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Where does the race end?

Discussion in 'Introductions' started by Lewis, 12th Jul, 2016.

  1. Lewis

    Lewis Member

    Joined:
    12th Jul, 2016
    Posts:
    11
    Location:
    Melbourne
    Yes, that's how we feel... We never thought we would be investing in property that soon. At least soon for us. We always had that mentality that debt is a bad thing, don't know why... weird :confused:..

    After buying our first home 3 years ago our only concern was to pay off our PPOR mortgage as quick as we could and then relax and get on with life. Finish the race as quick and smart as possible.

    What a waste of time, income and effort that would be... why not use that PPOR to our advantage? The race never ends! It just started!

    Anyway... here we are now... both wife and myself on our 35s... with considerable equity on our PPOR. About to set up our Loan Structure in order to purchase or first investment.

    There is lots to read, lots to learn. Scary but exciting at the same time!

    Grateful with all you guys for sharing your knowledge and tips.

    See you around! Lewis
     
    Last edited: 12th Jul, 2016
    Coota9, Perthguy, wombat777 and 3 others like this.
  2. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,596
    Location:
    Adelaide, SA
    That's awesome Lewis, onwards and upwards :)
     
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  3. Phar Lap

    Phar Lap Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    164
    Location:
    NSW
    Good job Lewis!

    May be scary at first but as time goes by, and you havent been jailed for buying an IP or 2 or 6, then you'll be an old hand at this game.

    Know your risks and mitigate them.
    Stick close to the good advice and real life experiences expressed on here and you cant go wrong.
    Easy as 123…

    Good luck, you wont need it!
     
    Lewis likes this.
  4. Perthguy

    Perthguy Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    4,791
    Location:
    Perth
    It's not uncommon to hold the view that debt is bad. People don't understand that there are different types of debt and you will work for some debt (like taking an unsecured personal loan to take a holiday) or debt can work for you (like buying a positively geared investment property). I was talking to one bloke who was absolutely against taking on any debt in any form. He didn't even have a credit card. However, he was passionate about investing in residential property and when I showed him how taking on debt could help him achieve his goals, he took the plunge and bought his first IP. He has not looked back since and no longer has an issue taking on productive debt.

    Good on you for setting yourselves up to take the first step. That's a great effort! :)
     
    Lewis likes this.