Hard work and determination pays off

I doubt there's much margin of error here, could easily end up bust as there's no income to pay off a downturn. But hey he didn't start with much, good on him having a crack.

 

Im thinking along the same lines. Most of the purchases may have been made pre APRA/ASIC when credit was easy to attain for multi property portfolios due to lenders taking other lenders debt at actual repayments. I had 9 on my panel now its 1.

The article does say he is on the hunt for another one so it must be the rental income that is facilitating further purchases.

Ps. I actually delivered pizzas in Scarborough (Perth) whilst also working full time for a while many moons ago to pay of some consumer debt. Really enjoyed it and would deliver in the same night to beach-side mansions and homes-west properties. Often got better tips form the lower socio economic part of town.

 

Hi Albanga happy to answer any of your questions not including my proposed 14th purchase.
LVR- 52% Very hard to get equity out when my Sydney properties went up with APRA and it's serviceability restrictions. Although I'm quite happy having a large buffer.
Total Debt- $1,406,000
Properties location- Kingswood x 2
St Marys x 3
Lavington/Albury x 6
Elizabeth East SA x 1
Elizabeth Downs SA x 1

 

Thanks for the kind words everyone. Some of the comments have been keeping me entertained

 

That's an amazing effort and very impressed with the portfolio's LVR! It's nearly retirement time

Sorry if my comments came off negative, that was not my intentions. I have just read far too many property "expert" articles with nothing more than a highly leveraged portfolio hanging on the thread of one vacancy or a rate rise of .50bps.

 

Well done and congratulations. I wish I had purchased my first IP in Sydney (was looking at some but decided against it in favour of another area)

 

@Tony Fleming, amazing result, well done.

 

Hey Tony, what was your favorite pizza?

 

Hi Tony,

Well done.

Whilst I don't want to pry or anything, checking out the pics in the article makes one wonder if you are a fan of the Don Meij story and/or also hold a bunch of stock in Domino's, and/or a franchise (in the interests of diversification)?

TV

 

Not limited to finance...

 

I guess he started with guarantors

 

Well, that is probably more to the point.

How does one get a job to earn extra money when all you want to do is eat all night long ?

 

Tony, thanks for sharing your story. What's your approach to gearing?

It sounds like all of these are cash flow positive. Is that correct? If so, how'd you achieve that?

What's the capital growth like?

 

Thats cos they cant work out the change!!!!!