How hard was it for you..??

Super hard at the time about 10 years ago, but well worth it.
Didn't do it via property but rather business.
Started a biz with 12k buy in stock probably took just over 2 years to make a mil.
Our business has grown quite well in the past decade, and the properties it has helped accumulate have only recently started making more gains on in an average year than our biz.

 

@Ace in the Hole you and me are such in a similar situation.

 

Seoul is looking lovely this morning

 

Our property journey began in earnest back in 2006. Please believe me we are far from perfect and there are a huge amount of folk who are many times wealthier than us but I wish to lay out our experience thus far. If it helps some folks who are just starting out on their journeys then well and good. These actions have worked for us and our income seems to be growing at an increasing pace with less effort these days.

From the beginning we had a strong desire to make a livelihood from property.
We were persistently determined to create significant wealth so we could self fund our retirement as well as contribute back to society in our chosen ways - by donations and volunteer service.
We have been increasing our donations to charity each year and currently donate around 10% of our income + at least a month per yr in volunteer work.
We educated ourselves and took action early and focused on a niche market which we have developed to this point in time.
We took calculated risks and we still do!
We have not significantly changed our simple lifestyle.
We have worked hard and honestly and try as much as possible living a moral life without harmful intent to anyone.
We are continually trying to better ourselves as human beings and do our best to eliminate negative mindsets such as blame, envy, ill will and conceit.
We have helped others carry out developments in our own area without concern about extra competition.
We feel ourselves to be among the fortunate few on this planet and have been grateful toward those who have helped us - including our family, friends, tradies, suppliers, council staff, etc (and of course you folk!)

Enough for now! Hope this helps. RS

 

Hi Rockstar

I followed your posts on SS, specifically your development projects for quite some time, great stuff

Thanks for sharing.

I wish you would post some of your recent deals here.

MTR

 

Reminds me of a quote:
"It's easier to hold your principles 100 percent of the time than it is to hold them 98 percent of the time." - Clayton Christensen, Harvard Business School.

 

How old was everyone when they made it to the million mark?

I'm 26 and purchased my first home around 18 months ago and now looking at purchasing a long time PPOR if we can get the right price or if we can't then looking at 2 IPs (1 to live in for a couple of years), which obviously won't be as nice lifestyle wise, but more than likely a better financial decision.
My biggest regret so far is I didn't start buying early enough!! Hindsight is the worst.

 

Thanks Marisa. I got inspired by my young mate Mr Player having a bit of a post. Started to write and surprised myself that I could still do it. It sounds like he can well afford to shout me an orange juice one day. What do you think mate!

But seriously, I haven't been idle and have built a few houses since SS closed. Currently beginning my first triplex construction which will tie me up on site until November. Also bought 2 more development sites late last yr and already planning a 2 lot torrens subdivision on one. DA to be lodged in the coming weeks.
I won't guarantee any great return to the old days of regular posting but I do cruise around here from time to time and drop a post or two.

Good to see you are still supporting each other and the newbies.

Take care, RS

 

Don't worry about when you started, you're still super young and have plenty of time to catch those who started earlier than you.
It gets much easier later if you do the hard yards now.

 

Lol, you're a lot earlier than many. Investing now will give you a fantastic start so keep going. Remember it's all about balancing cash flow and equity because just collecting a few properties that you have to pump money into every month with minor short term gain will have you reaching a wall pretty quickly.

 

Youv'e got a decade on me mate, wish id started at your age... do your sums, if you can afford it buy the 2 IPs not the PPoR, you know it will be better in the long run, as you'll prob be able to buy more IPs quicker or pay down the non deductible debt quicker, and then upgrade to a better PPoR wen you need it (i.e. more rooms for kids etc...

 

how come you don't count equity?

 

I do count equity but $1M cash is not the same as $1M equity.
Its not a biggy just is what it is.

 

i agree but i feel that people that invest in shares / biz would be more likely to have cash. property investors are more likely to have equity as they generally don't sell compared to biz / shares

i'd find it hard for someone who buys n holds to have 1m cash from resi property would seem silly :s

 

Just work out what it would be if you sold it and paid tax. Hey presto cash position.

 

What if the investor never sells any of their investments? Just buy, hold, add value, refi, buy mor, live off rent.
I think 1.3-1.5m equity in those cases are pretty close to having realised 1m ... My 2c

 

i feel as long as they say equity it's ok. but going to the trouble to try and figure out selling costs + taxes sucks haha. mostly the taxes side of things. yes i do agree cash is worth more.

 

More detail, please? did you buy very close to capital city, any renovation work, did you have a plan/ strategy, or was it purely due to market cycle?

 

PacMan, post: 181680, member: 3678"]More detail, please? did you buy very close to capital city?
Yes, all in capital cities.

any renovation work?
I recall 1 property was a reno and sell deal. (wish I kept it though)

did you have a plan/ strategy, or was it purely due to market cycle?

Strategy is almost the same as now. Buy in a state that is at an opportunistic part of the cycle, at a good price, and wait for CG. The only difference to our strategy now is we buy places that have potential to add value so we can manufacture CG from early on and not be 100% reliant on growth. But the buying strategy is exactly the same. I also remember back then people were saying every negative thing under the sun about property to us. If we listened to them back then and along the way, we would be miserable and broke today. Human psychology never changes, so timing opportunities in the market will never change imho. When to buy, hold sell etc. Fundamentals never change.