How hard was it for you..??

Thanks...A real inspiration to many, young and old.

 

US is nuts at the moment, I think some investors have caught on.

We have been sourcing various trades and met up with some Melb developers buying up and developing in US, they see what we see...

We just flipped a block of land 30% profit in 1 month, lots of fun, just need to wipe out our competition somehow, I don't like guns....poor taste... I jest

 

It happen pretty well overnight (over 2yrs)
One moment I was paying 9pc pa GFC came along ...interest cost halved ...bingo ...was making over a million dollars a year
The second million is taking a bit longer as it is from rental increases and new purchases.
Of course if interest rates return to the 20pc as in the late 80''s I would be losing a million dollars a year :-(

 

Wow what an inspirational read. Well done to everyone..

We started in 2008 building a couple of houses on the Gold Coast and then sold to buy in Gladstone in 2010/2011. The rest most of you know.

Have sold one, other is on the market. We are back to the start and square one. We still have time, I'm 35, hubby 37.

I hope in time I can post back and say we have reached our first mill.

Ems

 

Just need to ensure you are adding to it - then multiply from there.
Continuing to double it from here, aint going to get you far.

From 27 to retirement at 47? cmon... youre well underselling yourself.
People mostly over estimate what they can achieve in 1year, and considerably underestimate what can be achieved in 10. Target retirement at 35... if you fail by 5years, youre still well ahead.

We hit the 'magic' million a year or two ago. And this was later than I had hoped or expected due to a long series of bad investments, and good investments which came good too late.
We are now moving into 'conservative' mode. Paying down debt, and working on building income.
Harder to do with a young family, and only 1 income (than it was with no kids and 2x incomes). So some lifestyle choices have had to be moderated.

All going to plan our fully owned PPOR in a couple of years. Topped with minimal debt and a steady income from investments. Both of us chosing to work (or not). Throw in a development every year or two, and life should be pretty comfortable. From hear we move from 'comfortable' and start to target 'luxury'. I want my big boat

I will miss my 'retire at 35' target - probably by 3-4 years, however, in reality, I could stop work today, and would probaly have 5-10years living costs covered, albiet it would be a 'moderate' lifestyle.

Blacky

 

How times have changed since starting this thread........$1,000,000 aint what it used to be.

and 50 is the new 40.

Mamma Mia..... Sydney median is now over $1M and Melbourne following.

 

Hi Blacky, not sure I understand.

1M, 2M, 4M, 8M, 16M, retire. Sounds good to me.

 

I was refering to the "starting with zero" peice. You can double zero, and still have zero. Hence why you need to add to the zero first then multilply.

It was my poor attempt at mathmatical humor.

Blacky

 

I don't remember my initial post

I'm hoping the first million was the hardest

 

There's a strong belief where I come from that whatever you give to help people comes back to you 10 fold. Have seen it played out in my own family and with me too. Lovely that you do this!

 

My family too strongly hold this view. My dad instilled in us from young that he knows many mega wealthy families and they all do massive charity work and if we want our businesses to be blessed , we too should sincerely and generously give charity which we've been doing since the beginning. Also nothing quite beats the feeling of helping others who are really in need.

 

Absolutely both my parents actually ask me when was the last time I shared my wealth with those who deserve it and I get a little lecture if I haven't done something worthwhile in a while I have found though that the more money I get I'm hogging it more.. I was more generous before.. And it's good I have my parents to keep me on track!

 

I understand.. when you have more...the percentage (potential) of what you have to give away gets larger too...so human nature and greed haha...I'm the same. Luckily my wife is my salvation.

 

Exactly! The percentage has me swayed!
That's a great partner to have! plus it's mind blowing when you see real examples of windfalls happening.. the 10 fold return that comes out of nowhere.. Mine is usually unexpected bonuses, and more recently, tax return and rises in equity!

 

Very sorry to hear that Marisa. She seems like she was a really great person. May her soul rest in peace. Reminds me of the feeling I always got About my grand parents, they felt like they were rich, and it was independent of any money they had or didn't. They just felt so satisfied and content. Money was not a big contributor to that inner contentment.

 

I will donate a cent to you ..at the next meeting ....for you to start doubling

 

hey @Beano would love to know what type of investments you are involved in to acheive $1m PA, i think i remember reading on here you are into commercial? $1m+ PA is also my goal, and plan to do it through commercial

 

For bang for bucks ...the industrial ..they had the highest net yields
But I don't push for yields now ...6.4pc is the most recent purchase ...that contribute's $.3m (20%) to the bottom line

 

thanks mate, am also planning to go industrial, did you start off in your earlier days with residential? or just straight into cheaper CIP and work up

 

Started in residential but the yields were too low..
Every property I purchased I went backwards on income ...my poor old salary could only afford three properties
Switched to commercial. ..every one I added increased my income
Yes started in lower priced CIP below $50k net income
Now in the medium CIP range over $1m net income
It will be a few more years before I get into the $2m net income property