I've spent the last 2 days drinking cappucino and reading millions of threads on this site - fantastic, awesome, inspiring - Now what do I do with all this advice?
18 months ago I 'discovered' PI kind of accidentally, at a RM seminar, and saw some of the possibilities. BUT the path has not been too clear. (Where's that flashlight?).
OK, earlier this year I bought 2 properties which are both CF+ after tax. Damn - that's my first 2 mistakes right? Should be before tax. So they won't help me to resign my salaried job. But in any case, even if they are CF+ before tax, I'll need a truck load of properties before I can dump my job. So spending my time working means I need to get properties off finders - is that sensible?
Result may be a portfolio, but no skills developed on how to find my own properties.
Is it a fair call to say: right, if I am really serious, spend my time learning the skills on one good deal at a time, do it all myself, repeat it, repeat again, then dump the job when I know I can rely on the new skills?
One problem is that my salary requires I pay 39% tax, and the thought of claiming this tax back thru LAQC losses is pretty enticing, but I guess that requires that I always keep paying my PAYE. So I'm starting to think "FORGET the tax, it's irrelevant to my objective of dumping my job, in fact it is holding me back"
See it seems to me that buying a few props is OK for a retirement income, but 'buying cashflow properties until you are rich' may take forever, and will still leave me reliant on working in my old job for too many years to come.. It's not that I really need to "Get rich quick", but I want to know I can generate my own independent income asap...
Anyone wish to comment on that..?
Is it really true I should spend a few thou on a 3 day course with a company wanting to sell me props their finders have sourced? It's not that I want to be too cynical, but I want to cut to the chase, forget the ra-ra, and go and do it myself. My lawyer seems to know his job, my accountant is great, I have an great relationship with my bank, and a great mortgage broker, etc etc.
I guess the thing that I'm really missing right now is a good watertight plan. I have a fair idea where I want to be in a couple of years, and some ideas on how to get there, but each step I take seems to say -hey this is a great step. However, when I analyse it later I find that if I keep going in this direction I'll find a barrier. Now overcoming barriers is fine, but it would be smarter to avoid them in the first place. I really ought to spend more time PLANNING. Now there are some great mentoring programmes advertised, and they may be able to help with the mechanics of PI but does anyone have any first hand experience on really analysing where you want to go. It seems to me that the approach generally taken is "You can make loads of money from PI, its great fun so get into now, just do it and have a go." Well that's great and I guess that's what motivated me to get my first 2 properties, but it seems to me that PI can offer so much more.
Love to hear some feedback
Tim
18 months ago I 'discovered' PI kind of accidentally, at a RM seminar, and saw some of the possibilities. BUT the path has not been too clear. (Where's that flashlight?).
OK, earlier this year I bought 2 properties which are both CF+ after tax. Damn - that's my first 2 mistakes right? Should be before tax. So they won't help me to resign my salaried job. But in any case, even if they are CF+ before tax, I'll need a truck load of properties before I can dump my job. So spending my time working means I need to get properties off finders - is that sensible?
Result may be a portfolio, but no skills developed on how to find my own properties.
Is it a fair call to say: right, if I am really serious, spend my time learning the skills on one good deal at a time, do it all myself, repeat it, repeat again, then dump the job when I know I can rely on the new skills?
One problem is that my salary requires I pay 39% tax, and the thought of claiming this tax back thru LAQC losses is pretty enticing, but I guess that requires that I always keep paying my PAYE. So I'm starting to think "FORGET the tax, it's irrelevant to my objective of dumping my job, in fact it is holding me back"
See it seems to me that buying a few props is OK for a retirement income, but 'buying cashflow properties until you are rich' may take forever, and will still leave me reliant on working in my old job for too many years to come.. It's not that I really need to "Get rich quick", but I want to know I can generate my own independent income asap...
Anyone wish to comment on that..?
Is it really true I should spend a few thou on a 3 day course with a company wanting to sell me props their finders have sourced? It's not that I want to be too cynical, but I want to cut to the chase, forget the ra-ra, and go and do it myself. My lawyer seems to know his job, my accountant is great, I have an great relationship with my bank, and a great mortgage broker, etc etc.
I guess the thing that I'm really missing right now is a good watertight plan. I have a fair idea where I want to be in a couple of years, and some ideas on how to get there, but each step I take seems to say -hey this is a great step. However, when I analyse it later I find that if I keep going in this direction I'll find a barrier. Now overcoming barriers is fine, but it would be smarter to avoid them in the first place. I really ought to spend more time PLANNING. Now there are some great mentoring programmes advertised, and they may be able to help with the mechanics of PI but does anyone have any first hand experience on really analysing where you want to go. It seems to me that the approach generally taken is "You can make loads of money from PI, its great fun so get into now, just do it and have a go." Well that's great and I guess that's what motivated me to get my first 2 properties, but it seems to me that PI can offer so much more.
Love to hear some feedback
Tim
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