
    Be Developer likes this.
  7. HUGH72

    HUGH72 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,125
    Location:
    FNQ
    Get another job asap, everything else is secondary.
     
  8. Be Developer

    Be Developer Property Developer Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,085
    Location:
    Australia
    What others said,
    Plus

    Use the free time to upgrade your skills!
     
  9. sash

    sash Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    3,214
    Location:
    Sydney
    Nah.....be a bum...much more fun! :p
     
    Azazel and spendless like this.
  10. spendless

    spendless New Member

    Joined:
    23rd Jul, 2015
    Posts:
    2
    Location:
    Australia
    it sure is. Ive got that down pact at the moment

    but i guess its back to looking for a job now :)
     
    Azazel likes this.
  11. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane