How hard was it for you..??

Discussion in 'Investor Stories & Showcase' started by MTR, 11th Jan, 2016.

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  1. MTR

    MTR Well-Known Member

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    Nice PC:)

    Can I add a couple....

    Don't ignore cycles (timing not time in the market) unless you have 20 years to spare, fast track wealth and with less risk.

    If you don't know what you are doing then follow those who have a track record of making money not necessarily gurus that are selling a concept that make money from their business not property.

    Marisa:)
     
  2. pommy

    pommy Well-Known Member

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    Sorry. Lucky Sydney gains cannot be included.;)
     
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  3. Biz

    Biz Well-Known Member

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    What was hard was hanging in there for the long flat periods. Was tempted to sell up when I bought the ppor, business went bad, was a bit depressed, got married, tenant wars, just wanted to splurge. Many times I wanted to sell but just hung in there like a bat hanging from the ceiling.

    It paid off.
     
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  4. alexm

    alexm Well-Known Member

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    Are you talking about your first million in cash (immediate liquidity) or first million in equity?
     
  5. Omnidragon

    Omnidragon Well-Known Member

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    Not particularly. Was probably through 50% very passive investing and 50% salary. Stock standard job.
     
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  6. Paterson00

    Paterson00 Well-Known Member

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    I'm on the way but similar to yourself. I have around $100k of equity in my IP which i can't access now after remortgaging to the max ltv. My ppor is at its ltv limit too but we've $80k of cash ready for the next step
     
  7. DaveM

    DaveM Well-Known Member

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    1. Buy houses in sydney before boom
    2. Do nothing
     
  8. mrdobalina

    mrdobalina Well-Known Member

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    The first mil was much quicker than we thought. The second surprisingly took a bit longer, due to the GFC. The next few required a bit more active involvement through active development rather than just buy and hold.
     
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  9. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Spot on :)
     
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  10. BigKahuna

    BigKahuna Well-Known Member

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    Bought a house for love, not investment. It's value grew $100,000 every year. By the third year we'd made it to the million mark. So luck had a lot to do with it.
     
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  11. Gockie

    Gockie Life is good ☺️ Premium Member

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    Yeah.... I have a townhouse in Sydney since 2010 and for a while it wasn't easy to see any gain in it. I was thinking sell on a few occasions, but never acted upon it. Thankfully. :)
    I've been loving this easy CG by doing nothing... I know the next few years won't be such an easy ride CG wise, but at least all the rents are up too... Can't complain. :)
     
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  12. JDP1

    JDP1 Well-Known Member

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    In another 5years, the same would be said about brisbane. the lucky ones are those who did the above in sydney and will cash in on similar, albeit a bit longer time frame, in Brisbane.
     
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  13. MTR

    MTR Well-Known Member

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    Where was this BK, am very jealous, good for you:)
     
  14. Dwalsh

    Dwalsh Well-Known Member

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    Well I'm only halfway there ATM, but it has been a pretty good journey so far. Only sacrifice Iv made is working night work/ weekends while I'm young and living in a granny flat. I consider these minor cuts to my lifestyle. But I think for the next few years it might be harder to make the rest of the million. i do have time on my side, but I'm pretty impatient also.
     
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  15. Sackie

    Sackie Well-Known Member

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    Wasn't really hard....or anything extraordinary..bought a couple of Ips... and after a few years the growth exceeded 1mil..thats it really. One day my partner rang me and said shes been looking at the numbers and we've just exceeded a million in growth. I was like ..oh ok...cool...so what movie you wanna see tonight?

    I always thought I would have this amazing feeling by the time we accomplished it..but just seems to kinda sneak up on you..same thing really when we realized it was multimillion net worth... 1 thing leads to another and one day..bang! your there.. to be honest kind of an anticlimax in some respects..

    But to answer the question of the thread, we didn't find it particularly hard.
     
    Last edited: 12th Jan, 2016
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  16. Paterson00

    Paterson00 Well-Known Member

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    That's a great anticlimax to experience.
     
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  17. Charlotte30

    Charlotte30 Well-Known Member

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    My story is similar except I was not affected by the GFC, had an earthquake instead. Adding properties to backyards has accelerated my equity. It wasn't particularly hard,
     
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  18. Bayview

    Bayview Well-Known Member

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    Same.

    Might I also add; we also got there by reducing debt where possible over the years, and reinvesting the tax returns back into the loans...

    This all culminated for us mid 2008 (then managed to lose about half of it over the next 6 years because of the workshop :eek:)

    The biggest change is mindset - realising the difference between wants and needs, good debt and bad debt, income producing assets versus doodads.
     
    Last edited: 12th Jan, 2016
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  19. Bayview

    Bayview Well-Known Member

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    We have had 5 PPoR's (so far) - all bought for love except one which was for the B&B (but we loved it as well).

    No conscious thought about market cycle, investment potential etc - just; love the house and the location. In hindsight it was probably very costly in terms of CG.

    Our recent purchase of next PPoR site (will require yet another build :eek::rolleyes::p) was a lot more carefully selected for position - a lot more for investment value for later on versus pure "I love it" factor (there was still that too though).
     
  20. Greyghost

    Greyghost Well-Known Member

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    Mate it's easy to blame others for your results. That is why you are here, to learn and grow as an investor!
    Knowledge is power. Your financial future is yours, listen to advice, but do so with a healthy amount of scepticism.
     
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