Join Australia's most dynamic and respected property investment community

Is it too late.....

Discussion in 'General Property Chat' started by buckleysg, 8th Nov, 2015.

  1. buckleysg

    buckleysg Member

    Joined:
    8th Nov, 2015
    Posts:
    10
    Location:
    Melbourne
    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
     
  2. WattleIdo

    WattleIdo renovating Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,817
    Location:
    Central West NSW
    Short answer: No, not too late!
     
    legallyblonde likes this.
  3. Coota9

    Coota9 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    970
    Location:
    Melbourne
    @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
     
    pugstar205 likes this.
  4. Xenia

    Xenia Adelaide Property Manager Business Member

    Joined:
    21st Jun, 2015
    Posts:
    2,347
    Location:
    4/136 The Parade Norwood, South Australia
    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
     
  5. Perthguy

    Perthguy Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    4,707
    Location:
    Perth
    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?
     
    The Y-man and adrian_christian like this.
  6. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    902
    Location:
    Melbourne
    Welcome.

    It may not be too late to start, but what if it doesn't burst but deflates slowly?

    The Y-man
     
    legallyblonde likes this.
  7. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,382
    Location:
    Somewhere in the land of Oz
    You've got Buckley's if you don't act!
     
  8. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,584
    Location:
    Adelaide, SA
    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.
     
    krispy, Natedog, JohnPropChat and 2 others like this.
  9. York

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,621
    Location:
    Sydney
    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. :D
     
    Rixter, Sam Yue and samiam like this.
  10. Barny

    Barny Well-Known Member

    Joined:
    16th Oct, 2015
    Posts:
    1,180
    Location:
    Melbourne
    Keep paying down your debt on your home and when you think the bubble has popped start buying.
     
  11. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,584
    Location:
    Adelaide, SA
    Good way to end up with 0 assets
     
  12. Barny

    Barny Well-Known Member

    Joined:
    16th Oct, 2015
    Posts:
    1,180
    Location:
    Melbourne
    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?
     
  13. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,584
    Location:
    Adelaide, SA
    No, I'd fix my beliefs
     
  14. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,501
    Location:
    Sydney
    After all the learning, take calculated risks and plan for exit strategy. Don't speculate.
     
    samiam and Barny like this.
  15. JDP1

    JDP1 Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    2,839
    Location:
    Brisbane
    Never too late. I know people in retirement who have begun property investing.
     
  16. Barny

    Barny Well-Known Member

    Joined:
    16th Oct, 2015
    Posts:
    1,180
    Location:
    Melbourne
    Lol, you can't fix your beliefs if that's what you believe.
     
  17. buckleysg

    buckleysg Member

    Joined:
    8th Nov, 2015
    Posts:
    10
    Location:
    Melbourne
    :) I like that one.
     
  18. buckleysg

    buckleysg Member

    Joined:
    8th Nov, 2015
    Posts:
    10
    Location:
    Melbourne
    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?
     
    Xenia likes this.
  19. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,382
    Location:
    Somewhere in the land of Oz
    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!
     
    Investing101 and samiam like this.
  20. JDP1

    JDP1 Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    2,839
    Location:
    Brisbane
    Last point is pure wisdom :)
     
    Observer likes this.