What gave u the Property Bug?

Random Q on a rainy day over here (prob been discussed b4)

Was just considering how to encourage my son to invest for his future rather than wasting $'s on crap (not that there's anything wrong with that sometimes). Then considered what gave me the bug...

Whilst my M&D never invested in IP's I did experience them build/improve their PPOR.
Grew up in a new estate so witnessed others around doing the same.
When I moved out paying off someone else's property seemed crazy.

However what I reckon educated/drove me for IP's;
When I was ~8 my parents gave me a Flash Deluxe Monopoly game for my birthday, played it with my younger brothers regularly, min every school holidays, rainy weekends, challenge obviously buying/having the right property provided the most income, pay fines etc, ultimately have lots of $'s, win the game.

 

I caught the I - want - to - retire - already bug, which weakens your defense against other bugs like the Property Bug

 

For me, it was the realisation that property rises in value (generally). Having read Rich Dad, Poor Dad and understanding you want passive income (retire early and retire well off!!), and that property can deliver it, I learnt that you just need a big enough asset base.

Plus understanding that investing in property is relatively safe - you could get 80 or 90% loans so you have this massive leverage. You put in say 50k, you can buy a property worth many times that and you get the value of the full growth.

I stumbled onto the meetups run by Simon Hampel in around 2008 in Chatswood from the meetups website and got to hear stories by massively successful investors. My partner started buying Australian Property investor magazine too when we were looking to buy a PPOR.... he probably regrets it because I've become... well.... you can see how many posts i've made on this forum... anyway, back in 2008/9 I had just 1 IP and my home.

So at that point I started to really actively focus on property investment....

It hasn't been easy, and being knocked back for financing set me back, (I could have had much more in Sydney... Bad mortgage broker!!!) but anyway i'm enjoying this journey, and maybe this is a rare comment but since I started in property ownership just over 10 years ago, in this whole time i've managed to have bought no duds...

 

I'm a wog so I was born with it I guess?

 

I love the idea of growing things and that includes money My super will take a hammering with having kids and going part time. I love real estate so the inner gambler in me likes the odds of property investing as I'm no good with shares.

 

And prob like my friend wogs you and siblings invested together, something rarely seen in whities, could never convince my brothers to do it.

 

I watched other people investing trading up their house etc. Did not think I could do it because I wasn't a bloke or a tradie. An uncle offered to guide me through the process which was to owner build a new house. The rest is history.

 

Like to think I would have done it anyway but was more pointing out the childhood lessons/encouragement etc I got from Monopoly, something todays kids may miss out on due to killing each other on xbox, playstation etc.
Altho those playing roleplay like simcity etc would be learning

 

Try Robert Kiyosaki's Cashflow game too.

 

Watching the first season of the block in 2003. Seeing people add value using contemporary styling

 

Play CASHFLOW® Classic to Get Out of the Rat Race

no more pencil sharpening!

This game was a big influence in my investing life. It instilled in me the simple notion of 'get enough passive income to cover your expenses and you're out of the rat race'. Only just found it online. Last time I played it would of been 10 years ago.

 

I'm probably similar to you @WestOz, playing monopoly and helping tinker around the house with the folks as a kid. But once I started working I was encouraged to buy a house even though parents only ever had 1 ip which they bought at the peak, sold before next jump making no money. They did however make money on their ppor plus the new ppor increased significantly buying at the right time. Which I understood and didn't understand why they sold their ip as it would have gone up too!

I had an interest in building and houses are pretty simple so reno's made sense plus once I found the investing mags I taught myself. The numbers and general idea isn't rocker science... Buy, someone pays you rent, property increases in val, money in your pocket (super basic obviously )
One thing though I never spent heaps of "disposable income" on clothes and cars and crap... The "drink fund" copped a workout though! Still managed to have money aside I didn't know what to do with. Then eventually bought and now learning as much as I can!!

 

It dawned upon me that I can't physically work until 75 years old. So property is the next sensible way to build wealth. Also, I was a little bored. Now, PC is my number 1 forum...actually the only forum I participate in.

 

Yes I'm with you there, had a ball especially in the 80's, but when I think of the coin I spent partying (& damage) I'd be in a diff place now, altho the divorce would have had a sim impact so I'm glad I had fun.


An old PC game (free) great for little ones for economics (if you can participate with them, keep them interested) is "Lemonade Tycoon"
Basically start out with a lemonade stand out the front of M&D's house, built up cash flow, upgrade equipment/efficiency, pay rent at popular sites, hire staff etc etc.

I've added it to my dropbox if anyones interested, less than 4mb.
Dropbox - Lemonade Tycoon - PC Game.zip

 

Vaguely remember that game. Also the sims I used to get into, working, saving and building the empire!
Also there was an old game on the amiga, gold miner game and you had to dig for gold and buy new equipment, get bitten by snakes etc. Played those type games for many many hours!

 

I wish you would change your profile pic. It's so hard to take you seriously

 

I never followed property. Then one day I realized my house equity had made me more money over a 7year period than my personal income.
So I thought "I should own more of these and just work enough to get loans"

 

A 3 hour Henry Kaye sales pitch seminar.

 

My parents

 

My wife then girlfriend. I was more concerned about getting the career sorted out first.