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How many IPs do you have

Discussion in 'General Property Chat' started by Gockie, 16th Jul, 2015.

?

How many IP's do you have

  1. 0

    11 vote(s)
    5.7%
  2. 1

    33 vote(s)
    17.0%
  3. 2

    27 vote(s)
    13.9%
  4. 3

    33 vote(s)
    17.0%
  5. 4

    23 vote(s)
    11.9%
  6. 5

    13 vote(s)
    6.7%
  7. 6

    5 vote(s)
    2.6%
  8. 7

    7 vote(s)
    3.6%
  9. 8

    12 vote(s)
    6.2%
  10. Over 8

    30 vote(s)
    15.5%
  1. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    I'm asking the question because I don't think there's a poll on it yet.
     
  2. LibGS

    LibGS Well-Known Member

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    Does a deposit on an IP count as a whole one?
     
  3. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    I only counted settled properties. While it's likely it will be yours, I would consider that counting your chickens before it hatches
     
  4. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    You need more options for over 8. I have 11 and counting. Hopefully 12 by year end and an explosion next year from 12 to maybe 20 (**** :eek:)
     
    Esh, Mayjong, Ben Wilkie and 5 others like this.
  5. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Personally I think the number of ips someone has is not as important as the $ amount of a portfolio. I know some people who have 15 properties which makes up less than 2mil portfolio, and others who have 8 ips making up more than 4mil. Obviously too few ips making a large portfolio amount is not ideal either IMO.
     
    KMD, Jacque, MsAli and 1 other person like this.
  6. Daniel007

    Daniel007 Well-Known Member

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    I agree with this.

    When accumulating a large portfolio (e.g 10 +), how does everyone stay on top of all the paperwork, maintenance etc? Genuinely interested to hear some responses as i'm aiming at 10 + in the long run.
     
  7. sash

    sash Well-Known Member

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    Have well over 20...and paperwork is manageable.

    Tax time is the pain.

     
    Esh, Ben Wilkie, Westminster and 2 others like this.
  8. DanW

    DanW Well-Known Member

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    Location:
    Sydney
    For any size portfolio, you can simplify the admin.

    PM to manage the properties. Give them a maximum repair budget so they don't disturb you with every little thing.

    No paperwork - use pdf only.
    Dropbox to store folders of records.
    Electronic statements from banks and property managers.
    Get a mini duplex scanner to digitise those large documents like contract of sale, and mortgage documents.

    The only paper I have in my place is my birth certificate and car registration.

    3 weeks from 1st July and I'll have my tax refund, all while travelling for work. It's no sweat ;)

    If you want to self manage though - then give up your day job ;)
     
    Jog21, Coota9, tess_ and 5 others like this.
  9. wombat777

    wombat777 Well-Known Member Premium Member

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    IPs 1. Tenants 0 - will speak to the PM and may drop the asking. There has been interest just no applications yet. Problem is surge in investors buying has increased competition.
     
  10. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    You have a good point and it would be good to have better visibility on the 8+, unfortunately started from 0 and then I was limited to 10 options only. When I hit the limit I did think of grouping a few of the answers like 6-7, but didn't end up doing it in the end. Sorry. :(
     
  11. ellejay

    ellejay Well-Known Member

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    Kimberley and NZ
    7 currently, up to 8 shortly. Yep, tax time paperwork is a pain but just takes a couple of days work to put together the spreadsheets etc. I have ips in 3 countries so 3 tax returns and 3 different currencies to convert. Massive accountancy bill too.
     
  12. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Thanks for all the replies. So 1-3 and 7+ seem to be where the answers are at. We seem to have either a small or large portfolio. Very interesting!

    Thanks to those pointing out how they manage paperwork because i'm sure my techniques for that can be optimised. I've only recently got to the stage of pinning all my bills to the corkboard and reviewing them regularly so that I pay them on time but not too early. I know some internet banking systems let you schedule payments in advance, but not all of mine do, so I do it this way....
     
  13. Befuddled

    Befuddled Well-Known Member

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    Every internet banking system I've used allows you to do that (ANZ, CBA, NAB, ING, UBank). One thing I started doing which works great is scheduling payments for council rates when the yearly bill comes in showing due dates for each quarter and the exact amount due. I'd schedule a payment for each quarter and just forget about it for the rest of the year.
     
  14. Bayview

    Bayview Well-Known Member

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    2,716
    Location:
    Mornington Peninsula
    Have 37, and an LVR of 10%.

    I like to talk telephone numbers.

    Actually, we've currently got only one....at least it is Pos Geared.

    Used to have 5, had to sell 4.

    To all those guys who have more than 2 - you are in rarified air!! Well done peeps!!
     
    Esh, Gibson and Westminster like this.
  15. Bayview

    Bayview Well-Known Member

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    Mornington Peninsula
    Close enough for me!! ;)
     
  16. citystar

    citystar Well-Known Member

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    Location:
    QLD
    I am a huge fan of post dated payments via internet banking. Get the bill, schedule the payment on the second last day it is due and spreadsheet/file it away for tax time.
     
  17. D.T.

    D.T. Adelaide Property Manager Business Member

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    With an investment savvy property manager
     
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  18. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Through a very organised system. Each property has a folder with tabs for different things, eg, contract, bills, maintenance, etc.

    File everything as soon as you get it and don't let it all build up. Have a tax folder for receipts to be used come tax time. Its not too hard. Also having a good accountant for tax who invest in property themselves helps.
     
    C-mac likes this.
  19. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Wish we had more of them DT. Most of the ones I've come across and seen of others ranged from incompetent to very average to acceptable. Never come across a PM that actually cares for your property and gives advice agenda free. I'm sure they are out there - just haven't seen em yet. I have come to accept a standard of at least competence and reliability.
     
  20. sash

    sash Well-Known Member

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    Location:
    Sydney
    Yeah...that is me...I have one in Worsley Road Point Piper...a real pearler....worth over $10m....but have no money to maintain it. ;):rolleyes: