What gave u the Property Bug?

Discussion in 'Investor Psychology & Mindset' started by WestOz, 30th Jan, 2016.

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  1. MTR

    MTR Well-Known Member

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    Another one:)
     
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  2. bob shovel

    bob shovel Well-Known Member

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    I've read the form rules and personal attacks will be dealt with accordingly
    ...
    :D
     
  3. Rugrat

    Rugrat Well-Known Member

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    Our family was poor growing up. Like living in housing commission, getting secondhand items from st vinnies donated to us so that mum and dad could give us something for christmas, and being careful to ration out the food and still running short before payday, poor. Not through lack on my parents behalf, just circumstance. Six children to support and my parents would take any job they could find just to keep us fed.
    One of our family recreational pastimes was walking around the neighbourhoods and checking out all the houses and properties we would pass. We would daydream about which was our favourite or which ones we would buy if we had the money. And of course why. Amazing how what I would now consider pretty standard or even small seemed like a mansion back then. We would imagine what it would look like inside and how big the various rooms would be. And if we were lucky we would find an "Open House" and actually walk through.

    My parents did manage to improve their lot over time, getting degrees and trading one job for another, slowly working their way up the food chain. They saved every cent they could, even though it took them around 10years, to build up enough for a 10% deposit on their own home. I was 16years old buy then. We would still look at the other houses and daydream about owning them. Look at the sets of units and calculate how much rent they would bring in and how much the mortgage would be.

    Its funny how much you can impart to your kids about investing, even without having anything to invest yourself. We do the same with our kids now. Checking out open homes, discussing rents and mortgages and all of the rest. And even when they don't seem to be interested at all, the kids are still soaking it up. And when they go for walks with nanna to the park, they talk to her about the houses they pass and the renovations they would do and the people they would rent too. They are all still very altruistic at the moment, and want to rent to 'people who need help, who cannot afford their own houses: their criteria may change with age, but I hope that veiwpoint of being a landlord and property investor is someone who is nessicary to help others is a veiw that sticks around too.
     
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  4. Rugrat

    Rugrat Well-Known Member

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    Oh. An monopoly has forever been a family faviourite. And we have never had a christmas, even now, without at least one game that lasts for over 4hrs. ;)
     
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  5. Sackie

    Sackie Well-Known Member

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    What gave u the Property Bug?

    Initially, my parents. Since I was a young boy they were convinced of the benefits of real estate having bought and sold some making profits in a short time equalling like 2 years their friends salary (or something like that). The earliest I recall them talking property to me was my 11th birthday. I am forever grateful to my parents. No way i could ever repay them for everything they have given/taught me.
     
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  6. Gockie

    Gockie Life is good ☺️ Premium Member

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    Geez... so many parents here are not like mine.. my mum still just tells me to sell....
     
    Last edited: 31st Jan, 2016
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  7. Phantom

    Phantom Well-Known Member

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    Make it 3. :)
     
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  8. DaveM

    DaveM Well-Known Member

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    I have always had a sensible financial head on me from my upbringing and fiscal responsibility instilled by my parents.

    I started investing in 2001 and for me its all just been about generating wealth so I didnt have to work till i was 60-70. Thats all it is to me, property is a commodity item from that aspect.

    Investing has changed me and while I own a successful IT business, I have also become a licensed real estate agent and use my investment knowledge to help others achieve results as a buyers agent, at a price price point that is realistic and not a gouge of peoples hard earned cash.
     
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  9. Xenia

    Xenia Well-Known Member

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    me too..... 4.
     
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  10. Magnus

    Magnus Member

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    A key goal of mine is to achieve financial independence and have the ability to retire when I'd like (FI/RE as most would know it). Unfortunately far too many people reach retirement age with little to no wealth, and have to depend on government handouts - not where I'd like to end up!

    While financial independence is the end goal, to me it's also about the satisfaction of the journey and milestones along the way - to be able to reach the end and say to myself 'I built this!'.

    I believe property to be one of the best wealth building vehicles available, and hence take a keen interest in it. Knowledge is power, after all.

    Funnily enough my parents had no real interest in property investment apart from their PPOR and a holiday house, which wasn't really bought with any plan to make money from it. Ditto for my extended family.

    There was also games of Monopoly and The Game of Life here and there to inspire me of course!
     
  11. Coota9

    Coota9 Well-Known Member

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    I have been pretty much self suffient from the age of 15 when I moved out of home due to not getting along with my Step Father at the time(not an uncommon thing I suppose!!)

    I would say my upbringing was in the lower end of middle class as we lived in a caravan park and than upgraded to a commission house in a pretty rough area.

    Being a late comer to property was driven really by looking towards the horizon and seeing that I had given a stable platform for my kids to succeed and I wanted to start securing my financial future.

    Also I looked at people around me and realised that they hadn't done enough to secure their finicial independence and that really gave me a kick in the bum to do something.

    Whilst still a novice in property investing I just regret like most not starting earlier..
     
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  12. Jess Peletier

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

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    I don't know where I got into it, other than a real desire to make the most of my money. Definitely not family or friends, I don't know many people in my direct circles at all who even have one investment property.

    I was definitely brought up to understand the value of money, but more so to spend less than you earn, rather than investing in anything. I guess the spending less than you earn ends up meaning you have cash to do stuff with - I like to buy property. I love renovating, building, developing, designing...I actually just really enjoy the whole process. For me, it's almost as much a hobby/passion as much as a way to not rely on the pension when I'm old.
     
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  13. Sackie

    Sackie Well-Known Member

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    +1
     
  14. bob shovel

    bob shovel Well-Known Member

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    +2... Or is it 3??
     
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  15. wylie

    wylie Moderator Staff Member

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    My parents bought their first IP when I was 15. They bought a second one about a year later. When I was 17 they went for a ten week overseas holiday and my grandfather's house was sold for $29k a few months before they went. In the few months between selling it, travelling for ten weeks and returning, that house would have sold for about $45k. This was 1977. I think that was the "lightbulb" moment for me.

    I remember my mother panicking and phoning England (back then at great expense for an international call) to tell the people who they had stayed with and who were about to list their house and move to Australia to "stop everything". Mum had told them they could buy two houses for the value of their house, but that had changed drastically.

    The only other time I recall prices moving upwards so quickly was about 14 years ago (not quite sure of exactly what year) when people moved into our street to rent for six months whilst they looked for a new PPOR. They had renovated their PPOR and sold for a nice profit and wanted to do it again. They kept missing out on contracts; with multiple contracts going in for each one they liked.

    They extended their lease another six months, and possibly another six months after that. They said each month prices were rising $5k. I think the profit they made and all the hard work of the previous renovation was cancelled out by the rising prices. Instead of using that profit to renovate the next place, they needed it just to buy in.
     
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  16. Steve73

    Steve73 Member

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    Parents were my major influence when growing up. However, I really started on my own journey after read books like "The Richest man in Babylon" and "Rich Dad, Poor Dad". It was always with the idea of making enough money from investments to live a comfortable lifestyle.
     
  17. Sonamic

    Sonamic Well-Known Member

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    '03-'04? When sea change was the go, FHOG was in full swing. I was looking to buy my first home end of '03 and watched 140k beach houses that I had considered "too expensive" hit 300k in 6-8 months. Now they start at 600k.

    For me it was watching my mum and step father buy near the top and sell near the bottom and go from being 10k away from happily owning their home outright in their late 40's, to 300k in the hole mid 60's. I remember 1 House in particular during the buy a new one sell the old one overlap phase sit vacant for 18 months while on the market, and me begging them to rent it out to cover costs. That was a kinda light bulb moment. My dad and step mum paid off their house they've been in for 30+ years by the time my dad was late 50's. So I just do a combination of the opposite to what my parents do. :rolleyes: Buy many, rent them out, and hold. I've only ever sold my 1st house in my journey and I regret that to a degree, but it taught me a great lesson about spreading your asset base and having your fingers in many CG pies which has put me in a position to be able to help my parents when they admit defeat and need to downsize.
    Sorry for the overshare all.
     
  18. Tyler Durden

    Tyler Durden Well-Known Member

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    Necessity. As an 18 year old I watched median property prices in my small coastal town jump by 300k in almost as many years. I wanted to make sure I could come back (after work and travelling) to live where I wanted to live and not be forced into a housing estate 5km from the ocean.
     
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  19. WestOz

    WestOz Well-Known Member

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    Whilst I'm sure all around me were budgeting for upcoming bills, holidays, new cars etc etc, unfortunately I didn't receive this insight as a kid from them (being parents, rellos, neighbours, school etc).
    In the 70's I seen plenty of money being spent on fun & toys which is pretty much what I did with anything I made when I started making it, or using credit cards.

    What eventually taught me to budget was at times for various reasons I found myself on the dole, much less than a wage which I had to learn to stretch out otherwise I had no roof over my head etc.
    I learnt that even with a job earning much more than the dole I'd live like I was still on it, saving for uncertainties etc.

    I hope I'm doing a much better job educating my son, it should be better taught in school for those who lack it at home.
     
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  20. Tyler Durden

    Tyler Durden Well-Known Member

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    That's EXACTLY my experience, freaky as I hadn't even read your post when I replied to the thread!

    Makes sense now that we know we're neighbours, albeit at different ends of the Sunny Coast social chasm. :p:p
     
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