How many houses did it take for you to acquire $1 million in property?

Discussion in 'Investment Strategy' started by Azazel, 19th Jun, 2015.

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How many houses did it take for you to acquire $1 million in property?

  1. 1 Ain't no thing but a chicken wing

    16 vote(s)
    7.5%

  2. 2

    48 vote(s)
    22.4%

  3. 3

    61 vote(s)
    28.5%

  4. 4

    28 vote(s)
    13.1%

  5. 5

    10 vote(s)
    4.7%

  6. 6

    1 vote(s)
    0.5%

  7. 7

    3 vote(s)
    1.4%

  8. 8

    1 vote(s)
    0.5%

  9. 10+ I'm a dinosaur

    1 vote(s)
    0.5%

  10. Not there - yet

    45 vote(s)
    21.0%
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  1. Azazel

    Azazel Well-Known Member

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    Getting pretty close Dan, for this vote even if IP1 was $500k and IP2 was $550k, I would say 3 to tip you over. But it's just a bit of fun really.
     
    Azazel, 23rd Jun, 2015
    #81
    dan_89 likes this.
  2. Michael_X

    Michael_X Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
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    Location:
    Gold Coast/Sydney
    Haha, that first property - what a dud.

    It was OTP Studio in Epping NSW, purchased it for $340,000 in 2004. I had it revalued last year for the princely sum of $400,000.

    $60,000 increase in 10 years. So when they say property prices double every 7-10 years, it's definitely not all properties!

    To make matters worse, when I bought it the strata levies were $500 per quarter, after a few years they climbed to over $1,000 per quarter - the property is still negative to this day. Holding it for the time being, was close to selling it last year but managed to get equity so decided not to.

    Have made my fair share of mistakes in property investing :) Good lessons!

    Cheers,
    Michael
     
    Michael_X, 23rd Jun, 2015
    #82
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  3. skater

    skater Well-Known Member

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    10,276
    Location:
    Sydney? Gold Coast?
    Hehe! Haven''t we all?;)
     
    skater, 23rd Jun, 2015
    #83
    Michael_X likes this.
  4. Azazel

    Azazel Well-Known Member

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    Thanks Michael. Are you thinking of getting it valued again later this year and selling if you get a decent price or are you going to hang on to it?
     
    Azazel, 24th Jun, 2015
    #84
  5. Michael_X

    Michael_X Mortgage Broker Business Member

    Joined:
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    Location:
    Gold Coast/Sydney
    Just hang onto it for the time being. After transaction costs, if I sold it I won't be that much ahead so keeping for now.

    Good tenants in place helps that decision too.

    Cheers,
    Michael
     
    Michael_X, 24th Jun, 2015
    #85
    Azazel likes this.
  6. KDP

    KDP Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    484
    Location:
    Melbourne
    1 unit and 1 house for me.
     
    KDP, 24th Jun, 2015
    #86
    Azazel likes this.
  7. bythebay

    bythebay Well-Known Member

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    22nd Jun, 2015
    Posts:
    292
    Location:
    By the bay
    3rd one

    450k
    515k
    451k
     
    bythebay, 24th Jun, 2015
    #87
    Azazel likes this.
  8. Azazel

    Azazel Well-Known Member

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    18th Jun, 2015
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    Location:
    Brisbane
    Sitting at about 57% for 3+.
     
    Azazel, 24th Jun, 2015
    #88
  9. Grandview

    Grandview Active Member

    Joined:
    22nd Jun, 2015
    Posts:
    25
    Location:
    Sydney
    Just starting out so still not at the magic million...

    $406k PPOR
    $456k IP1 (not yet settled)

    Hopefully in a position for IP2 start of next year then I can join the club :cool:
     
    Grandview, 24th Jun, 2015
    #89
  10. JK200SX

    JK200SX Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    527
    Location:
    Melbourne
    IP1 545K
    IP2 475K
     
    JK200SX, 24th Jun, 2015
    #90
  11. Simon L

    Simon L Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    385
    Location:
    Sydney, Brisbane
    Took me 4 properties (not including $120k granny flat build on ip2)

    1. $370k
    2. $377k
    3. $155k
    4. $233k
     
    Simon L, 24th Jun, 2015
    #91
    Totally_Smeng, Taku Ekanayake and Azazel like this.
  12. vtt

    vtt Well-Known Member

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    18th Jun, 2015
    Posts:
    269
    Location:
    Inner West, Sydney
    It took me 2 properties both of which are in Sydney.

    vtt
    :D
     
    vtt, 24th Jun, 2015
    #92
    Azazel likes this.
  13. Azazel

    Azazel Well-Known Member

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    Good stuff @vtt , mind telling us where in Sydney you bought your IP's?
     
    Azazel, 26th Jun, 2015
    #93
  14. Beachbum40

    Beachbum40 New Member

    Joined:
    20th Jun, 2015
    Posts:
    1
    Location:
    Sydney
     
    Beachbum40, 26th Jun, 2015
    #94
    Azazel likes this.
  15. drg86

    drg86 Well-Known Member

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    25th Jun, 2015
    Posts:
    436
    Location:
    Forster NSW
    I said 4. Although I was at $981k for the first 3 on purchase price alone. Adding purchase costs tips me over into the 3 club.
     
    drg86, 27th Jun, 2015
    #95
    Azazel likes this.
  16. Harro

    Harro Well-Known Member

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    22nd Jun, 2015
    Posts:
    121
    Location:
    NSW North Coast
    I have answered with 4 as well.
    1 PPOR - ($180,000 - 1984)
    3 IP's ( $300,000, $340,000, $355,000)
    However, didn't factor in business premises as when purchased was a combination of real estate and business component.
    Have offloaded 1 IP (central west regional) Dud.
    Also sold off business in 2010.
     
    Harro, 28th Jun, 2015
    #96
    Azazel likes this.
  17. MTR

    MTR Well-Known Member

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    I answered 1
    1 PPOR purchased 1992 $185,000 (Perth, Mt Lawley) sold 2008 $1,325,000

    What do they say... about property doubling every 10 years

    MTR:)
     
    MTR, 28th Jun, 2015
    #97
    Totally_Smeng and Taku Ekanayake like this.
  18. Harro

    Harro Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    121
    Location:
    NSW North Coast
    Now that is a result!
     
    Harro, 28th Jun, 2015
    #98
  19. Azazel

    Azazel Well-Known Member

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    Location:
    Brisbane
    Very nice!
    BUT it's IP's. And purchase price, not sold price.
     
    Azazel, 29th Jun, 2015
    #99
  20. MTR

    MTR Well-Known Member

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    19th Jun, 2015
    Posts:
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    Location:
    My World
    Oops.
    You did say houses.
    I misunderstand, so you want the number of houses? OK, I will sit back in my box:)
     
    MTR, 29th Jun, 2015
    #100
    Azazel likes this.
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