All Topics / General Property / $1M Achieved

Viewing 20 posts - 1 through 20 (of 30 total)
  • Profile photo of redwingredwing
    Participant
    @redwing
    Join Date: 2003
    Post Count: 2,733

    Just a quick post to say we’ve hit the Magic Million in Property Assets according to the latest appraisals (just over in fact).

    This was one of our Goals for 2006 and we’ve already achieved it before the end of January.

    I realise its only the paper value and worth less if we actually sold everything, however, its an achieved goal and a psychological stepping stone for us; our LVR has dropped from 71% to about 64% and we are still looking at our options for 2006.

    Its nice to know that the properties values have gone up by about $95,000 (over double what our yearly income is from wages without overtime) anything else this year is a bonus..

    DSR is still a problem, however if i take a new job offer this should ease up also.

    Now to work on the other goals for 2006 and set the bar slightly higher for some goals (Dr X made me feel bad that I set the bar too low [biggrin])

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544

    Hi Redwing,

    Congratulations – they say the first mill is always the hardest and thereafter it will continue to leapfrog (or is that snowball).

    Is that $1m in equity or $1m in property?

    Now get out there and keep looking.

    Derek
    [email protected]
    http://www.pis.theinvestorsclub.com.au
    0409 882 958

    Profile photo of AmandaBSAmandaBS
    Participant
    @amandabs
    Join Date: 2005
    Post Count: 549

    Well done Redwing. We’re catching up too just need the bank to agree to lend us more money !!

    Amanda
    “It is better to be inconspicuously wealthy, than to be ostentatiously poor…”

    Profile photo of catacata
    Participant
    @cata
    Join Date: 2005
    Post Count: 559

    Congrats Redwing

    I didn’t think it would take you all year to do it.

    Now on to the next mill hay

    CATA
    Asset Protection Specialist
    [email protected]

    Profile photo of Don NicolussiDon Nicolussi
    Participant
    @don
    Join Date: 2005
    Post Count: 1,086

    Well done redwing! Almost time to start buying again in sydney they tell me ( looks right to the news bar).

    Regards,

    Don


    D&L Property Projects Ltd
    Sourcing Quality Investments in New Zealand.Email to receive current deals & New Zealand Information Sheet.
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    Don Nicolussi | Property Fan
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    Learning, having fun and doing it!

    Profile photo of hbhb
    Member
    @hb
    Join Date: 2005
    Post Count: 179

    well done redwing
    at this rate, by xmas you should have 12mil?

    and DLPP….how do you work out that its time to buy in NSW?
    after all, wasn’t it the PM who has decided “who will come into this country and get a pay rise?”
    No pay rise
    No afford house

    unless your a CEO ($65,000/wk) or a property investor (like redwing), the rest of us are only making (according to research) 50k a year

    where’s the money?
    do you something we don’t?????

    come on …..share it with the rest of us….there’s a money tree..isn’t there?

    Profile photo of TracyDTracyD
    Member
    @tracyd
    Join Date: 2005
    Post Count: 85

    Great work Redwing,
    good to hear of someone who has just made it as that is what i am striving for.. I have $850k in property (value) and am looking at buying next week…hopefully make the mill!
    I think it is psychologically significant for those of us who have started with nothing and remember trying to scrape together the initial deposit for a home loan all those years ago!!!
    Keep it up and I will be making a post when I reach your goal.
    :)

    TD

    Profile photo of the ownerthe owner
    Member
    @the-owner
    Join Date: 2005
    Post Count: 2

    wow that’s awesome, Congratulations Redwing!
    may i ask how long did it take for you to go from the first house to 1 Million?

    Profile photo of Colin GowanColin Gowan
    Participant
    @colin-gowan
    Join Date: 2005
    Post Count: 86

    Well done redwing however the adventure continues.
    What is your next goal?

    Those of us following your lead could do with some learned advice.
    What did you learn along the way that you can pass on?

    “Learn from the mistakes of others, you won’t live long enough to make them all yourself” Richard Denny.

    Email [email protected].
    Fax new number coming
    Mobile 0425201055.
    For all your CLEANING and GARDENING work.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Good stuff Redwing.

    If you are having serviceablity problems, RAMS have just released a 80% LVR No Doc.

    Terryw
    Discover Home Loans
    Parramatta
    [email protected]
    Sign up to my mailing list.
    Just send me a blank email, with “subscribe” in subject line.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of hbhb
    Member
    @hb
    Join Date: 2005
    Post Count: 179

    Now terry

    we’ll all being positive here

    lets not talk about that nasty word “serviceablity”

    Profile photo of MITMIT
    Participant
    @millionaire-in-training
    Join Date: 2004
    Post Count: 154

    Woo Hoo Redwing!!!!!!

    MIT | Owen Real Estate
    Email Me

    Profile photo of DazzlingDazzling
    Member
    @dazzling
    Join Date: 2005
    Post Count: 1,150

    Good onya Redwing….a proud achievement in anyone’s language.

    Profile photo of redwingredwing
    Participant
    @redwing
    Join Date: 2003
    Post Count: 2,733
    Originally posted by the owner:

    wow that’s awesome, Congratulations Redwing!
    may i ask how long did it take for you to go from the first house to 1 Million?

    Hmm..bought my first house ever in about 1990, there’s been ups and downs since then, about 5 yrs ago I earnt less than $20k for the year and found things pretty tight

    Worst thing i did was sell a duplex block in Broome for about $15k profit after costs (3 month turnaround between buy and sell) paid around the $40k’s for it..now worth “buku” dollars to quote Dazzling..

    Thanks to everyone here for thier advice over time..it’s all appreciated, especially some of the great PM’s..

    Colin..what did I learn along the way..”tons” of info..though my main thoughts are, “No” is not an answer just an opinion, learn from as many investors as you can (you can learn something new from someone at any level) and – its not what you earn, but what you do with what you earn..[inlove]

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of SweetSweet
    Member
    @sweet
    Join Date: 2006
    Post Count: 63

    Thats top stuff redwing, now set your bar even higher this year [biggrin]

    Profile photo of sbrodysbrody
    Member
    @sbrody
    Join Date: 2005
    Post Count: 8

    Well done and hats off. Great inspiration for all of us.

    Profile photo of benderfilebenderfile
    Participant
    @benderfile
    Join Date: 2005
    Post Count: 42

    just saw your post, good one.
    it is hard to do on smallish incomes but thankfully very possible.
    love hearing stuff like that

    cheerz[biggrin]

    Profile photo of mapleleafmapleleaf
    Member
    @mapleleaf
    Join Date: 2005
    Post Count: 51

    It is wonderful to hear a success story and of you meeting your goal early! My husband and I just did our goal setting and I can only hope to have the same success!

    Well done,

    Mapleleaf

    Achieve the Dream!

    Profile photo of redwingredwing
    Participant
    @redwing
    Join Date: 2003
    Post Count: 2,733

    Thanks everyone..

    Still doing the groundwork for my main goals for 2006, hopefully with help from some of the more experienced Forum Members who I’ve been in contact with I can achieve them..

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of redwingredwing
    Participant
    @redwing
    Join Date: 2003
    Post Count: 2,733

    *BUMP*

    Update regarding our situation

    Now sitting on $2.1M in Property Assets and we've leveraged into some Income Producing Managed Funds that provided an 18.5 % return last year (thre have been some great 50-60% Funds, but we consider ours slightly less risky).

    New QLD and WA IP's bought this year so far and drawing out more equity for a Safety Buffer and to look at new investments

    Thanks DrX and many other posters on the forum

    Regards

    Redwing

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