This is an interesting read, thought i would share. Seems like a very realistic view on property today! What are your thoughts?
A question I am sometimes asked is, how long does it take to get rich from property? The question may be a blunt one, but it is important to know the answer, why invest in a particular asset if after 5 years you have no gains to show for it. Well being rich can be defined as many things. Some people may think having 1 million dollars in the bank makes them ‘rich’ while others may think not having to continue a day job would make them ‘rich’.
Click the link to read the whole thing!
Do people want to be rich or wealthy? Chris Rock talks about being 'wealthy' – as opposed to rich – as being able to pass down wealth to future generations.
His quote: "Shaq is rich. The white man who signs his cheques is wealthy!".
does not the word rich refer to the amount of wealth a person has? that is the more a person is wealthy, the richer he is.
rich is just a crude work to mean wealthy
Yeah they mean basically the same thing. I just wanted to use that Chris Rock quote.
The author is in a very enviable position: only 28 years old and needing to work only 2 days a week. Most people at his age need to work 40-hour weeks and still have difficulty buying a house.
The biggest lesson that I seem to glean from his article is this: when investing, start young, start early, and let time work its magic.
The second biggest lesson is the concept of delayed gratification: not buying the stuff you want right now but pooling that money towards a venture that will secure much greater riches in the future.
I think property can make you rich in a short space of time. It does require some creativity thinking, energy and a higher degree of risk. However, in my opinion, property should be looked at as a long term investment and I agree with fWord’s comments above – starting young and letting time work it’s magic should result in a comfortable financial future.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
You can become rich even earlier. The only thing you need is brains.
irina87 wrote:You can become rich even earlier. The only thing you need is brains.So that’s the secret…..
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
irina87 wrote:You can become rich even earlier. The only thing you need is brains.Man, I must be missing a brain (or two).
my definition of rich is different to the next person’s.
One of my friends bought a cashflow positive property in Sydney two years ago and it has doubled in value since. $1.5mil in CG. So it is still possible.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
If you are an average borrow and hold investor investing in property it will not make your rich in 5 years.
Terryw wrote:One of my friends bought a cashflow positive property in Sydney two years ago and it has doubled in value since. $1.5mil in CG. So it is still possible.Buying an out of favour asset can yield great dividends esp with a rezoning.
Scott No Mates wrote:my definition of rich is different to the next person’s.True wealth is appreciating what you have now
Without thinking too hard, I can tell you there are about fifty deals to make you rich … sitting there on the market right now. There is a property that just needs to be strata divided for resale and you'll reap 500k. There is a block of land close to a country town that is being sold as four dud units, but it sits on 2500sqm of land. There are many CF+ properties even now on the market, there are properties being sold as one thing that can be redeveloped into others. There is a whole wide world of potential out there just waiting for you to reach out and touch it. You have to look for it, you have to think outside the box, and you need to know how to market it. But its there, its possible and its within easy reach.
On the other hand .. if you are happy being throttled by a landlord, chased up by an agent .. have the banks on your back with your credit card payments, and in debt up to your eyeballs .. these opportunities may not be for you.
But it doesnt mean that they arent out there.
bardon wrote:True wealth is appreciating what you have nowPhilosophical, but true. I'm happy to admit being financially poor, but rich with all the love from my family.
Here is the next article from the same author.
I’m about to buy my first investment property – where do I start?
Making the transition from buying your first home to property investing is all about changing the way you think. You will need to start thinking like a true investor focused on the numbers rather than how a property feels to you. It’s now all about what your tennants want, not what you want.
Read the rest here: http://propertytoolbox.com.au/property-update/?p=446
Do you agree with his strategy for buying investment property?
The first article just sounds like marketing hype for his new business.
Yes it can. Both me and my brother started young with the help of partents for deposit and guarantor – and now we actively search for more IP….and just build build build! – allowing us to do what we enjoy- Property invesment/developments
End of the day-Money makes money.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
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