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

7 cheapies got me across the line

 

1. 261k
2. 215k
3. 415k
4. 300k

 

Very good, another bigger number.
Where abouts were they located?
And can you tell us what the cheapest one you got was and it's current value?

 

5 pre Sydney boom units and two units in Albury

 

Cheapest one I got was a 1 bedroom unit in Kingswood for $130000 its probably worth about $260000 now

 

Nice way to double your money with a cheapie!

 

3 properties
560000, 360000, 255000

 

1. 545
2. 420
3. 295

4, 5 & 6 will see the 2M mark this year.

 

Hey @Steven Ryan ,
Was that first one at $313K your 2br in Marrickville?
And when was that purchase?

 

Hey @Michael_X ,
What's the reason you choose to hold onto this property?

 

Nevermind @Michael_X ,
Saw your reply to the same question

 

7 for me

 

Just two:
$255k
$875k (will become PPOR after the Wedding)

My partner on the other hand:
$205k
$165k
$227k
$205k

He's still not there.... His cash flow is much better than mine but my CGs have been greater than his. Doesn't matter on the value of the portfolio, just matters what you want it to achieve, and the two of us are a perfect example of completely differently functioning portfolios.

 

1 bed.

Settled Oct 2010.

 

I remember having the Goal of 'X' amount of properties worth 1 million when i was very new and fresh to property investing. That was until i was shut down quite quickly by one of my many mentors when he said "Who gives a Sh**t' how many properties it takes to reach 1 million, you should be asking "why" do you want 1 million worth of Property? What does that matter anyway, 1 million in equity would be more aligned to peoples goals than a portfolio worth 1 million".
Since then i have found it quite easy to reach well over 1 million in property, its your end goal that really counts and how to get yourself there. Not the amount of properties per se. 10 properties worth 10 million dollars with loan values at 10 million dollars doesn't make much sense to me.

 

None.

My latest purchase,
Cost $900,000
Outlay $2 exchange of contract
Income $280,000

Profit after all costs, $120,000 approx.

Exit strategy.....not required.

 

Just interested to know why you don't have a "EXIT" plan in place?..

 

Its an income producing property. Also have plans in place for expansion.

 

Hey Andrew, good stuff.
How many did it take to get to $1M?
The thread is just about the difference today to days gone by, how many properties it took to get to that figure in purchase price. As it says in the OP, pretty simple for someone starting out to just buy 1 in Sydney. But it's good to see a fair percentage of 3+. More old timers than I would have thought too.

 

whats the value of these now?