Hi, Travelbug here, transfering from Somersoft. In 2007 I had one negatively geared investment property with no equity but I had equity in my PPOR. Early 2008 I had just exchanged on a unit in Potts Point and in searching discovered Somersoft. A young guy named Nathan birch posted about a meetup so decided to go along. Well that was an eye opener. Here were a group of young people with no PPOR who were buying multiple properties. And they cost nothing to hold. REALLY!! How does that work? And why did it take until now for me to find out about this? I had just turned 50 and the prospect of retiring on the pension scared me. I assumed I’d work to 60 then go part time. So I set myself a goal for 2015. I’m a quick learner and was keen to get started. My hubby wasn’t interested but luckily he trusts me and just signed when I told him I’d bought another property. I knew I didn’t have time to wait around for property cycles to do their thing so decided to buy under market properties which Nathan helped acquire. I soon got my confidence and started sourcing my own properties. I wanted a way to fasttrack our equity and cashflow so decided to buy some run down properties to renovate. My hubby got interested then. He’s quite handy and together we did the reno’s, hiring only a few tradies (electrician, plumber, tiler). Our aim for each purchase was to do a complete renovation in 5 weeks to increase equity and for it to be cash flow neutral to positive from day one. So we did that a few times and we reached our goal. 2008-2011 was a whirlwind 4 years. But I loved every minute. Then the Sydney boom hit. Kappow! Bring on retirement! My hubby is now retired and I work part time. I travel 3-4 months a year (hence my name) and am loving my life. 18 months max will see me out and travelling the world. I am indebted to Somersoft and the wonderful people I have met along the way.
Hey Travelbug Was great to meet you & husb last time I was in Sydney. Look forward to hearing more of your stories
Well done Travelbug, age is only a barrier if you let it be. How did you juggle working full-time while doing the renos? Do you plan to live off your rents in retirement or sell off some properties?
We did a few part reno's and completely renovated 4 houses (carpet, paint, floors, new kitchen, new bathroom, removed a few walls). We love it. We were exhausted at the end of 5 weeks after not much sleep. from work to the house everynight for 5 hours. 14 hour days on the weekends. September off for 6 1/2 weeks to Dallas, New orleans, Bahamas cruise, carribean cruise, New york for a week and cruise from New York to Canada. Getting a bit addicted to cruising as it's so easy. We are just shy of having enough cashflow to retire without touching Super. Sold one unit in Meadowbank. Hope fully selling another soon (if the price is right). Holding everything else until the next boom..
Hi Travelbug, your story is great one and inspirational, thank you for sharing and helping newbies like me And thank you for books and magazines I've got from you, much appreciated!
Hi Travelbug, I've been trying to find an old Somerset post regarding a cruise that included Murano - I'm not sure if the suggestion came from you but this post came up in my google search. Have you done a cruise that included Murano? Thanks
