Great to hear the success stories. I’m a real newbie…. whats PPOR / IP / IIP ?????
Thanks.
A.C.Thanks,
A.C.I started at 30 and retired at 39.
Came back at 43 and retired again at 48.
It does’t matter when you start, the hardest thing is starting.
When you do, you will love it, and you won’t beleive how easy it all is.You just have to have the guts to do it the first time.
I started investing at 19, when I got my first real job. I have 1 investment property in broken hill, and aroun 8k in shares. Only real diffuculties were the slowness in the bank of approving my loan and getting all the paperwork and stuff from them. I dont have any immediate plans for another, I am going to go live overseas for a few years, I think. My plans for the future are to…. I have no idea, i guess it depends on what i do with the rest of my life
censor me and bar your kids from the lessons I learned – makaveli
I`ll make him an offer he can`t refuse – Vito CorleoneOriginally posted by accigar:Great to hear the success stories. I’m a real newbie…. whats PPOR / IP / IIP ?????
Thanks.
A.C.Thanks,
A.C.
Hi A.CPPOR= Principal place of residence i.e your house
IP= Investment Property
As to IIP, unsure. Anyone else….
Also for your information, if you see +CF, this signifies positive cashflow and obviously -CF signifies negative cashflow (or negatively geared)Hope this helps, hang around and I’m sure you pick up things as you go.
Regards
MartyWhat a great thread! For a newbie like me, it’s inspirational to hear from people with so much experience.
Sooo, here’s my humble contribution:
At what age did you start investing in property?
21 (I’m now 24). I started my first job 3 months prior and saved 10k for a deposit for a $155k inner city, brand new, 1b/r unit. Happened to be CF +ve, just by fluke rather than intention. Also ended up with fantastic depreciation.What difficulties did you have in doing this?
None. Financing was easy thanks to my parents who went guarantor for me. Couldn’t have done it without them. Living at home has been the biggest blessing, it’s allowed me to continue saving for deposits.Was your first property an IP or PPOR?
This unit was my PPOR for a few months because I got the FHOG. Then I moved back home and made it an IP. I guess that if I had been married soon after, it would have continued being my PPOR. But I didn’t…How long did it take you to back up your first purchase with another?
I bought another brand new, inner city unit one year later for $220k. Rented at $300p/w, CF -ve. At the time, I was of the thinking that -ve gearing was the way to go to offset my increasing income…silly, silly me…How long did it take to acquire 10, 20, 30 or more properties?
I bought a 3 b/r townhouse a year after that (last year) in Brisbane for $239k. Again CF -ve. At the time I thought “I’m into this for CG. I don’t care about the yield. Besides, I want to negatively gear it….” Ahhhh, hindsight is so sweet…What are your plans for the future, ie. how many properties will get you to where you want to be financially?
Joining this forum of late and reading about CF +ve properties has really opened my eyes. I wouldn’t be able to sustain many more CF-ve properties the way I’m going. I’m intending on reading and learning more.I just sold my first IP (yes, the CF +ve one) for reasons other than financial. With the $100k cash in hand, I’m thinking about purchasing one, maybe two CF +ve IPs. Possibly NZ or WA? I’d like to continue buying at least one IP a year from then on. If I get married, move out of home, resign and become a baby machine, hopefully my husband would support me in coninuing to buy more IPs. At the moment, my future is a bit hazy.
Hope that’s worth something to someone.[nice]
At what age did you start investing in property?
29 (Now 35)What difficulties did you have in doing this?
Organising finance, showing a deposit and proving that you could service the loan.Was your first property an IP or PPOR?
PPOR in Padstow, Sydney 3b House. $285k (Valued $550k)How long did it take you to back up your first purchase with another?
1st IP 2 bed unit off the plan at Roselands for $286K (Valued $320k). -ve as most of Sydney.How long did it take to acquire 10, 20, 30 or more properties?
Only PPOR and 1st IP at the moment but starting to get with it.What are your plans for the future, ie. how many properties will get you to where you want to be financially?
Learning how to get the most out of property investment and to get enough income to retire or change professions into a full time investor.
ChrisAll post are IMHO.
At what age did you start investing in property?
First property (Brisbane townhouse bought for $170k, current value $260k – rent $255 pw) at age 20. Now 27.What difficulties did you have in doing this?
Not much. I had enough cash for a 10% deposit + costs, and I was employed at the time (bank lent me $150k on a $35k salary).Was your first property an IP or PPOR?
IP. I was living at home at the time.How long did it take you to back up your first purchase with another?
8 months. First IP settled Jan 2000. Second IP (2 bed unit in Brisbane, bought $162k, current value maybe $240k) settled Sep 2000. That was when I realised the banks are willing to lend gradually, since the bank would never have lent me $300k in one hit. Make me realise that I really CAN build a big portfolio even at lower income.How long did it take to acquire 10, 20, 30 or more properties?
Just settling on my 6th property. Missed out buying anything in 2001-2002 (kicking myself now) but picked up some ‘less hot’ (houses in Perth and the Gold Coast / Brisbane corridor) in 2003-2004.What are your plans for the future, ie. how many properties will get you to where you want to be financially?
The goal is $1m net after tax cashflow per year, so as many properties / shares etc as it takes to get there.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
