Easiest way to make $1,000,000 from property

the money helps xD

 

Money always helps, why do the deals if unsuccessful in monetary terms?
I know of one multi millionaire that continues to do what they love to do for the feeling of winning when money no longer becomes the main concern in their life.
There are different motivators in life why people choose to continue to work, for some it is the recognition, for some it is the feeling of winning like an addiction, some may do for their family who cannot do it themselves and others for benevolence for sharing and giving back to society.

 

I know a few who is afraid that they don't know what to do with their life after retiring and therefore continue to work.

 

First post. So I’ll add my million dollars worth.
Making your first million is simple.
Live as cheaply as you can. Ie at home as long as possible.
If you need a car buy the cheapest that your dignity allows.
Work as long and hard as you can saving as much as you can.
Cheapest phone and plan.
Only go out 2-3 times a year somewhere nice or expensive.
Stay away from drinking, dining out, drugs, fancy cars, gambling.
Watch your spending as income is nothing, if you can’t save a huge %
If you look around at the number of rich immigrants who came with nothing and made their fortune, you will see the plan in action.

 

Yep simple....invest $10m ....you should make your $1m in 1 to 2 years.....

 

this very much true.

my mom is very much in that box.

my father in law retired.. when back to work 15 months later...

still working..haha but he found golf last year.. i guess he going to retire again..

 

Disagree to a certain point
by all means dont live above or on your means but you do need to motivate yourself to make that million. If not you might get there eventually but at your own pace

 

Quick easy millions don't exist (well earning it)
Whatever you do, unless your lucky (cant always expect it to happen again - real estate booms, rezoning) or patient you would have to work hard for it.

But done right and using the right contacts it can become systematic (which will then make the work easy for you)

On another note since a bit of talks about US property
@MTR whats your views on hotels/motel investing in USA. can comment too much but noticed i was paying around $50+ a night in neighbourhoods where SFR properties were selling for 100k and they seemed to be fairly occupied (few of them were booked completely on weekdays)

 

No idea on hotels/motels if you are playing is US market and new.... stick to SFR lower risk

 

I think we need to educate ourselves first before motivation...motivate an idiot, and you will get a motivated idiot, so I think education is the key, as we can find ways to motivate and inspire ourselves and then of course action is required to produce some result!

 

Easy today……. Buy in rising markets…. Hold or make your 20-30% net and offload

Doing this now. Stock is very low and multiple offers within week of listing

 

In this boom in Sydney (since say 2014), I've seen a few properties bought for $2 million and sold for $3 million just 12 or 18 months later. No renovations. I've just shaken my head in wonder and thought that my friend, is how you make $1 million.

 

In most of these cases there is so much unseen context to the lead up. There is often a lot of effort already put in prior to gaining the 2 mil to then turn into 3 in a short period of time.

 

Wow, the market is going crazy! 1 million in 12 months?

 

That's true. I can see they're astute purchases. Plus the buyers are making the commitment, taking the risk and getting the timing right. Its not simple luck

 

Not surprising

i suspect similar has happened with shares????

 

What about just buying in the right area. I know someone who purchased in Syd inner city on the covid dip, just after covid was announced. Had no completion auctions were cancelled, today has made a cool $1M in 12 months

 

Definitely happens. But my point is we don't know what efforts they put in prior to that to be in a position to take advantage of the opportunity. How many people just wake up and say I've got a cool 1, 2, 300k deposit , let's go property shopping? I don't think it's many. Most people would have put a lot of effort in to be in the position to then take advantage of opportunities.


It's like when people say, "all you did was buy a house and it went up in value".

It's total BS. If that's ' all someone does', then many more people would be investing.

We both know for most people, there's a lot more that goes into it prior to buying the asset. Usually it's some combination of blood, sweat and tears.

 

But you need few million in first place to do it. As the saying goes the hardest to make is your first million?

 

‘this only applies if you earn enough to have a choice,

if u earn below a certain level, choice is not yours to make and you won’t have enough to save