BennyModerator@bennyJoin Date: 2002Post Count: 1,376
Some sayings live with us all of our lives. We pick them up even from our earliest years, and they can have a profound effect on us.
What sayings do YOU recall that led you to investing in property? Who was it saying them – e.g. Mum, Dad, Uncle, friend, etc. And how much effect have they had over the years?
For me, my earliest recollections were of my Mum and Dad discussing how “If only we could have afforded an extra property back when…” as they noted how prices had doubled in about 10 years. After Dad died, my Mum bought a second-hand property for $3000 in about 1960 (new homes then were about $8000 and wages were about $30 a week). My young thoughts then were “When I grow up, I will buy a house, sell it in 10 years, and buy two!”
Then time passed – married, had our first child, and were looking at getting into our own home – as you do. Saving was proving hard, and time was passing. A friend named Frank made the important comment “Don’t worry about trying to buy a new place – first, get on the property train – you can always change carriages.” We stretched, bought a second-hand place on a low deposit via a Wrap, and within a few short years, its value had doubled. We had bought it for $17k, and sold it ten years later for $45k in 1983. We were “changing carriages”…. :p
Since then, several quotes re property investing have stayed with me –
“You can’t change direction in a parked car” – i.e. buy something half decent and learn from there….
“Property is very forgiving” – Jan Somers (goes quite well with the “parked car” one…)
“Buy problems, sell solutions” – Steve McKnight
“If you think education is expensive, try ignorance”
Please share those early important sayings or lessons that still sit with YOU today!
BennyTerrywParticipant@terrywJoin Date: 2001Post Count: 16,190Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338
I attended a seminar back in 2000 and the speaker said;
“Its a great time to buy property in Perth. Buy what you can afford. If its a bedsit, buy that, if its a 1 bedroom flat, buy that, if its a 2 bedder buy that, if a 3 x 1 buy that” and so on
The point was work out what you can afford and go and buy it!
What really got me interested is when I bought a PPOR house and land package and did as much work as I could on the house. We sold 2 years later and doubled our money and walked away with 250k.
Although we got lucky and timed a 2 year growth cycle it made me realise that you can really make a lot of money if you get it right. You can loose a lot if you get it wrong as well.
I can trace back from my current position today and give credit to that deal that allowed me to do what I do today.BennyModerator@bennyJoin Date: 2002Post Count: 1,376
Yeah I recall a similar phrase too….. That’s the end goal.
Wow, that is NICE !! Would have put quite a smile on your dial…. :p
BennyJason StaggersParticipant@jason_staggersJoin Date: 2006Post Count: 61Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338
Read a great one the other day and went something like this;
“Investing in property is correct finance structuring with a house in the middle”