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Hi again from Sydney

Discussion in 'Introductions' started by GreatPig, 17th Sep, 2015.

  1. GreatPig

    GreatPig Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    156
    Location:
    Sydney
    I used to frequent Somersoft around ten years ago for a few years, but other things got in the way and a lack of time saw me lose touch. I went to a few Sydney meets back then, with talks by Steve Navra, Peter Spann, and Kieran Trass (gosh, can any of those names still be mentioned here?), but couldn't really buy anything at the time, and wasn't interested in Navra's funds or Spann's magic moo cow. I see a lot of familiar names here, as well as many new ones.

    It was really the email about Somersoft ending and this place starting that got me back here, firstly to activate my username, and then to catch up on what's been happening. And there's so much reading to do! I'd forgotten what a goldmine this place is.

    I've only just seen this section, so here's a bit of an intro. My wife and I live in Lidcombe (Auburn council), where we own the home we bought in 1999. Currently it's the only property we own (unfortunately), but are now considering how to go forward with some property - both for a new PPOR (house, preferably not moving) and investment. The two main possibilities at the moment seem to be either a dual occupancy development where we are, or just a new house and an IP elsewhere.

    I work part time in software engineering, mostly testing these days, and would love to be able to reduce that to no time. I'm 56 and my wife is 61, so I'm not looking for a lot of negative gearing that will tie me to the job even more. And I don't know that I'm real keen on Navra's LOE ideas either, so am looking for something to provide reasonable income as well as some growth - but not by buying in tiny regional areas.

    Finally, to answer the question I often used to get asked: how did I come up with this username? Well, it started with a play on a favourite Pink Floyd tune, "That Great Gig In The Sky", but GreatPigInTheSky was too long to write all the time so I dropped the last part. I did like the image that suggested of pigs flying though, and my Chinese zodiac sign happens to be the pig as well.

    Anyway, hope to spend more time here catching up again!

    GP
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,598
    Location:
    Adelaide, SA
    Hiya
    I remember you, I was on SS from early 2003. You won't remember me as I was a noob then.

    Good luck with finding IP and / or new ppor :)
     
  3. GreatPig

    GreatPig Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    156
    Location:
    Sydney
    Thanks D.T. I'm still a noob in relation to property investment and development, but have picked up a lot from Somersoft in the past, and am getting more from this forum now, so will hopefully be able to put some theory in to practice before too long.

    GP
     
  4. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,842
    Location:
    Sydney
    HI @GreatPig,

    Read your story and I was contemplating whether to post a comment or not. Some people think me harsh etc anyway. I don't know your exact situation but I do know 1 thing. The time will never, ever be right mate. Never. If its taken you 10+ years and still no results, forget about reading the forum for more "goldmine" info. You have 10-12 years left of work (I'm assuming). This is like your last chance to get it right and build some wealth for a better retirement. I'm assuming you don't have other assets and cash flows etc.

    You need to take action. And take it asap. Learn what you need to do, make it a priority and then just do it! Don't let the next 10 years pass by my friend and be in the same position. NOW is the time to take action. The time to fiddle faddle is over.

    I sincerely wish you the best.
     
    Last edited: 17th Sep, 2015
  5. GreatPig

    GreatPig Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    156
    Location:
    Sydney
    Hi Leo, (haven't figured out how to do the @ thing yet)

    No problem, and thanks for your comments. We do have other funds, but they were tied up in a way that was difficult to use for property investment until just a few years ago, which was really why I dropped off the forum in the first place. However, I agree I should have gotten into something before now, but I guess Somersoft and property had fallen off the radar by then, and being busy with one thing or another, well... time passed, as it has a habit of doing while you're otherwise occupied.

    But the aim is certainly to get something happening now. Already working on both the IP and dual occupancy subdivision options (everything to do with building and development is new to me, and I have to say somewhat daunting), and will be talking to council shortly about what might and might not be allowed on our site for that. I've been through the council's DCP document, though have a number of questions for clarification, and have some sketches to get an idea of what we could do. Also been looking at costs, and trying to get an idea of final value, assuming the subdivision is allowed (it would be strata - the land isn't large enough for Torrens in this council area). Then will have to decide which is the best option, both financially and in terms of the type of place we want to live in. If we decide on the IP route, it would probably be in Brisbane, so don't want to leave it too long.

    GP
     
    Leo2413 likes this.
  6. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,842
    Location:
    Sydney
    Well done mate. Good on you. Yes it's daunting but so worth it. :)
     
    Last edited: 18th Sep, 2015