RETIRED!!!

Congrats @skater!

 

Skater, you should hold a seminar titled "How i retired early" and tell your story... then at the end of the preso, sell everyone roller skates

 

How about she just sell the seminar instead.
$3k per head, easy money.

 

Congrats Skater!

Well done! Enjoy your well earned retirement.

I do hope you will continue to share your wisdom as it will surely encourage and motivate younger investors who wish to follow the same path you have already travelled.

Cheers,
Oracle.

 

The forum needs more of these threads, congratulations to you both!

 

Maybe we need to make a thread showing a list forum members and proposed retirement dates...

 

Buy more! Stay away from Remax St Mary's, and stupid women who want to employ Hubby on contract. Oh, and BUY MORE! MUCH, MUCH MORE, especially in 2770 around 2012-2013.

 

It's true! Everyone should have skates!

 

Your an inspiration skater. Someone who had a plan, worked her butt off with many sacrifices along the way and reached her goals. What more could anyone ask for?

Kudos to you!

 

Congratulations Skater & BH.

You guys are living proof to all and sundry that by devising one's plan, staying focused and persistently working it, magnificent results and success will be achieved.

Time to celebrate and smell the roses.

 

Go you! Congrats, Skater. Nice to see a long time member and active participant cross the finish line! (or maybe not - will you just keep buying more...?)

 

Haha, I won't say we won't buy more in the future. Just not ATM.

 

Congrats !!!!!

What's next Skater? organising more meet ups?

 

Yessss. Well earned. (oh and you are "so lucky")

 

Congrats Skater!

Without prying, may I ask whether your excess rental income completely funds your mortgage/living expenses?

Am guessing that if you're not LOEing/partially LOEing that you'll be paying quite a bit of income tax on that rental income?

 

That really is fantastic news Skater! It can be a hard slog at times but the reward at the end is well worth it. Fwiw, I agree that LOE doesn't work. I plan on retiring when my surplus cash flow from positive gearing allows it as well. Our portfolio isn't as large as yours but we've just reached out to our banker again for LOC topups so we can buy more. We're diversifying into higher yielding lower priced properties now as we're a bit top heavy.

Kay retired once, but then along came the GFC and cost me a fortune on margin loans and then Great Southern did the same and I had to send Kay back to work. We're close again now though to a point where she can retire. Her intent is to buy cheap renos to flip for profit out of our LOCs so she doesn't have to ask for new loans... That's my girl!

Love your work and my heartiest congrats to you and Bargain Hunter!!!!

Much love,
Michael

 

We don't have a lot of expenses. PPOR paid out, everything owned! Yes, rental income fully funds our entire living costs. I don't believe in LOE. I believe it is a flawed strategy.

As for tax? Well, income is split between two with a heap of depreciation thrown in. There won't be too much tax payable. For instance, as an example only (not real figures) and using round numbers only as it's easier for my brain to calculate.

Rental income - $200k
Rental Expenses - $100k
Surplus (income) - $100k
50% split = Income of $50k each
Less depreciation $20k

Taxable income $30k each.

 

Got it, excellent thanks. Yes agree, depreciation is so important to reduce Y tax....having said that, I normally have to settle for a meagre amount c/o the old dumps I buy.

May I also ask and I think you've already inferred this before, that in order to get to this outcome, you sold down pseudo lemons and low LVR stock to reduce your debt to the point where the excess income (less tax) was 'enough' to fund your living expenses...in addition to providing enough buffers sitting in LOC's to cater for rainy day events?

 

Well done !! & Inspirational to us all.

 

Well....it depends on what you call a lemon. One was a unit. It was bought to sell when prices lifted. We never planned to keep it, and I'd probably call this one a lemon, but we knew that going into it, so in that sense, it wasn't because it performed as predicted and we got a good outcome from it.

We've still got one similar to this, but it has performed quite well, so we might hang onto it anyway. Another one was quite a good property, but it was in our Trust, which owes us a tonne of money, so that's why that one went. The third one isn't a lemon, but it was the logical one, if that makes sense.