Where do you want to be in Five Years Time,.

Conservatively, 1/2 mil passive from resi property, which is enough resi already.
Reality could be anything above that, as so much can happen in 5 years.
My goals are more capital orientated rather than income generating.

 

I wish I had some sort of long term strategy. I have an immediate goal to buy more 2 CF+ properties by June 2016. But then what....I don't know. For me it's all about cash flow, CG isn't my thing.

But over 2-3 years I'm looking to aggressively pay down debt (cash in an offset actually). Then it's a matter of deploying that cash somehow. But there are plenty of good ideas on here, so I'll keep reading.

 

Going by our plans, I will have two children by then. My partner will probably be working only two days a week and I may or may not be able to work for days a week.
I will have started a small development by then (I've got two potential sites now).
If everything goes to plan, I'll be well on my way to financial undependable by then but probably not quite there yet.
My seven year goal is much firmer, as my 40th birthday is my target date for financial independence. While I'll definitely not be doing nothing, I want the option.

 

Still talking smack here.

 

-get married and have kids
- continue on with the various businesses, having the mix weighted more evenly between income generating and start up
- do more property deals and consulting to others, current deals will make between 40 to 50% net
- give more to others less fortunate, currently around 20k/yr
- finally build a house or likely large apartment with rooftop for myself
-continue to invest for close family members

Essentially more of the same, only larger numbers

 

My first IP last month, hoping for 2 more by then.

 

Yeah 10% would be awesome but i won't work my figures on that i think 5% would be more realistic
ill be buying fairly aggressive to achieve that in 5 years, lvr will be around 80% so will then have to focus on getting that down.

 

In 5 yrs I'll be in my forties

I refuse to think about it.

 

But in the moments I do think about it -
now - 2 yrs - business goals rather than property (still sub forty, can happily think about this!)
2-3 yrs - Buy renovator for PPOR. Buy CG property somewhere, probably a daggy unit somewhere that I can add value.
4-5yrs - I'm planning on buying 2 more in this time, prob cheapies that have reasonable cashflow. IN 5 yrs we'll be at peak expense with 3 kids in high school.

 

Purchase a PPOR and another IP
Have kids, or two dogs
Achieve 1M in equity
Do my first reno

 

I love my work, but I want to be financially free, without the 9-5!

 

Doing absolutely nuttin...getting up late.....not contributing to society...and definitely not working till 70 for clowns in Canberra!

 

Noice...have you got a plan to get there??

 

You can only look at the posts so far,if you love your work and want to be financially free then you have to plan to be in the middle ,not worry about the next paycheck,and not having to put the straitjacket on each day and turn up for work when you don't want to be with people that you may not see face too face with,and even when you are in that space where you are no longer a wage earner or boss your inbetween,it still has to be managed..

Our Accountant told me that in 2000,your in the middle ground now,add compounding
on various other factors,in between floods that insurances companies wiped me like a dunny rag,tenants that end their life inside your rental business,mining companies going belly up,the list endless,that's what also happens in between..

 

More IPs, financial freedom, more time with the family and to do some pro bono work to give back to the community.

 

We are exactly where we planned to be more than 5 years ago. The plan was retirement for Hubby once Sydney 'went', which it has. It took a little longer than 5 years.....but who's counting, we knew it would happen.

Another 5 years, well.......not too sure really, still working on it. I want to simplify all the accounting. I'm over it! Three sets of books is just more than I want to be responsible for. Thinking that our Trust has to go. Whether that means that we sell the properties in it or not, I'm not sure. It could be just paying down the debt via the Business (which is in the Trust). It's doing it's job quite nicely, eating up the Trust debt.

So.....five years from now.....I'd like to have fewer IP's...(working on that now), I will have all the debt wiped out from the Trust. More travel....much more. A modest amount in shares...(that scares me, as I know zip about shares) and.....and.....and....ask me later.

 

I would expect to be retired from the day job in five years. Travel is a big goal.

Please tell me: How do we go about buying an old property to live in and renovate, if we don't have day jobs. Do we have to sell up something and pay cash?

 

Yep halfway there now! i could sit back now and wait for it all to double
with average growth it would take 12-15 years. Thats not my strategy tho
so i will be buying aggressively for the next 5 years i'm going to purchase
e.g. 2 x300k houses with a mix of c.g and high yield over the next 5 years which
will blow that 5m goal out of the water with 0% growth factored in.

 

3M in net assets. Have a plan but requires a few stars to align

 

$200 k net income from property