Dear All,
Let assume that suddenly you lose everything that you has at the moment (including all your investment property, your belongings and everthings else…), How would you start your investing journey all over again?
Put this scenario into your situation now. Which meant you either:
1. Has all the knowledges about property investing eg. Steve McKnight or
2. You are just a newbieYour responded and ideas will be appreciated in advance.
Kind regards
Chan Dollars
[Retire Young, Retire Rich] [strum]Good question.
I would do the following;
1. Buy a PPOR or rent if I could not afford a PPOR.
2. Save and pay as much off ppor as possible
3. Save – knowing that there will be some good opportunities out there in 2-4 yrs when all those that bought properties in the last 2 yrs get disenchanted with no growth after buying properties expecting to get the same growth we have had the last 3-5 yrs.Buy heaps of lotto tickets. if to no avail then rob a bank………LOL[party][whistle][satan].
Personally I would let the dust settle for about 6-12 months, then work out where the market was at and work out a strategy from there.
Regards Bear
POSITVE CASHFLOW properties and Joint Ventures available!
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DONT MISS OUT!!!!!I don’t have much to lose but as bear1964 signature talking about JV. go for JV no need to wait for months for savings.
[cap]Cheers
[
]
PropertyGuRu
[sultan]If I had nothing left, I’d ring my friends if I could borrow some clothes, then look for a job (one that hires dressed people). THen save, buy PPOR, then use equity to buy IP.
For me I will do the following:
1. Try to get a job, that’s because I lose as well
2. Rent because I don’t have any money to buy PPOR
3. Save as much as possible.
4. Look for opportunity ie. look for +ve cash flow property and work out who can be my guarantor so I can borrow 100% of purchase cost as well as fees and charges.
5. Look for a Join Venture Partner where I am the one looking for quality investment property and put the deal on the table where as my partner provide equity
6. Continue saving until I got enough to buy my IP using the saving as a deposit!Kind regards
Chan Dollars
[Retire Young, Retire Rich] [strum]Well if u went bust first thing u gotta do is learn from your mistakes.I would gain as much knowledge of the market u r intending to invest in.Read books , talk to others as we do here.Then take affirmative action.My plan is first get the wife a job so she can apply for loan.Then while she is working I can source good property and do reno,s as I,m good builder.Then sell reno to achieve more capital .Then buy another reno plus a b+h.And work from there.Must be in warm area on coast.Have to take time out to go fishing etc.And remember lots of people retire to warm coastal areas so u have a ready made market for selling your reno,s.Don,t forget wheelchair access .And shower rails lol.have a property like that for sale right now actually.U can PM for details.
So many +CF properties out there.Let me help you and achieve a win win situation.Russ.
Live at a mates, get some crap job to pay for rent and food, hunt like there is no tomorrow and do a flip to get me back into the swing of things.
Easy as when you you have done it before, you can do it again, but even quicker.
Kev
Oh, you poor creatures, having lost all your stuff- coincidentally, I just found lots of IP’s and some jobs and clothes- they fell off the back of a truck- wondering what to do with these lime green pumps- they yours, Cel??
Chan, if I lost all my stuff, and it can happen- has happened to many people before, can happen again… then I’d probably just change my life. Sometimes it’s a good wake-up call, and makes you reassess.
kay henry
Agreed….been there, lost everything, so did my family through the war, house was bombed, but like they did, like I did, you pick up the pieces and start again.
You do what you need to do to survive
You learn to manage
you learn to keep going
you learn to appreciate some of the simple things
you are usually more ‘hungry’ (after the emotional feelings subside)
sometimes you become more motivated
sometimes, some give in.elves
Initially it would be hard to understand and it would take a little while for the idea that everything I have is gone for good. But eventually I would get back up on my feet.
1) Find out where i made the mistake and learn how i can avoid making the same mistake again.
2) Obtain a job where i can earn money to clear my name of bad debt and begin to put money aside for investments
3) Find the deals and away I go…Isn’t it weird that everything you own can just disappear but your debt will stay and follow you everywhere till you pay it off, even if the whole city blows up, as long as the bank still stands they’ll be following you…forever…and ever…where ever you go, what ever you do, does that sound scary?
No Kay these green pumps are not mine, but you can have them, they match your head hehehe.
hehe Cel- that is VERY funny! I tend to forget how green I am :o)
Yeah, you’re right about the debt- it always gets to ya- particularly for small people, like us! (well, some of us).
Doesn’t seem to get to henry kaye or rene rivkin or alan bond though. Not fair [angry2] Although jail can’t be fun.
kay henry
Hi Chan,
would use the power of domino effect and with the knowledge that i have, organised partnership and joint ventures, to not only get back in the market, but also provide someone a win win situation.
and at the same time, would get on the backs of the insurance companies and start lodging claims…
Cheers,
sisOriginally posted by **PropertyGuRu**:I don’t have much to lose but as bear1964 signature talking about JV. go for JV no need to wait for months for savings.
agree…
… why save, when someone else can do all the leg work…
Cheers,
sisDear All,
Thank you for your contributions.
The reason that I put this up because when starting again you are just a newbie, but with knowledges in you. Moreover, you will weights out the situation why you lose everythings, so what to do from here to avoid of losing everythings again.
Like Lumwood wrote, learning from your mistake is the most important things.
As ideas keep coming througth, newbie can use it and apply as a starting point for there investing journey.
Good luck with your investing journey and hope all of us don’t lose anything and have to start over again.
Kind regards
Chan Dollars
[Retire Young, Retire Rich] [strum]As Celivia said, I would first find some clothes. [
]2. I would make sure that my puppy dog was ok – and the rest of the family’s puppies too, and make sure they had food.
3. I would find a place to ‘set up tent’ or a friend’s lounge/floor to crash on. Or maybe move rural to a ‘cheap’ house.
4. I would go and ask Macca’s for a job []
5. I would look for a joint venture partner, and buy some CF+ places – even if they were mining towns with short life spans. Money needed NOW!
6. I would then look at more JVs, but also leapfrog into the next house via renos, or CG etc.
7. Then I would buy a motorbike, and make a little ‘box’ that will sit in the back, that my puppy can sit in (saw one on tele tonight on the ‘stupidest drivers’ show, and travel with my puppy.Cheers
MelThanks Mel for your input. There were a lot of thought you been put in. You must love animals very much especially puppies coz even you got nothing you still think about your puppies first…lol
Kind regards
Chan Dollars
[Retire Young, Retire Rich] [strum]puppies?
come on Chan she wasnt really talking about the furry variety was she? did ya read the SMH par that talked about puppies?
she was really worries about the people who cant afford their own place…
*smiles* sorry I couldnt miss that one
The only thing constant is change
The only difference between a weed and a flower is a judgement
Originally posted by elves:puppies?
come on Chan she wasnt really talking about the furry variety was she? did ya read the SMH par that talked about puppies?
she was really worries about the people who cant afford their own place…
No, I did not read the SMH that talked about puppies. Mor details please…LoL
Kind regards
Chan Dollars
[Retire Young, Retire Rich] [strum]
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