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Are we really this rare?

Discussion in 'Investor Psychology' started by jaybean, 31st Jul, 2015.

  1. jaybean

    jaybean Well-Known Member

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    So I called Macbank to fix my rates. I have 7 loans there secured against three ordinary properties. He goes "I've been working here 10 months and I've never seen anyone with so many loans". I said yes but they are only secured against three properties, to which he replied "no this is still rare".

    10 months isn't a long time but surely he should have seen many more?

    Is it possible what we're doing here is really that rare?
     
  2. KDP

    KDP Well-Known Member

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    Yes. Refer to the thread about why people don't own more than 1 IP.
     
  3. sash

    sash Well-Known Member

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    Maybe investors are the new Elephant men/women....:p:D
     
  4. Biz

    Biz Well-Known Member

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    You hang around on this forum and you start to forget the vast majority of people, 95% perhaps just can't get their head around it. I know the odd baby boomer who has a few properties but for people under 40 it's rare, especially owning more than one or two IP's and aiming for say 10.
     
  5. C-mac

    C-mac Well-Known Member

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    Ive participated in so many of these threads about just how many, say, 5+ property holders there are who are under say 40.

    Always been curious to know. Does ABS census data record this stuff? If so, is it census year this year?

    I'd say 10+ property holders would be extremely rare (as in, less than what, say 5,000 individuals nationally?? )
     
    Last edited: 1st Aug, 2015
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  6. Redwing

    Redwing Well-Known Member

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    Are all of your loans with McBank, or you have others elsewhere?
     
  7. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    There's some old data available, and with some digging, more recent might be around.

    http://www.abs.gov.au/ausstats/ABS@...9352fb4d7f5cbd27ca2570ec007530a6!OpenDocument

    [​IMG]

    http://www.abs.gov.au/ausstats/abs@...mmary&prodno=8711.0&issue=Jun 1997&num=&view=

     
  8. chindonly

    chindonly Well-Known Member

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  9. Special order

    Special order Well-Known Member

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    Yes much wow
     
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  10. Special order

    Special order Well-Known Member

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    Much wow much good
     
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  11. HUGH72

    HUGH72 Well-Known Member

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    I don't know but according to 2011-212 ABS data 2.7million households who owned their own home outright had a net worth of $1,230,000 remember this was also a low point in many property markets around the country and well before Sydney boomed. Doesn't mean they own numerous properties but there are a lot of very wealthy people in this country.
     
  12. jaybean

    jaybean Well-Known Member

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    Na I'm with another 3 banks too, so 4 in total.
     
  13. jpcashflow

    jpcashflow Well-Known Member Business Member

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    Hey Jaybean,

    Well done thought what you have done. The same person who said "wow" probably has 5 credit cards and two personal loans lol.

    I think in Australia we are so blessed with opportunity.Last year when we paid off my first property on my 30th birthday the reaction i got was not funny.. So many people now days do not even achieve that.
     
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  14. D.T.

    D.T. Adelaide Property Manager Business Member

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    I dont think we're that rare.

    5 of my properties are in the same council. I rang up the council to change my postal address, said i had 5 with them and rattled off the addresses. They didnt seem to bat an eyelid.
     
  15. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    How would some of you go if you lost your job?
     
  16. Random Username

    Random Username Well-Known Member

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    What job?
     
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  17. Charlotte30

    Charlotte30 Well-Known Member

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    I think it is rare. I spoke to a property manager a few days ago who said that 95% of the properties she manages are owners who have only one property. A very small number own multiple properties. Those who do have a mix of self manage and property company managed. She also felt that multiple IP owners read the market better and react more quickly to dropping the rent than single IP owners.
     
  18. jins13

    jins13 Well-Known Member

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    Don't forget proper investors spend so many hours researching, attending home inspections, talking to the right people in the industry and generally just building on our knowledge base, so hence investors deserve the fruits of their labour!
     
  19. Tony Fleming

    Tony Fleming Well-Known Member Business Member

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    I'm in my mid twenties with 10 properties most people don't say anything or there first reaction is "Did I get an inheritance" :\
     
  20. devank

    devank Look, lets just get on with this, ok? Premium Member

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    Have enough buffer.
    Keep your skills updated.
    Have close to cash flow neutral or positive portfolio.
    Have appropriate level of insurances.
    Find a partner who earns more ;)
     
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