How hard was it for you..??

Jesus h christ. Can i be your next business partner

 

Nothing wrong with that, but there is a balance.
As long as you realise and get it all moving as soon as possible.

 

Bold emphasis mine...................Kudos to your father. And, obviously you listened. On this theme, really any first world country gives opportunity. Unfortunately most young people are (being brought up to be) soft. Here is a great interview with Robert Herjavec.



For those pressed for time, start listening from 10 minutes 40 seconds onwards for about three minutes. It talks about his father losing his job and refusing to apply for unemployment benefits as he didn't wish to take anything from the country (Canada) that gave him opportunity when they moved there from the former Yugoslavia.

 

No regrets I have seen a lot of Europe and some of Asia. I certainly haven't lost the travel bug or the car bug just better at prioritising.

 

I'm similar, started with the PI a bit later, but don't regret the round the world trips at all.
Sold my car, but Japan in June

 

i still go Holliday every year just do it on credit card points now.

 

@Player thanks for the clip mate, it hit home. Great clip.

Your a bit of a mystery. .you appear and disappear with great posts every time.. .I have always enjoyed your posts and viewpoints. What's your story. ..are you a B and H investor. .or renovator. .development? Or more into a different asset class? Just interested to know what works for you mate.

Cheers.

 

Anyone want to mention a timeframe with regards to hitting $1M???

 

Roughly 27 months.

 

tell us more??? very short timeframe....

 

Bought really well prior to the boom in 2002. I was all in with units and a house in eastern suburbs. Buy the end of the boom the market did the rest. I was working very, very hard prior to that to be in a position to have invested. I was 'lucky' and it paid off.

Edit : just remembered also went in on a joint deal with my dad. .and I think it was for Melbourne. That place also did well.

So definetly lucky timing was involved. Today, I would be quite worried to just have that strategy, that's why I have evolved to an adding value approach long ago.

 

No mystery here Leo. I am a simple fella. I don't post anywhere near as frequently as I did on Somersoft; nor do I visit here as often. I read a bit but post less. Must be because I am accumulating birthdays and am becoming a little apathetic

Here's a little snippet of how I got started from an interview on Somersoft:

"How did you get involved in property?


Whilst I did have a small taste of investing in property from my parents and observing other friends and relatives, I always had a feeling that wealthy people acquired their wealth by investing in property or, at the very least, parked much of their wealth in it as an asset class.

I bought my first residential investment property at age 22 having just graduated from University and commenced working. Even though I had the intention of setting up a substantial property portfolio for my future, I deemed it necessary to reward my hard work (and play) at University and thus my aspirations at that time were to use my first year's earnings to acquire a Porsche 911, albeit second hand. Talk about Big Hat and No Cattle. My father had other ideas. Being an only child and wanting to provide me with a head start, my parents provided me with a deposit and, my father accompanied me to the bank to get a loan for a property quick smart. I listened and, have never looked back.

I purchased a property around the corner from where I lived with my parents at the time, a southern Melbourne suburb around 10 km from the city. I did (even from that early stage) have an idea that land rich was the way to go for me, where I could add value by future sub-division and/or development. This house was paid off in a little under two years.

There was another thing that my parents taught me and that was to live beneath your means. I have never done a formal budget as such on paper aside from filling out statements of position for lenders, however there was always one constantly going on inside my head. Still to this day, this is what works best for me. I truly believe people's greatest undoing is living beyond their means. Consumerism and instant gratification leads many people down the path of spending that which they don't have and, then some. The purveyor's of items of instant gratification, with 5 years interest free deals and a heavy reliance on credit card debt for depreciating items does not augur well in my opinion for a stable financial existence. In the US we are constantly told of folks that are spending 125 % of what they earn. I dare say those figures would be equally as applicable here in Australia. Whilst I doubt my dear late father had read The Richest Man in Babylon, he had his own way of telling stories and using analogies and metaphors from those around us who had achieved wealth or were well on their way."

Full interview is here:

The Player Interview - Somersoft Property Investment Forums

Warning, it isn't short. Also it was from about seven years ago. Much can change in that tie, including investment goals and the need for starting to swap growth assets for those churning out more income.

What has changed for me since 2009 is some harvesting of three in Melbourne in 2014 and a desire now to move away from too many doors and look at other investments such as re-entering the stock market (in a significant way) when I feel the time is right and also starting a portfolio of start up investments via angel/seed funding. I also have some unlisted investments of commercial property in stand alone unit trusts that have been very good for income with considerable tax deferred component.

I still have enough property interest in three states however my growth story investments now will be the start up ventures I enter. It's money I could afford to lose however I find the due diligence interesting and the story and intent behind the one's that tick the boxes and resonate with me to be of service to many people. So tech and biotech is of particular interest to me. In terms of shares what we have left is some income producing LIC's and a couple of recent bank purchases, but the bulk of my share portfolio is risky tech and biotech. When the market stabilises I will restore our holding size to at least seven figures with a preference of dividend paying positions. I expect my interest in dealing with property managers and the headache of residential tenants and residential tenancy laws will wane as I gather more birthdays. I possibly see holiday letting of entire houses on stayz, or airbnb and similar to interest me more, where at least whilst I have expenses, the rents overall will be much higher and the residential properties will end up becoming commercial concerns. We have a couple on the water very close to the beach and shops and cafes that would be suited to this. Who knows. Just enjoy every day folks. We've had a few serious illnesses an deaths around us of people in their prime recently, where too much long term planning and deferring the "living component" to the journey sometimes doesn't work for everyone. Tomorrow isn't a promise for anyone, so live every day.

Time for an espresso

 

What a journey you've been on and an array of various investment vehicles you have been/are involved with. Thoroughly enjoyed your full interview too and we kinda had similar starts in many ways and with the whole dad influence... really hit home again. Your interview was super informative. I particularly liked this part of your strategy, "My recipe now is well located houses on development site sized/zoned dirt in an infill suburb that is at or below median for the capital city in question. That is, where they cannot manufacture anymore land". With regards to mindset, I really liked this quote from you "Much of the wealth creation process is all between the ears". Also from you, "Tomorrow isn't a promise for anyone, so live every day.". This is something I am working on and trying to improve on. I am much better now than I was 3 years ago though.
Great interview! Highly recommend newbies and not so newbies have a read.

Thanks again @Player. Your story is inspiring.

btw enjoyed the clip you posted so much, just bought his book:
Driven: How To Succeed In Business And In Life: Robert Herjavec: 9781554687091: Amazon.com: Books

 

Really, whilst still a teenager?

 

Started saving for 'investment' at 13 (earliest I can remember), bought my first place before 18, parents signed it. I knew where I wanted to go and never, ever wavered.

 

I started with a17k deposit 4 years ago and am now close to halfway. I would be further if I could get my wife to give me back the credit card

Given however that I will be maxed out my next venture is increase equity via Paying down debt and I am also about to begin drafting a subdivision/renovation proposal for a JV with friends.

 

Thanks so much Leo for prompting Player to post that interview.
Wow great wisdom. Would love to have a teacher/ mentor like that.
So many things rang bells for me. Unfortunately l am in the parked car with dogs everywhere.
I am overwhelmed with "messed up, missed out " syndrome.
I am busting my self in a dept reduction phase. Unfortunately time and timing has been my biggest failure. I never took the time to really really learn how to evaluate an investment, l was always afraid of missing out.
Time is so very very precious
Thanks again
Cheers

 

Assuming that you mean gains generated only from property right?

 

I think any asset class, property, business etc, money is money

 

I haven't made a million dollars from property yet, but I just realised the other day that my networth is finally above $1M, so I'm pretty happy with that.
While that wasn't the question, I can say that it wasn't all that hard in retrospect. It may have seemed hard at the time, but given how much of that money I've made from property and comparatively few hours I've worked for it, I would have to say that it was pretty easy.

Ensuring that I continuously take action has been the hardest part.