Is it too late.....

Hi all,

Very new here, First post.

I'm very new to property, want to get into the market, but waiting for the bubble to burst. I am 43 and would like to get at least 4 properties for my kids as step up later in life. I have $550K equity and have about the same amount outstanding on mortgage. Also, looking to live a life with my kids. Am I starting too late?
Thanks

 

Short answer: No, not too late!

 

@buckleysg
Short answer no as its never too late when it comes to property investment.

I was 42 when I brought my first IP,make sure you educate yourself on property investing and take the time to have a detailed plan of what you want your outcome to be

 

Hi Buckleys

Off course it's not too late.
The only thing I can see that you are doing wrong is making the assumption that your age is a restriction.

The worst thing you can do is nothing.

Go for it - you have the rest of your life ahead of you to gain knowledge and grow. 43 is a great age because you have a more mature outlook on life

X

 

Not starting too late but you might have missed the cycle in Sydney, Melbourne and Perth. But this could be a good thing! It will give you a chance to understand more about strategies, types of properties and type of income you can generate from property. Try to educate yourself before jumping in. If there is something you don't understand, please ask a lot of questions. We love questions!

Something I would like to raise in your post is you are waiting for the bubble to burst before investing. What if there is no bubble and it is just a normal property cycle?

 

You've got Buckley's if you don't act!

 

Hiya

Think of it this way - you're going to be 48 in 5 yrs regardless of whether you do or don't. Would you rather be a 48 year old with assets or a 48 year old with regrets?

you could get a few places over the next 5 yrs with your currently available equity.

 

It's not too late. If you want to succeed in property, education is key when you are starting off. Read as much as you can. Learn as much about property investing as you can. Use different sources so you can have an unbiased representation. Very important - have a strategy. Determine what you want to achieve then work out HOW you get there. Remember - property is merely a vehicle to get you where you want to go. @Rixter copyright.

 

Keep paying down your debt on your home and when you think the bubble has popped start buying.

 

Good way to end up with 0 assets

 

He/she owes 550k in debt on there own home.
I'm sure He/she has super,
He/she is waiting for the bubble to pop,
Why would you invest in an asset if you believe it's going to pop?

 

No, I'd fix my beliefs

 

After all the learning, take calculated risks and plan for exit strategy. Don't speculate.

 

Never too late. I know people in retirement who have begun property investing.

 

Lol, you can't fix your beliefs if that's what you believe.

 

I like that one.

 

Thank you all for the encouragement. I just want to be in control of my financial future.
I see education is key. I guess another dumb question. Where do I start in terms of looking?
I am able to work out the basic financial calcuations and I am not a big risk taker. I am more of a tortoise than the hare, slow as she goes.

Where do i start? Obviosuly here is a good start. There is so much out there?

 

Spend hours reading here! Go back to Somersoft and tag the interviews.
Then keep reading more!
Go to the meetups, start talking to broker/se who tickles your fancy
Then go to the casino... Much quicker!

 

Last point is pure wisdom