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- Qlds007 wrote:
Personally i have my portfolio structured that i can live of the rents for the rest of my live and have no need to ever draw on the equity. With a LVR now at 13% over 30+ properties i expect to have the entire debt paid off in 18 months.
Congrats Richard on this remarkable achievement!!! I would love to be in this position before i hit 50y old.
This is a very interesting toptic.
I have been pondering this myself for a while. HOW MUCH DO I NEED TO LIVE??
From month to month, day to day?? all expenses need to be covered, like car payments, maintaining a household, having one to two children, maybe take a holiday every year etc. How much does one resonably need?? In my mind, i am thinking of a round figure of about $8000 ( im not greedy) thats for me, my wife, and any kids that come our way in the next few years ( i am 29 in July).
I have a long way to retirement, but was hoping in the next 5-7 years, if i can achieve this $8000 a month, i will be financially free.At the moment, i am using rental income to achieve this. I will strive to buy as many positive cashflow properties as i can. (I can but i havent worked out how many i need. Eg if one property cashflows $8000 per year. i will need to find 12 of them to support my ambition.)
I hope this makes sense to someone,
Great piece of advice JacM.
I will tell a little story of my last purchase.
It was a unit, listing for 258k, and i wanted to offer, 240k, the agent said " no no, that is far too low and he has already refused offers under 250k" So, silly me, i wanted the unit bad and when the agent told me that she had pple comming to put their offers the next day, I swallowed that hook line n sinker. The thing is, 3 weeks later, after i have done the building report and the strata report, and my head had cooled down, Bank valuation came in at 230k, I was so shocked, and i told my solicitor taht i would recin the contract, (i wasnt going to pay 20k more for the place). I was hard and tough, I was going to throw away the money that i have spent on the checks done. But to my supprise, the vendor did come back to me, at 238k as a final offer, My solicitor and i looked at each other, and I decided to go ahead with the purchase. Happy Ending i got a further 12k discount and good monthly cashflow.Moral of the story- be patient and cool headed when buying investment property.
Im sorry to be a nark, but did he say when?? it was supposed to be the begining or end of Dec, now its nearly Feb.
Yeah it should be fun, the planning, and the completed product. but not while i do it, i anticipate alot of headaches and supprises while im in the process.
Maybe i can post before and after photos?? is there a function where i can do that, i dont see any photos on this forum!?Yeah, thats for another IP i have. What im trying to do, is squeeze as much money out of my properties as possible. What can i change to increase the rental return?? they have been CF neg, what can i do to turn them into CF Pos???
The renos im doing on my other two are for maintenance reasons, the bathroom is just too too old, and needs fixing too often, i thought that i might just rip it all out and put a new one in. Depreciation is claimed over 5 years or so right??Anyway, back to this one, I have found a country town, where serviced apartments rent for btw 450-900 pweek (2-3-4bed room, fully furnished and serviced once a week) , there are alot of interstate miners, their companies rent accommodation for the, for periods of 6weeks to 6months. It looks like a good investment, I am going to visit it in a few weeks to check it out. I was hoping to do the same with my unit in Maroochydore, But i havent found any companies that do that up there. I need to learn more about this before i go ahead i know.
My Goodness, all these wealthy people not spending their cash!!
It sorta makes me feel guilty about buying a new car back in May 09, 50% rebate encouraged me to upgrade. Toytoa camry, touring, cost me 30k.Yes, a car's purpose is to get from point A to point B, and yes, the money is better spent on investing and apreciating assets like property and shares etc. But i believe this is why i have embarked on this journey in the first place. I Invest to create wealth, i want wealth to enjoy the better things in life. and one day…. in the not too distant future…… when my IPs will pay for BMW, i will have one of those.
Im not too sure with Greys online, ive never used it before.
What do i search for, how do i bid, is there a buy it now function like ebay??Honestly i have never used greys before, and i will be in Brisbane Southside area
So so cleaver.
Ohh Wow.
So they dont ask you for any papers, or application forms or security?? Just send them $6000 and in 3-5 days time, they send you $300k??? Wow, it seems…. well too good to be true
This is a great thread topic W4Life.
I started investing in property back in 2002 and by 2004 i had 4!! Since then i have sorta taken a back seat approach, did nothing for 5 years. But now, i am in the game again, just settled my Unilodge investment in sydney, 2010 is going to be big this year. I aim to accumulate up to 5 more properties, Being very inspired by Steves book and the 250k Club, I am roaring into 2010 and beyond.
Could Be, or maybe, in 10 years time, all the money that Hammertime invested is returned, bringing the cost down to nothing!!!
Note to Self: Must work out how many years it will take to recover all money invested in Unilodge. Will post later
Thanks D
I checked out Grays, but didnt find what i was looking for, but what it did lead me to, was Ebay, and then to Trading post. where i found a discount trader of this sorta thing in brisbane, so thanks alot. i now need to borrow a ute, I have checked out all of the rental companies, and the cheapest i have found is about $50 a Day.
Hammertime wrote:Hey guys,It's positively geared and will pay itself off in around 10 years, for 30% down.
Hi Hammertime
I sorta dont understand this, you say that it would pay for it self in 10 years, but when i do the simple calculations, 511*52 by 10 years, is only $265 720, wont recover the 280k that you have paid. NOT even taking into account all of the expenses associated with holding the property, Am i missing something, What do you mean pay for it self.
I have a mixture. Combination fry noodles for me!!!
I have for units n houses in Brisbane, and one unit in Marchoochydore. Now I am looking at places in Sydney, unilodge is student, I want a few in west Sydney, looking at rural and looking at NZ soon. And maybe if I can het my head around all the hoops they want me to jump thru, USA investing.
Hi,
Just reviving an old thread.
Are there any more opportunities like this?? i understand this thread is 6 months old, I wonder if its too late to get onto this bandwagon now. I have been told to have a look at this area, because although it is not the best suburbs in sydney, it should do well in the next 5-10 year time frame.
What i am looking for is maybe a small housing commission house, with some land, maybe 600-700sqs. I wonder if i can get it for around the 250k price range. and make it a positive CF by doing some cosmetic reno work.
Just a thought, and would love any input anyone might have.U are right. There is suppose to be a dedicated area for us to log into and share ideas and have like an exclusive group. What is happening?? and who can we contact in this regard.
I want some of the templates in the book and they were suppose to be available to us after we registered our book. i cant even register.
This is what Steve has emailed me on 7 dec 09
$250k Prize
In order to qualify for the two free tickets to the 3 day retreat in
August 2011, you'll need to have made $250,000+ in profit by 30th June
2011. The profit can be realised (i.e. cash) or unrealised (i.e.
equity).The critical point is that the profit needs to relate to:
a) Deal(s) bought after 1st November 2009, or
b) For property already owned, the majority of the work that gives
rise to the profit must be done after 1st November 2009.If you have any questions about whether a deal you have on the go
qualifies then please email me.How you calculate the profit will need to be submitted for review, and
to make it official we'll ask you to sign a statutory declaration
confirming your estimate of the profit.I guess the best way to do this is to get any existing properties valued now and then after 18month, or June 2011. That way you can measure how much the value has gone up in that time. I am going to be doing major renovations on my property next month ( for the purpose of rentability not soley for 250k) and will be doing the same thing, to see how much exactly i will gain.
keiko wrote:TCL, if your on about 65% LVR with 5 properties you should be able to have a car or 2 and go on holidays every year unless your properties are at the lower end of the scale.
I am semi retired and I am only 29 am at about 62% LVR sounds similer to you also have no kids but am married, But I do have several cars and always take holidays normaly at the least 2 a year.
Its good to see theres a few younger people popping up on here that are also buying
My properties are worth btw 250-450k. Not too low nothing too high. I am trying to get the rent up on all of these properties.
There is a difference in my mind btw retiring and being financially free. I want to have the choice to go to work. I want the bennefit of going to work becos I like the activity not becos i need the paycheck. That would be a great feeling. Just think of it. Nothing would be able to upset u. Nothing. Not the difficult customer, not the supplier, not the boss. No body. And to prove it. At the end of the week, give the money to charity!!!Try that!!!
Hi 5s to Daniel and Young Investor.
I also relatively young, 28, and have 5 properties. at the moment, im on about 65% LVR. ( married no kids yet. planning to soon)
My goal is to be financially free by 35, not retire, but work when i feel like it, choose when to work and when to have a break. my way of thinking is, If i could generate an income of about 6-8000 a month, Passive, after all of my loans and property expenses were paid. I could take it easy, and choose to work or not. that would take care of the bills, a car or two, and maybe a holiday once a year.But yeah, definately, 37% is way too conservative to make big gains.
