Seven properties before turning 30

I mean it just seems really weird to me that you would include all this content about a guy who hasn't actually used the 6 year CGT exemption & have also previously published a really similar story about his mate.

His capital gains & realised profit so far have been $0, its all currently speculative wealth based off bank valuations.

If the government hadn't given him $28,000 to live in it for 12 months, I kinda doubt he would have?

 

Find it weird if you like, but not really a conspiracy. I just happened to ask for someone who was set to use it, and he came up and his story became the story (initially it was just going to be a straight "What is the six year rule" piece on the back of a convo with an accountant and it evolved. That's pretty standard). I also recently used one of his rentvesting clients to illustrate another story: Great Aussie Dream shunned in favour of 'rentvesting'

I use Jeremy because I trust him (along with a group of other experts I regularly go to for comment and case studies and ideas). If there becomes reason to doubt that, that would change.

 

(And if there are experts you'd like to recommend, I'm happy for anyone to be in touch: [email protected])

 

@Plutus, there is nothing wrong with the way he's gone about it and many people dont sell unless they have to (I wouldn't recommend he sells any of the IPs in Brisbane or Victoria at this stage anyway, it would be way too early).
He could also move back into the original Sydney property and reset the 6 year rule. And the ATO has no hard and fast rule on what constitutes calling a place as an PPOR, so I think saying 1 year simply covers everybody's backsides.
And so what if he was given the handouts from government? Its legal.
In the other article you linked, he shared his story of working with a bad broker. I've done that too. That experience cost me buying a place in Western Sydney preboom that would have doubled. I can't do anything about that now, the best thing to do is to look forwards. So his advice is really good.

 

I never said its a bad thing, just seems like that was more likely to be his driver for living in it than CGT exemption.

If he's on a six figure income and leveraging up into a lot of property, the government will get way more than $28k out of him over his lifetime. State governments will have already taken him for way more than that in Stamp duty.

 

Bunch of sour pusses. His leveraged of his first deal now sitting and waiting in another market he believes will move next, probably with a strong cash flow.

Time will tell but pretty sure hes going through the same generic processes most sussessful investors do

 

So negative. He took advantage of what was available to him and has done well for himself. It's great seeing so many young people trying to better their lives.

 

I'd say anyone who invests in residential property is waiting for a boom to happen whether its tomorrow or in 5 years time...or in other words, 'get lucky'

Buying property is super easy...so why do so few do it? Let alone 7 times over in such a short time frame.....

Harry Triguboff admits a large part of what he's done has come down to luck, but to be lucky you need to be present. I am sure he and this bloke is spending their time and energy making sure they are in as many places as possible when 'luck' does happen rather than being on the internet criticizing others for having a go..............

 

Luck is where preparation meets opportunity, after all?

 

I think any young person that takes the means offered to him by saving a deposit, utilising govt grants and tax advice is to given a pat on the back. Whilst his portfolio might not be stellar I wouldn't expect it to be as it is a very young and fledgling portfolio.

I'm trying to set my nephew up as well utilising all the great resources PC has given me to get him onto the property ladder. We are going with a different strategy but it employs all of the same 'help' via ATO and FHOG.

Finance strategy for 25yo: advice please

 

Someone got into the real estate market and made money rather than complain and moan about how its impossible. Should be congratulated not torn to shreds.

My issue with the article is that the "little known secret tax trick" added 0 to this strategy, the govt incentives did. Even without the 6 year rule (which has not been exercised as yet as the property is still owned), the guy could have drawn down on equity and done what he has done.

So long as your strategy is ethical and doesnt sound like a sales ad with doubtful valuations and dodgy comparables like some spruikers use, whatever works for you.

 

I agree he hasn't used the tax outcome yet to benefit his portfolio, which was not how I wrote the article. It ended up being promoted that way (through the headline and mastheads etc) - but he is yet to see the benefit even though it is part of his plan. Some millennials are certainly using it/making it part of their plan to get ahead.

What is tricky is whether it's actually worthwhile. Most millennials don't want to invest - they want a home. It doesn't really help first home buyers who are looking for easier ways to get on the ladder (other than to give them a financial benefit later when they upgrade or to help pay down the loan much quicker - but still requires being in a position to buy in the first place)? But maybe I'm missing something.

 

I agree he should be congratulated and not torn apart.

I also have the same issues that he hasn't taken advantage of the 6 year trick (which I knew about before thanks to my mentor) and he could have done the same without talking about the 6 year. I also know another way to not pay CGT ever but it takes a very long time to come to fruition.

However to me his story was more he bought in Sydney, lived in for 12 months (to get the FHOG) then moved back in with parents and rented it out whilst he saved. After this then he withdrew the equity and bought some cheap properties in low social economical areas (nothing wrong just different strategy to me).

This is what kick started his portfolio and not everyone can afford to do it (e.g. myself I live in VIC my parents live in QLD).

In comparison I would estimate I have the same amount of equity but in far less amount of properties and I have just turned 30 (March).

 

Yeah what @big willy said! Happy birthday, i forget to send a card

 

Don't know why some find it easier to tear down rather than just be supportive.

The whole "this person bought at the right time so its all luck" is missing the whole point.

What I find impressive, especially with newbies is not so much that they bought pre boom, have X amount of properties etc, but much more the fact that they actually got their sheet together in the face of all the negativity and poppy cutters out there, made some sort of a plan, and then executed it. That's a lot more than most of the 'scrutinizers' ever do imo.

 

Maybe the 'scrutinizers' missed their chance when it presented itself and now have a need to cut down the people who are taking their chances. Seems to be a common theme on this forum lately, unfortunately.

 

Because some people suffer from small dick syndrome and build themselves up by tearing others down.

 

That's probably the biggest negative of otherwise what is a great property forum to learn from with so many genuine investors willing to help others.

 

I believe you make you own luck, both good and bad.