chrism9645 replied to the topic The Million $ challenge? What are we doing wrong? in the forum Help Needed! 20 years, 7 months ago
OK – I think I am getting the idea. But it would seem that at the start, you need to really focus on very cheap properties with good rental return to start to build from.
That being the case, is anyone prepared to mention areas that can be looked at in the current market?
Does anyone know if there is still enough mine life left to think about…[Read more]
chrism9645 replied to the topic The Million $ challenge? What are we doing wrong? in the forum Help Needed! 20 years, 7 months ago
I agree, you can (and should) definitely use the equity as it increases, but remember we are talking about 12 months! I guess I struggle to see how this much capital can be raised in such a short time unless you are well prepared for it.
The only way I can see that this kind of acquisition can take place is if you have significant equity in your…[Read more]
chrism9645 replied to the topic The Million $ challenge? What are we doing wrong? in the forum Help Needed! 20 years, 7 months ago
I am actually talking about managing $1M worth of property, not actually making $1M in a year. If we were able to take on a portfolio of that size, our 10 yr timeframe would be about right. (assuming we could get to $2M of property in 2 yrs)
The question is, that $200K is bloody hard to get! If you have a home you can use – great, but a lot of…[Read more]