Please only answer this question if you have over 1 million in assets or more.
I would love to know what was your biggest and best seed (or tool) that you planted to get you where you are today?????
I really appreciate any feed back what so ever thank you in advance.Hi Kristine,
A steady job, or 2 or (even better) sometimes 3
Researching, whether it was reading, attending OFIs, talking lots to all sorts of people, asking heaps of questions, and generally trying to learn as much as I could.
Being patient; I am a “buy and hold” investor, preferring CG over “cashflow” (although this is necessary as well for survival).
Timing
Staying focussed, positive, but more importantly realistic
I’m sure there are others, but these are the first that spring to mind. Hope it helps.
Cheers,
Jo
P.S. Good point Derek, I removed my opening statement, as after re-reading, I felt it was “blowing the trumpet” and I don’t particularly think that is necessary, or enjoyable. Thanks for reminding me of the virtue of humility!!!
Hi Kristine,
Not sure which qualifying criteria you are using so you may have a few ‘gate crashers’ to your party.
Not saying I qualify but for me; my greatest asset is my mindset and knowledge (and that’s not a blow your own trumpet statement either) and the capacity to know what I want and what steps I needed to take to achieve my goals.
Other critical tools were/are the support of my wife, a PPOR that grew in value and the mental capacity to utilise the available equity in a carefully orchestrated manner.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Kristine,
definetly mindset, and psychology (alot of it), discipline, control and being accountable for all decision making… and something i always say…
“i dont make goals, i make deadlines” (that is something seriously i always say and stick too.)
and if i can complete a deal or make a deal happen, then the most other important question is, How Can I… (this changes the way i think, but puts me into the drive position, to make things happen)
Cheers,
sisThats excellent thanks heaps for eveyones feedback.
At the start did you concentrate on your PPOR or were you in debt up to your eye balls????
At what stage did you look into shares??
go ahead blow your own trumpet….you deserve too….you have come a long way….all of you do even if you are a bit unsure if you make the critiria…it sounds like being a millionaire is just around the corner…Good Luck….Go for gold
Hi Kristine
i suppose the biggest thing was taking the risk.
when i started investing in 1997 no one else was doing it and i wasn’t always positive it would work out, it just seemed to make sense that if i bought enough cash positive homes it would put a lot of money in my pocket.
For me i was “lucky” that the Market has risen so much. I should add that i wouldn’t be taking this same risk in 2004.In answer to the other questions
shares- i’ve been buying and selling shares for years but never prepared to leverage too high with shares as the risks associated with that practice.As far as PPOR- my networth would be double todays but i got distracted and renovated my own home in the late 1990’s, if i had of plowed that money into investments i’d be a lot further ahead. Sometimes you are better off financially renting. But hey i’m still married (if i didn’t put money into the PPOR i may not[biggrin]) and have 5 children so sometime a family home is important.
As far as debt goes yes i was always had large Debts (but manageable).
regards westanI live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi,
I would concur with Derek’s comments.
Also, we always invested automatically 10% of our gross income and we never touch it, we never take on personal debt and we add a further 10% of our gross income to the minimum payment on our home mortgage so that it will be gone soon.
I have had annual household/personal budgets since I was 20 (quite a while ago) so I have always saved and yet had everything I ever wanted ie cars, overseas holidays, shares, managed funds, super, clothes, etc. all paid for by cash and rabid shopper comparison. We even had Baby Budget 1 and Baby Budget 2 and strategies to handle the 1 income times.
Then over the last few years we’ve bought pos cashflow IP’s (well, one’s vacant at the moment).
It’s the mindset and the system/rules you adopt.
Cheers
Skippygirl
)Hi Kristine,
BE PROACTIVE!
DO WHAT YOU SAY YOU ARE GOING TO DO!
KNOW YOUR GOALS!
MEASURE YOUR PROGRESS!
THINK WITH YOUR HEAD NOT YOUR HEART!GET OUT THERE AND DO IT!
More than one, but all relevant.
To be honest, my best ‘tool’ has probably been luck, or perhaps trust in my instinct.
I’m yet to buy a dud property, but that day is surely coming. Like many of us, the market over the last few years has done much of the work for me.
Ironically, whenever I’ve thought too long and hard about a deal, I walk away from it (or it walks away from me) – it’s easy to find a reason to not do something.
Scott
HI Kristine, hope you are totally motivated by the gang in here, I always get a buzz from replies I read on how we all think positively and yet slightly different from each other.
My start was buying a dud of a negatively geared unit in a develpopement in Blacktown sydney. It was $172k off the plan and took 18 months to build, we got a tenant straight away and patted ourselves on the back. Then the body corp bills, cleaning bills, bigger mortgage than the rent could cover and general feel of the place was slipping inot the “oh oh.” area.
We stuck with this financial drain for 12 months, in this time the Government implemebted the 50%discount if you had held a property for >12 months rule for cap gains. We stuck it out, sold it at 14 months and cleared $60k profit. Awesome return but all by accident. This paid off the last of our PPOR home loan. The champaigne popped and we were in the clear.
Itchy feet and palms got us looking on the internet again for an investment property, this time one that wouldnt cost us our shirts to keep going. Wife found one in Regents Park for $95k and screamed at me to get in there and have a look. I asked ” what, no roof, termites, whats wrong with it?” We looked closer at the magic screen of life(internet property pages)and found it wasnt in Sydney at all, rather that then to us hidden and mysterious land of Qld, due to a misprint on the website. This was Dec 2001. I got the last Qantas flight on 18th dec with a seat and 2 nights accomodation in brizzy, Avis’ last commodore on the lot and raced to see this for a 6pm appointment with the agent. It was a dump with bad drainage, in need of a retaining wall$$$ and tenant wanted a big shed for his truck$$$. Needless to say I was less than confident about this little gem that looked so good in the piccies.
Out at the car I said no thanks and then asked the agent what we could see the next day as it was getting dark. He said “sorry” it was his last showing before holidays with the family leaving that night. He gave me the details of another agent in less ceubrious suburbs of Crestmead/Marsden/Kingston which were Qld’s Mount Druitt with all the pre conceived bad connotations. At 10 am the next morning, i met Peter Coleman. Then an agent for Raine and Horme Marsden. He turned up on a motor bike, took off his helmet to reveal a marajuana leaf earring and smiled with his gold capped teeth to give me quite a scary first impression.
He showerd me three houses that morning, the last(as usual) the one he was really trying to sell. I had a budget totalling $170k to spend and this house I negotiated for $84,500.00. The pest report(always get one no matter what)showed termites in a tree at the back of the house so we immediately needed a termite barrier which cost $1320.00. This we took straight off the purchase price which the vendor accepted grudgingly. So we had a house for $83,300 with a rent of then $145.00/wk.
We didnt sit on it long as we had funds in our itchy palms again. My wife and I with our infant daughter hopped on a flight in Jan and went back to see Peter who proved to be a relaxed, calm and thoroghly professional agent despite his appearance. He showed us some 2 bedroom townhouses. One listed for $47k which we negotiated and got for $40k wow!!! and while in his office he showed us one in the next block that needed a reno and was listed for $44k. I asked what he thought they would accept, Peter replied they had knocked back $38k 2 weeks earlier but the lady was willing to sell. Just as a test I said offer her $34k. He was frowning at me when he made that call but to both our surprise she accepted. So with a $6k reno of tiles throughout the ground floor, paint, back courtyard fence and some minor plumbing fixups, we got $100 rent and $110 rent respectively. So with legals etc the mortgage on all three of these was $171k with a return of $355/wk. This far outweighed the $172k/$220/wk for the blacktown unit and without the exhorbitant BC/rates and cost of the Sydney property. We were on our way. Mostly by mistakes on a webpage as we had never looked at Qld before, and now have 15 there, 3 in tassie and 2 in Perth. It is now Sept 2004 and we have moved into our dream house in Coffs Harbour NSW with water views from this desk I’m writing on. This was the worst financial decision for investing as you cannot claim a $500k mortgage on your PPOR. We are now selling some of our properties to kill most of this mortgage and will have a core 10 properties and this great house at the end of this financial year.
Where we go from here , no one knows but with what we both now know, the sky is the limit.
Kristine, hope I havent bored you too much but I earnestly wish you all the best with your investing and if I can help PM me from here and i’ll gladly chat with you.
DD [buz2]
Don’t sweat the small stuff,and it’s all small stuff!!
Just DO IT, NOW
Positive thoughts and Positive actions gives
Positive resultsthat is fantastic tahnks heaps everyone very insperational….yes westan i can relate to the renovating thing…i am at that stage now i am so sick of living the way we do….it really depends on my mind set sometimes i thing stuff it lifes to short i want to do a small reno. in PPOR cause 2 years is to long to live with yukky stained carpets…no matter how much u clean the place looks dirty i also want to knock out 1 wall where the new floor has to go and i figure if i want new flooring i must knock wall out 1st instead of doing floor then wall if you know what i mean….but then when i have my smart head on i think i should save for another investment.
DD thanks for your long reply that was far from boring it was great so you felt the brizzy boom good on you well done
Investing 10% is a great idea you must have read Richest man in Babylon??
Just Do It Nike…ACTION ACTION AND MORE ACTION…mmmm sounds like i need to go buy another property tomorrow
Thanks heaps everyone very good info. keep it coming as thick as you like
You’re Best and Greatest Asset is always yourself!!!!!!!
I agree with all above recomendations
ALSO
PATIENCE
If you want to make a quick buck it will not
happen you will not be a true millionaire overnight(debt free)
It will take some years especially in
the current conditionsPerhaps one of the most beneficial pieces of advice was given to me as a child, by a well known business tycoon (and family friend) who said
“Wealth does not come from making a dollar, it comes from spending it wisely”!!!
God Bless Him; he was soooooo right!!! He taught me heaps!!!
Jo
Wow! This is a great thread to read.
Hopeful, keen and learningThink I qualify.
Bought, read, and applied:
“The Richest Man in Babylon” by George S Clason
“Think and Grow Rich” by Napoleon Hill
“Building Wealth Through Investment Property” by Jan SomersOh and I bought and sold property for a few years, then traded options and bought shares, then bought and held property, then delved into all manor of investments!
Hi Kristine
Very clever question, you’ve really tapped into everyone’s engine room.
For me, it was gaining knowledge and experience by books, jobs and hardship.
Identifying and building on strengths, we all have them.
The responsibility of raising a family (call that one burning the boats if you like)
There are joys too, this has gotta be the best fuel there is : about 4 years ago, my little girl said to me, “Daddy, I know you and Mummy really want to buy a motel to look after us ’cause we always go everywhere in the car every weekend looking at motels, and you keep saying we don’t have enough money and I want to help so here’s my money (she gives me a $20 note) I saved it from my pocket money, have we got enough now ? “
It’s framed, priceless, on display in our motel reception area, gets me right here in the engine room every time I look at it. Fuel that never runs out.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Crest, wait a few years and she’ll sting you for interest…God bless her !!
)
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