New & Lost. Aspiring Property Investor on a low income in need of guidance...

Discussion in 'Introductions' started by bread_boy, 20th Jul, 2015.

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  1. bread_boy

    bread_boy Well-Known Member

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    Didn't mean to offend anyone in this tax bracket (I'm part of it), but it was classed as 'lower income' by a property agent I was dealing with who was trying to push multiple NRAS properties onto me. Anyone had experience with NRAS?
     
  2. bread_boy

    bread_boy Well-Known Member

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    This is where I'm having trouble. 'I want to be rich' is not a goal. But does the goal need to have a number to it? Eg. 2-3 mil? Could you give me an example of your goal when you first started out?

    I would like to think I'm a calculated risk taker although I think if you gave me truth serum I would admit I'm risk averse :( This will always hinder my ability to capitalise on opportunities. Are there any techniques used by anyone that can overcome this initial fear?
     
  3. Hodor

    Hodor Well-Known Member

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    My first goal was get rich so I can retire and live well, or something like that. It in now in excel with an exact income, networth, and landmarks so I can track progress and know when I've achieved my goals. My spreadsheet includes details of expenses for the life we want to live. Work out how much cashflow you need and then work backwards.

    You are a bigger risk taker than the millions that do nothing. Of course doing nothing is the riskiest path of all. Taking calculated risks is better than been reckless imo so its good to have some balance in your strategy.
     
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  4. Sackie

    Sackie Well-Known Member

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    [QUOTE="Golden_Lio, post: 25168, member: 2215"This is where I'm having trouble. 'I want to be rich' is not a goal. But does the goal need to have a number to it? Eg. 2-3 mil? Could you give me an example of your goal when you first started out?

    Your goals don't have to be defined in numbers, you can define them anyway you wish but the more detail t he better. And write them down. An article in Forbes recently showed that from a test group, "the 3% who had written goals were earning, on average, ten times as much as the other 97% of the class combined" who hadn't written them down.

    Ok well an example of 1 of my goals when starting out was I wanted to achieve 1mil net worth in 3 years or less, made up of no more than 3 properties. Obviously your goals wont be exactly the same as mine, so just work out what it is you want and put a timeframe to it. Then work on strategy.

    I would like to think I'm a calculated risk taker although I think if you gave me truth serum I would admit I'm risk averse :( This will always hinder my ability to capitalise on opportunities. Are there any techniques used by anyone that can overcome this initial fear?[/QUOTE]

    Personally I have found one of the best ways to reduce fear of investing and to greatly reduce your risk is to actually become very knowledgeable in that field. In the beginning I would buy almost every book in the country on property investing that was on the shelves (not suggesting you do exactly that its just what I did). As your knowledge and understanding of strategy, risk mitigation, finance, how to build a team etc etc. as your understanding of those things increases, a lot of the unknowns become knowns and a lot of your fears will dissipate. Also mindset development in my opinion is really important. If you have time watch this clip.
     
    Last edited: 22nd Jul, 2015
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  5. Sackie

    Sackie Well-Known Member

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    Agree 100%.
     
  6. bread_boy

    bread_boy Well-Known Member

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    Hodor, if you wouldnt mind, could I trouble you for a blank copy of the spreadsheet you use?
     
  7. JZ93

    JZ93 Well-Known Member

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    Hi all, Would like to get peoples thoughts on growing a portfolio off a low (50k) income and how possible it is. Still living at home with minimal expenses and no credit card debt, soon to settle on a house in Woodridge with a 0.68 % yield.
    I'm confident I've got this under market value and with a reno I believe I'll be able to fund a similar second purchase in 6 months.
    But I feel as if my brokers are "going by the book" too much in a sense in telling me I can't with my income. Will I have to bite the bullet and get a new job or second job, or are they simply not investor savvy
    Thoughts
     
  8. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    Hi @Golden_Lio

    The margin loan worries me. If it were me I'd be getting rid of that for sure.
     
  9. ross100

    ross100 Well-Known Member

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    +1 JacM, looking at ASX it would be going down to 4000
     
  10. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    It can't hurt to get a second opinion. If they're not used to investors they may not be including the rental income for the new property?
     
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