I dont now about 5 years but certainly over time.
I arrived in Australia from the UK 17 years ago and bought my first place in Albany Creek, Brisbane.
Now some years later i still own the first property and another 39 of them.
Helps that the Pound was strong when i arrived but with structure and careful planning it is certainly possible.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Mmmmmmm.
If we asked 50 different people, how many dollars would it take to make you rich, I wonder how many different answers we'd hear.Richard – 39!!! wow impressive.
Your tax return must be a headache- i would hate to be your accountant
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Hi Michael
Actually 40 but thankfully we employ 2 full time girls you do all of the property and Vendor Finance paperwork so keeps my Accountant happy
He is a forum member too so the odd referral here and there helps when it comes to negotiating the annual bill lol.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Qlds007 wrote:I dont now about 5 years but certainly over time.I arrived in Australia from the UK 17 years ago and bought my first place in Albany Creek, Brisbane.
Now some years later i still own the first property and another 39 of them.
Helps that the Pound was strong when i arrived but with structure and careful planning it is certainly possible.
Cheers
Yours in Finance
Geez, that's buying more than two properties per year. That's fantastic! I was aiming for one a year initially but struggled to even meet that target.
After you get your first 3 properties it’s much easier to buy the next 5,10…etc because of your total equity worth which gives you a leverage in term of buying power. Just have to make sure the right structure is used and you keep on changing to adopt to your changing financial situations.
It also helps to have a team of professional who can synchronize to your needs and they understand each another’s need as well ie your Accountant must agree to the strategy employed by your Mortgage broker or Financial Planner.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
fword i havent added to my portfolio for the last 5 years in Brisbane and mainly on focused on repaying debt.
Down to a 13% lvr now so should be totally unencumbered with 30 months.
To be honest i cheated a little as i have a inner city block of 18 units in line (14 x 2 and 4 x 1's) and another 6 x 2's.
If you want any more info read Oct 10 edition of API magazine.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
You were featured in API???
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Shape wrote:You were featured in API???
Regards
MichaelHaha, get on the API bandwagon Michael! I’ll be in the May edition (was in YIP last year). My numbers aren’t quite as impressive as Richard’s – but I haven’t had as much time
Check out the young guns section in May 2011 when it comes out.PS – ask Richard for a copy of the article, it’s very impressive.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Wow good work guys, it’s like taking forum help to the next level ahah
I normally buy YIP and Money, once in a while API…Richard or anybody else could you email/scan me that article? i be very interested- email to [email protected]I was going to jump onto the YIP bandwagon.. after i finish my mini development project im doing now ( block of 5 x1 unit in Glebe)
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
I must be missing something. I have flicked through the OCT API mag a few times looking for Richard's article, but I cannot find?
directions or page number please?Dont you need about 10 yrs to really make property investing work?
what do you mean by “really work”
Not to sure about the 10 years part???? if your taking about +VE (positive geared)- it depends on what you buy and where; all of my 5 IP are positive from day one. ( on a 80-90% LVR)
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Rich in five years? If what I read here is true more likely bankrupt in five years!
Link ….. Australia's Debt Driven Housing Bubble
"…..data clearly shows that there was unusual and disproportional increase of house prices relative to any other leading economic indicator. House price increase cannot be justified by wage growth, CPI, interest rate changes, wealth increase, spending habit changes or any other economic indicator but the debt growth. Using any definition of housing bubble available, it is very likely that Australia is in the middle of the debt driven housing bubble, where house prices increased at least 60% more than any other leading economic indicator….."
Don't say you weren't warned!
A rich person is a wealthy person? A person who enjoys his/her life even if he/she is poor is considered rich? All I know is that the rich are getting richer and the poor is getting poorer. If you have a property and you sell it 5 years from now then I think you will gain much much more from it.
StingrayBirke, sus out a person who's been investing in residential real estate for some time, & you'll hear the positives for yourself, straight from the horse's mouth.
Property investing is like anything else in life. If you pay attention, study the subject from books, seminars, & the experiences of others (including on sites like this), you'll see a completely different angle.
From my experience, the only people/media who knock property investing, are those who've never experienced it, or had no idea what they were doing when they did invest & so didn't do as well as they could've.cuteyoungchic wrote:StingrayBirke, sus out a person who's been investing in residential real estate for some time, & you'll hear the positives for yourself, straight from the horse's mouth.
Property investing is like anything else in life. If you pay attention, study the subject from books, seminars, & the experiences of others (including on sites like this), you'll see a completely different angle.
From my experience, the only people/media who knock property investing, are those who've never experienced it, or had no idea what they were doing when they did invest & so didn't do as well as they could've.Good post and I completely agree. That’s generally been my observation as well.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
From my experience this so called property bubble is spruiked by companies who want you to sell off property and blow all your money on expensive share trading programmes.Not that investing in shares isnt a bad return either (so you can make enough for the next property deposit) but there really isnt any justification for a crash when our banking system is so strong. and of course those who arent intelligent enough to invest wisely to buy more properties and create better lifestyle.
Can property make you rich in 5 years?
If i sold my first investment property for what i was offered last week i would have tripled my original deposit in the first 3 years.
If you love what you do and having fun, who cares! I have a renewed passion for property that's why I'm doing it. I know if I concentrate on the principles, the fundamentals, strategies, etc with risk management techniques chances are I'll get there.
Some of the millionaires interviewed in 'The Millionaire Next Door' mentioned that they love what they do and a big part of the reason why they're 'financially independent.' My 2 cents worth.
Jamie M wrote:Shape wrote:You were featured in API??? Regards MichaelHaha, get on the API bandwagon Michael! I'll be in the May edition (was in YIP last year). My numbers aren't quite as impressive as Richard's – but I haven't had as much time
Check out the young guns section in May 2011 when it comes out. PS – ask Richard for a copy of the article, it's very impressive. Cheers JamieRichard,
Would you be able to send me a copy of your article if you dont mind. My email address is [email protected].
I am just starting out with property investing and find other peoples stories and journeys very inspiring.
Have already read Jamie's…Thanks,
Nathan
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