Starting out when you’re almost 50 and missed the boom

Agree that it’s never too late. Work out an achieveable goal and work backwards breaking down the steps to achieve it.

 

... potato salad likely contain egg?
Chicken and cauliflower rice then

 

Besides my first primary residence which I purchased at age 26. I started my property investment journey at age 41 and retired from day job at age 47.

Success has very little to do with age, but more to do with where you buy, what you buy and when you buy and you can also tweak it by becoming an active investor, rather than a passive investor




MTR

 

I never really had any desire to be an investor in my 20s, 30s, just something that did not interest me.

In my forties I read a book by Jan Somers and got the bug.

Also if you enjoy property investing you can continue to grow you income you don't have to stop investing, you have choices. Just saying....

 

By active investor, do you mean subdividing, developing etc?

 

Yes

Developing

Putting together DA and flipping, no build

buying in rising markets, volume, then selling some off, reducing debt etc

 

You're never too late to start, who knows where you'll end up. One things for sure though, If you DON'T START we can pretty much guarantee where you'll end up.

My suggestion.... you don't have any time up your sleeve to make mistakes so best bet is to pay for professional unbiased assistance. Educate yourself and learn and most of all make sure you don't procrastinate! Follow the advice of the professionals you employ.

Forget what the other 20 something muppets say, running a house hold with 2 kids is bloody expensive and I say you're doing well.

Oh...and put the idea of "one day maybe living in the property" out of your head, that's a sure fire way to stuff things up with emotion. Invest your money in something that makes the best financial sense, not a combination of reasons.

Best of Luck

 

as per your title, you missed the boom cycle.

What you actually missed since 2013 there have been not 1 but at least 3 boom cycles in 4 States,

Perth
Sydney
Melbourne
Tassie

My point is its not too late to jump into the next boom cycle, however if you would like to increase your profits, look at investing Australia wide and chase booming cycles.
Sometimes you can take profits from one booming cycle ie Melbourne and use profits to buy in another booming cycle.

Just imagine what can be achieved if you invest in 3 booming markets. Beats sitting and waiting for growth.

MTR

 

You make sound like you did it all on your own.

No mention of a husband who may have been working full time which also made it happen.

 

Yes a hubby with a multi million dollar business may help to amplify results but I don't think MTR ever tried to hide this.

 

Well there you go...

 

Nice advice....and for the record that quote was actually a quote bill Gates made.great quote and very true.

 

As many have said.you still have options.good luck with it all.

 

Very impressive.congratualtions.

 

Lots of luck came into play, I knew nothing when I started, asked lots of silly questions on McKnights forum.

Also I used lo docs/no docs product that propelled my ability to continue buying, no need to provide evidence on wages....oh yes the good old days.
What a huge advantage as long as you had equity there was no stopping, not like today

 

Yeah I understand times were different then and yes I think many people who I've know over the years that have become very successful have had luck on their way just like you mentioned but like they said to me and also just like you did.they put themselves out there in a position to capitalise on luck .It's all about the mind set I think.either way you achieved a hell of alot in a short time .It's great to see and awesome for others to see what can be done with the right attitude.well done.

 

@PurpleTurtle Just coming at your question from a different, more personal, angle. I'm also in my 40's, 2 children, and live in your neck of the woods. As a solo mum, I however earn a fraction of what you do. I rent a modest house next to my preferred top rating school and invest regionally. Where will your children be going to secondary school as I appreciate this would come into play when choosing a possible PPOR? Tightening your belt and downsizing can be a great lesson for your kids. My son understands that we live modestly for a reason and loves to chat about how much our tenant pays us each week and that we're saving up so we can buy another IP. He's 6 btw and I hope I'm raising a budding property investor, or at the very least a little boy who will understand the value of money.

 

We are in the Box Hill zone and most likely intend to stay here. We also benefit by being within an easy walk to the train and being a one car family. We are very comfortable with the idea of continuing to rent here and buying an IP in another area. That’s been our plan for a while. I’m just happy to consider other options if they make sense.

My kids are also quite excited by the idea that we could own a house that someone else will pay us to live in. Although I suspect it’s because they don;t yet understand that money will all go to the mortgage. I think they assume it just means more income.