How hard was it for you..??

We need you really inspiring peeps to give a talk at a meetup... I've got a thought going here... I can get us free function room hire at the Ranch North Ryde...

 

Around 7 years after first property. And 8 years after first job.

Makes me realise the power of starting early and capital. Probably could've done it in 4 if even had a tad help from family or tad more starting capital. Time is friend

 

Funny you say that. When I started work I used to think it's quite easy just from getting a salary - thought I'll be paid big bucks. Then realised I hate working for people, especially people whose lives I didn't want to emulate. And a mil seemed more out of reach than what I thought. Even if you earned $200k a year or $300k a year, after tax and living expenses it's hardly enough to propel you to a mil without 10 years behind you.

If it wasn't for investing I probably wouldn't have made it to a mil even today unless I lived very sparingly.

 

mmmm ... I have a different story, I started investing at 41 had capital and gave away the day job at 47.

The younger you start the better, but it is never ever too late

 

Hi Marisa...
Are you coming to Sydney at any time soon?
Would love to see you here...

 

I certainly agree with you. Most of my equity gains have been results from property transactions, either buying and selling, or developing. I'm not really sure where all my 'salary' money had gone... :/

 

It was HARD, really HARD, but we had lots of hiccups/bad luck along the way, and a low income. The full story is over at SS for the early years. Once the ground work is done, it's just a case of playing the waiting game though, & this latest boom in Sydney is what we were waiting for. Heading into the boom, we had 9 Sydney IPs plus a PPOR, so we knew (from past experience) that we were going to do well.

 

@skater ahh.. i think 'doing well' is an understatement! you would of killed it!!!

So happy for you! well done with it!

I bet everytime you bought 1 of those 9 ips, there were others out there saying 'stay away from property'!

 

Haha, thankyou for the kind words.

Yes, the general population were staying away from property, but a lot of the forumites were more "Stay away from Western Sydney" which is where most of them are located.

 

If your peers and apprentice took your advice more serious
A modest 200-300k gain in each props for the past 3 years would take you $1.8-2.7m.. I see where you're coming from.

 

I think the most important thing is: just start.

 

Not all's as it seems. We were already over the $1m before the boom. There were two cheap units in the mix that only got $150k, and Campbelltown didn't rise as much as Western Sydney......but I can't complain about that.

 

Always wondered why didn't u jump in with your family's businesses from the start you would have been bascially halved the time to get there. Unlike many of us - the only option is to work or invest.

 

Starting of a $50k base 12 months ago I'm on track to hit the $1M mark in another 12 months give or take a few k....

After travelling and spending my money whilst watching and helping others make $M's in property for years I finally got off my arse sold my PPOR (which I bought at top of Melbourne market and over capitalised a renovation and basically came out with the $50k of capital I started with) and put my money to work.

Here's hoping for a bumper 2016 and a $1m party. That will include locked in equity as well as LOC/cash.

 

Spent about 3 years working as an engineer to realize it was not for me. Made a risky move giving up a career to start a business.
First property purchases was commercial worth about $170,000, paid down deposit of $10,000, about a week later being offered $50,000 to just to let it go. Being a newbie, took the offer, 2-3 years later, I found out it rented for $40,000/annum. Since then, I never sell whatever we have.
Been buying on average one property per year, just enjoying the rent.

 

fantastic

 

Mine was relatively easy.

Started off with decent cash.

Went on a shopping spree

Whilst sweat blood and tears with renos and bad luck

Land of opportunities!

 

We spent five years working remote to maximise income. Lived quite cheaply and paid down alot of debt. It wasn't that hard, the lifestyle and adventure was amazing. Being able to pay down so much debt has provided us with a comfortable income and a strong foundation for our portfolio, so I can carry on growing it without too much risk.

 

Can you please give a bit more detail around what you've been buying?

 

I work in the Development Industry have just completed a subdivision where I settled on completion of development leaving me 2 lots unencumbered to build IP in Pakenham. Am about to commence construction on a 4 unit subdivision in Pakenham. Am flicking 4 lots OTP in Packenham. Will be building 2 houses in Cranbourne last half of year to rent to once I settle. All bought well.