The Interview #6

Welcome to the interview number six!!!

http://www.somersoft.com/forums/showthread.php?p=253297#post253297

It’s great to have Simon and Julie doing the interview this time around.

Not only are they valued forum members, but I think they were also our first members to have two API stories done on them.

They have a wealth of experience in all areas and their stories are always a great learning experience. I’d like to thank them both for their input and for agreeing to share their views in the interview.

If any of you get a chance to read their book Kicking Winning Goals, make sure you do……..it’s a great read.

Stay tuned for the next one!!


Ruby

A good read. You two have a great story. It's good you both have the same goals, I'm sure it makes investing much easier when you both have a deeper understanding of what you want to achieve and what's going with investing.

I didn't know you'd written a book. Where is it available?

Cheers

Sultan of Swing said:

A good read. You two have a great story. It's good you both have the same goals, I'm sure it makes investing much easier when you both have a deeper understanding of what you want to achieve and what's going with investing.

I didn't know you'd written a book. Where is it available?

Cheers

Click to expand...

Hi SOS

We don't always have the same goals. We work on lining up what we both want. But, yes, it does help that we both love property investing.

Working on a new book. Will let forumites know when it's done.

Regards
Julie

Simon and Julie, I really enjoyed reading your interview. What struck a chord with me, was your focus on your goals, and how calm you seemed to be in achieving them...a distinct lack of fear and frustration.

sailor said:

a distinct lack of fear and frustration.

Click to expand...

Thanks Sailor
Must admit though we do have our moments, It is just our experience and confidence in each others abilities that helps us keep it together over the long haul.
Cheers
Simon

That was an interesting read Simonjulie I really enjoyed it. I'm impressed that you just threw yourselves into it the "IP way" full time like you did. Even with all those offspring. Pat yourselves on your backs

many thanks for sharing. Thoroughly enjoyed it.

cheers

Thanks very much for sharing your story. I admire your determined and optimistic outlook. Congratulations on your achievements to date and all the best for the future!

Living off rent

Hi Simon and Julie,

I've been reading your new thread: http://www.somersoft.com/forums/showthread.php?t=36801&page=2

You mentioned that you live off rent and capitallise all of the costs associated with holding the portfolio. This is my dream. I'm currently working on developing a plan from this dream and then turning the plan into reality ASAP.

Do you discuss this structure in your book? From where can I purchase a copy?
Have you discussed this strategy previously in Somersoft? If so, would you be able to post links to the threads you think are relevant?

Sincere Regards - Ben

Hi Ben
I said we live off rent, and I would be pretty fat if I took all my rent just for lifestyle.
It is the shortfall that is capitalised and this is where the balancing act begins.
I will post on the subject as a new thread.
Cheers
Simon

Hi Simon,

I look forward to the new thread.

In your interview, you mentioned that you left work with several properties under your belt to pursue your real estate ventures. That must have been a very BIG step for you. Would you be able to provide a few more details as to the shape of your portfolio at the time you quit your jobs? Size, yield, potential, stage in the property cycle?

Forgive me if I'm being intrusive. I'm asking because I constantly dream of the day that I quit work to become a full time investor/renovator and then, some years later, cruise a little and do fewer renos.

Regards - Ben

Hi Ben
Rather than tell you how we did it it is possibly better for me to point you in the direction so that you can also achieve this worthwhile goal.
1.Ask yourself the question. How much does it cost to run my life p/a?
In other words, how much money do I need to give up the day job?
2. If you where to stop working today, how long could you keep going before you run out of money.
3. Look at what you are currently investing in. Work out what the investment is returning in both growth and cash return p/a after all holding costs are accounted for.
4. Put that information in front of you to see the real picture.
Can that overview of your financial status accommodate more debt for growing your asset base now? If not, when? Leverage is a double edged sword, so make sound Sleep At Night decisions as to how much leverage is sustainable.
Think about the above and do what I have suggested. You will then be off to a good start. Note though, not to count your chickens before they hatch, meaning that you will not be ready to leave your day job until the equity/cash is already materialized. A good equity farmer never spends the money from next year’s crop because next year anything could happen.
I hope this helps.

I welcome more questions.
Simon

Hi Julie

Congratulation on your book launch.

I will try and get out to see you guys on Sunday (but try is the word).

Cheers

PS just realised that unless you follow the interview post this congrat is somewhat puzzling. So for edification this is what prompted it.

"Julie has finished her long awaited book and it is being launched on Sunday the 11th of April, so for all those Sydney people who’d like to make it along, details can be found here.
http://www.macmillionaire.com/index.html"

handyandy said:

Hi Julie

Congratulation on your book launch.

I will try and get out to see you guys on Sunday (but try is the word).

Cheers

PS just realised that unless you follow the interview post this congrat is somewhat puzzling. So for edification this is what prompted it.

"Julie has finished her long awaited book and it is being launched on Sunday the 11th of April, so for all those Sydney people who’d like to make it along, details can be found here.
http://www.macmillionaire.com/index.html"

Click to expand...

Thanks for posting the link HA, just had a look at the site

All the best with the launch Julie

Thanks guys ... exciting times!!

Cheers
Julie Mac
aka macmillionaire

www.macmillionaire.com

A big congrats from me too.
I had been wondering what you two were up to.
I know it will go very well for you.
cheers
yadreamin

glanced at the date and thought it was a new interview ... only i was 4 years out of date.

however - how exciting - how did the book launch go? the sample chapter was a great and inspiring read.

you are a marvel!