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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    Haha, no biggie. But you might need to change your vote.
     
    Azazel, 29th Jun, 2015
    #101
  2. Azazel

    Azazel Well-Known Member

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    3+ ended up at 51.1%
     
    Azazel, 2nd Jul, 2015
    #102
  3. Coxy89

    Coxy89 Well-Known Member

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    Our new PPOR has just taken us over. Technically 3 for the Mrs but only 2 for me haha.

    2008 - 315k (Partners place)
    2013 - 630k (First IP)
    2015 - 747k (New PPOR) 2008 purchase then converted to IP
     
    Coxy89, 7th Jul, 2015
    #103
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  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    At first I saw how many hours .....
     
    Rolf Latham, 7th Jul, 2015
    #104
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  5. Azazel

    Azazel Well-Known Member

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    Ha, maybe it only took you that long Rolf ;)
     
    Azazel, 7th Jul, 2015
    #105
  6. C-mac

    C-mac Well-Known Member

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    Technically 3 for me. And all units too, (no houses). But I bought time, really. I'd acquired 3 at around $800K of spend, then time worked it's magic and vals clocked passed the $1Mill mark for all three combined.
     
    C-mac, 8th Jul, 2015
    #106
  7. Lollie

    Lollie Well-Known Member

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    NSW
    3 for me

    273K in 2003
    370K in 2005
    371K in 2007
     
    Lollie, 13th Jul, 2015
    #107
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  8. HD_ACE

    HD_ACE Game-Changer

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    Perth
    3 for me.

    197k
    500k
    463500.

    Happy days.
     
    HD_ACE, 14th Jul, 2015
    #108
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  9. MichaelW

    MichaelW Well-Known Member

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    I posted 1 but that should be corrected to three I think? I posted 1, as I finally got there when I developed my Mona Vale units and it only took one of them to achieve that result. Prior to that I bought and sold so never held >$1M in value:

    1. Carramar unit $175K in 1993. Sold in 2000 for $180K, just before it doubled in value.
    2. North Narrabeen land in 2002 for $270K and developed a house on it for another $250K ($520K total). Sold in 2012 for $900K.
    3. Mona Vale land in 2006 for $770K and developed three units for another $1.4M ($2.2M total). Currently hold all three valued over $1M each.
    4. Bardon land in 2012 for $370K and developed a house on it for another $380K ($750K total). Currently hold it valued over $1M.

    Current debts around $2M and property assets around $4M. Unlike shares, you never know exactly where you stand. :D

    Cheers,
    Michael
     
    MichaelW, 14th Jul, 2015
    #109
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  10. Azazel

    Azazel Well-Known Member

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    Is that Bardon in Brisbane?
    That's a nice spot.
     
    Azazel, 14th Jul, 2015
    #110
  11. MichaelW

    MichaelW Well-Known Member

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    Sure is mate. Just had the new PPOR valued between $1M and $1.3M upon completion. We back on to a public reserve park and have buses out the front door that run straight to the CBD in about 15mins down Latrobe Terrace through Paddington. In fact, we walk to the cafes in Paddington for breakfast on the weekend. We've set a target to go to a different one every Sunday and see how long it takes to eat at all of them. :) Might take a while...

    Cheers,
    Michael
     
    MichaelW, 14th Jul, 2015
    #111
  12. Azazel

    Azazel Well-Known Member

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    Very nice, I'm jealous. I used to live on Fernberg, a nice dawdle down to Rosalie or staggering distance to Suncorp.
    There was a kitschy old place with 70's table and chairs near Fundie's that was my weekend brekkie favourite, but I think it closed.
    You should do pretty well out of that spot - sounds like you already are.
     
    Azazel, 14th Jul, 2015
    #112
  13. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Bit of a weird poll as it doesn't really account for time in the market. I bought a couple of properties for a combined purchase price of just under $500k. It wouldn't surprise me to learn that between them there's been about $1M of growth since they were purchased.

    I did buy them over 14 years ago in inner Melbourne suburbs so I don't think it's really a big deal. $1M growth might be conservative, I haven't re-valued them in years.

    It seems to me that the key is simply buying something of decent quality and location and just give it time. You can certainly speed things up a bit by being a bit creative but if you buy well the equity will come. One day you simply wake up, review your portfolio and realise that you're actually worth quite a bit and never really realised it.
     
    Peter_Tersteeg, 14th Jul, 2015
    #113
  14. Azazel

    Azazel Well-Known Member

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    That could certainly be another thread.
    The intent of this poll was to see how many properties it took for people to reach $1M in combined purchase price for IP's.
    Multiple purchases are becoming a thing of the past considering Sydney's median.
     
    Azazel, 14th Jul, 2015
    #114
  15. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Today my answer is 2 properties, but there was a time few years ago when it would have been more.

    Again this is a fair thing to say if you're buying today. If you buy today and give it some time, I've no doubt that people will be able to buy a second property in Sydney eventually. I recently bought something for half a million bucks! 15 years ago I thought I'd never pay that much for a property, today I think I got a bargain. $1M really isn't that much money these days.

    As always time is a key factor in investing.
     
    Last edited: 14th Jul, 2015
    Peter_Tersteeg, 14th Jul, 2015
    #115
  16. Phar Lap

    Phar Lap Well-Known Member

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    So purchase price only?

    If so, took us 5 to get over the 1 mill mark.
    1st one was in 1997, the last in 2010.
    Sold 2 in this latest rise for 773k, sittin on the rest val'd @ well over 1M.

    Agree, it might now only take 1 or 2 to cost more than 1M.

    Billionaire is the new Millionaire, most likely never get there ($B) in this lifetime.

    We're very happy though.:D
     
    Phar Lap, 14th Jul, 2015
    #116
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  17. Azazel

    Azazel Well-Known Member

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    Good work, there won't be many people with that many properties for $1M left.
    Can you tell us how much you paid for the 1st one in 1997?
     
    Azazel, 14th Jul, 2015
    #117
  18. Phar Lap

    Phar Lap Well-Known Member

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    1997: $140,200 was our 1st home and PPOR.
    3 yrs later became 1st IP while we stayed elsewhere.
    The 6 yr PPOR rule for cap gains came in handy when sold late 2013.
    6/13ths tax free gains.
     
    Phar Lap, 15th Jul, 2015
    #118
  19. Azazel

    Azazel Well-Known Member

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    Azazel, 2nd Aug, 2015
    #119
  20. M & S

    M & S Member

    Joined:
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    Not there yet...

    IP 1 2012 PP $216,000
    IP 2 2013 PP $112,000
    IP 3 2013 PP $128,000
    IP 4 2014 PP $142,000

    Positive cashflow but don't foresee a realistic opportunity for CG.
     
    M & S, 2nd Aug, 2015
    #120
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