Whats the best method to own 3 properties debt free ASAP , details below (long)

Huge,
Good for you. I like the way you are aiming for a real goal.
The number one thing to help you get to your goal is buying well, and then buying as often as you can.
You need to buy primarily for capital growth, but at todays interest rates every property you buy should be at least cashflow neutral, if not positively geared.
Your biggest challenge will getting access to debt, so work hard at keeping your taxable income as high as you can.

It may not be a good idea to pay the loans down but instead go IO and store the cash in the offsets. This can allow for quicker retirement.

And to get 3 fully paid off (or fully offset by cash) you might buy 6 and sell 3 as this may get you there quicker than working and paying down the loans. Capital gains are taxed at half the rate of wages and the tax can be minimised and maybe even eliminated with careful planning.

Retireyoungfree wrote:

@fxdaemonHi what does DRS mean ?

I mean Debt Servicing Ratio (DSR), ie how well you can service the debt payment, which hinges on your cash flow a lot.
Every lender has different calculator, so may be good to approach a reputable broker to assess your position to set expectation to
begin with and understand what product best suits you.

First thought is why put all your eggs in one basket and buy 3 in Brisbane. There’s been a lot of hype about Brisbane. Not saying it wasn’t/isn’t a good idea to buy there but with so many investors jumping in there could be a risk of softening rent and/or increased vacancies. Just sayin’ a couple of these issues will slow you down. Keep an open mind..

Hi RY&F,
Good on you for asking such a good question. As several have said, education is the key. See, whether you use a BA or not, a MB or not, buy in Bne, Syd, Mel, or country Aus (or not) are all just tiny parts of one huge subject.

I would love to know how to get them myself but I’m not too confident with that at this stage – I’ll get better in time.

One bloke I heard of asked a couple “If someone can take you through the A to Z of how to make $100k on one property purchase, what would you be prepared to pay them for that knowledge?” The husband of the couple said “Hmm, I dunno – maybe $20k!” The wife said “I’d be prepared to pay them $100k – because then I could go out and do it myself, over and over!”

What you choose for an answer is almost immaterial – but what the wife said held a nugget of gold.

so I wouldn’t wanna buy his program if I cant use the info.

Fair enough too. Nothing wrong with some healthy caution. The best way to get an idea of how this all works is to talk to others. On here, face-to-face at Investor meetings (usually monthly in major centres), reading the stories of “those who already succeeded at this”, learning from your “team” (your MB, your accountant, lawyer, RE agent, etc)

Read what others thought of the Apprentice program shoe-horned into a 5 Day Boot Camp – here:-
https://www.propertyinvesting.com/topic/5016755-the-verdict-on-steve-mcknights-5-day-bootcamp/

The networking was an oft-mentioned positive for attendees:-
“Leaders attract people who resonate with them. Steve is generous, courageous and authentic, so you get to spend five days with 70 other people who are also generous, courageous and authentic.”

And the revelations were manifold:-
“For years my wife begged me to meet Steve McKnight and be part of his training and Apprenticeship program. But I thought I knew it all. In fact, little did I know! If only I had listened to my wife, we would be Job free, Debt free, & Financially free today.”

RY&F – you are in the right place – make the best use you can of it. Your future self will thank you.

Benny

RYF email me and i will send you a copy of an API interview i did a few years back.

I retired in 2004 at 40 years of age owning 40 properties outright with a cash flow well in excess of $1M per annum and a net asset position of over $26M using a variety of different strategies.

Thankfully the properties in Brisbane have doubled and in some cases trebled so the asset value has increased considerably.

Nowadays we do a number of things but with the focus on building cash flow.

Even in a stagnant or declining property market you can always make money.

I have 3 adult children and they are learning the techniques to set themselves up nicely for the future without having to rely on mum and dads money.

Cheers

Yours in Finance

Hi Richard
Just emailed you asking for copy of your API interview too :-) hope you don’t mind.

Can’t wait to get it and learn!!!

Thanks
FXD

FXD received and emailed off.

Cheers

Yours in Finance

Hi Richard, @qlds007
Could you send me copy of your API interview too :-)
Just started looking for our 1st Investment property and dont know where to start.

Thanks,
Prab