$100,000/pa Passive Income...

10 in 10 can be done!

Just have to be really educated to start with and have firm strategy or learn from experienced investor (Not so called Guru's who charge $$$$$ for course)

As MTR, Rixter mentioned,

Buy in high CG area, Buy quality assets

Also, here my 2c worth,

Have a mix bag of, properties in high CG area, Quality assets and development site that you can develop it your self.

I am in 1st part of my strategy, and awaiting execution for 2nd part of strategy!

Have i done 10 in 10?? not yet, but i am sitting on a blank canvas(4 prop with development potential of 11) with lot of options and good exit strategy..

i am new in this game (only 2 years).. so long way to go..
 
Did it well under 10, it was about 6, goodbye to the day job.

However we had a couple of things going for us, had no mortgage against a primary residence that at the time was worth close to $1M.

I got lucky jumped into a mother of all booms driven by the mining boom, and went hard, tapped into $1M equity. This was the Perth property market, it was a 6 year boom :eek:(generally most booms I think last about 18 months - 2 years), unheard of also where resi/CIP were booming at the same time, values tripled and some depending on where you purchased.

I have never stopped investing, continually buying and selling and fine tuning my skills, property developing is what I do now, for investors moving forward this is a skill that I believe would be worth jumping into as it will absolutely speed the process, however you need to build substantial equity to do this.

I also like the idea of investing all over Australia as you can chase cycles, jump into a rising market and make money, gives you many more options, perhaps you miss one market, just jump into another.

MTR
 
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Of course it is possible. I hit and surpassed it at 25, self made, a few years ago.

It requires financial disciple, casting your eyes on bigger things and always realising you're just a small fish, some big risk taking appetite when you're young and some good investment decisions.

Now the combination of falling AUD and rising house prices is delivering another double whammy to this small fish.

Unlike MTR, I haven't quit my day job yet that said. Because when you are 27 and make a few hundred k plus in a role working around 5 or 6 hours a day is pretty low risk stuff. The only downside is I have been doing too much flying for work which wrecks you. Eg yesterday I caught 5 hours worth of flights for a 4 hour meeting and stuff like this makes me sleep 11 hours last night.

Quality of life is important as another poster said. I have been keeping tabs of my expenses and I probably spend at least $600 a week eating out. A little excessive at my age imo, but I still save around 90 percent plus of my net income for further investments as I have minimal commitments.
 
dtraeger2k said:
You don't think quality of life is worthwhile along the way?
Click to expand...

This is a constant battle for me. I am conflicted sometimes. Some days are a battle not to just say f*** it and sell everything and go. The reason we don't is because we don't want to start from scratch again. I don't want to have to think about money my whole life. I don't want to be like my parents or DH parents (who have to still work in jobs they hate at almost 60 and are still worried about retirement). I don't want to rely on the goverment to support all of us. What would happen if welfare payments went the same way as the US? I want to be financially free.

But, we are selling out. We never see DH, he hates what he does and I hate being solely responsible for the house and the children. I have had to give up on my passion (I'm a midwife by trade though am at home full time with children at the moment). I am free enough now to focus on property investing as a business and want to move forward quickly. I am coping don't get me wrong, and certainly making the best of it all but I still wonder.

Is financial freedom worth it?

I have friends who have sold everything and are travelling around Australia with their young families living off welfare. Awesome life right now but then what?
 
Deltaberry said:
Of course it is possible. I hit and surpassed it at 25, self made, a few years ago.
Click to expand...

Well done Deltaberry. How do you define self made? Self made I see is when you have no backing what so ever and do it from scratch. I also add that you don't have any one to learn from by osmosis. From what you've posted, you seem to have learned a lot from your family and connections. I think that really helps.
 
Prop_Perspectiv said:
This is a constant battle for me. I am conflicted sometimes. Some days are a battle not to just say f*** it and sell everything and go. The reason we don't is because we don't want to start from scratch again. I don't want to have to think about money my whole life. I don't want to be like my parents or DH parents (who have to still work in jobs they hate at almost 60 and are still worried about retirement). I don't want to rely on the goverment to support all of us. What would happen if welfare payments went the same way as the US? I want to be financially free.

But, we are selling out. We never see DH, he hates what he does and I hate being solely responsible for the house and the children. I have had to give up on my passion (I'm a midwife by trade though am at home full time with children at the moment). I am free enough now to focus on property investing as a business and want to move forward quickly. I am coping don't get me wrong, and certainly making the best of it all but I still wonder.

Is financial freedom worth it?

I have friends who have sold everything and are travelling around Australia with their young families living off welfare. Awesome life right now but then what?
Click to expand...

All to their own, I did find it tough in the early stages of investing because I loaded up with -ve properties, huge impact on lifestyle, then I tweaked the strategy, got rid properties that were a noose around my neck and focused on cash flow.
What is killing your lifestyle, can you somehow rationalise to improve lifestyle without sacrificing all.

Travelling around Australia, sounds good, how long do you think that would work... with children etc.

Anyone using my tax $ to fund their lifestyle is a freeloader and don't think much of people who do this.
 
We are early stages at the moment but moving forward quite quickly. It's the work/life balance that is out at the moment. Also, having children young. It has meant that we are juggling young (therefore very dependant) children during the most labour intensive stage of wealth creation.
 
Prop_Perspectiv said:
We are early stages at the moment but moving forward quite quickly. It's the work/life balance that is out at the moment. Also, having children young. It has meant that we are juggling young (therefore very dependant) children during the most labour intensive stage of wealth creation.
Click to expand...

Call me selfish, but this is part of the reason I'm not very keen on having kids. Theres other reasons too, but this isnt the right thread for it. Seems to upset most girls though :rolleyes:
 
dtraeger2k said:
Call me selfish, but this is part of the reason I'm not very keen on having kids. Theres other reasons too, but this isnt the right thread for it. Seems to upset most girls though :rolleyes:
Click to expand...

Not me, I had a 7 year gap between daughter 1 and daughter 2, daughter 1 nearly killed me, she never slept.

Also, I am of the opinion you can have a great life with/without kids. I have a very good relationship with both my children but its not the be all and end all and everyone should do what they want to do... now I will get off my soap box:)
 
sanj said:
i cant say that i have ever heard this. self made is only if you have no one to learn from? seems to be a silly test.
Click to expand...

Sanj, I mean if you have no one in your family who has ever done the same. If you do grow up in that environment, you are naturally going to know it.
 
MsAli said:
Sanj, I mean if you have no one in your family who has ever done the same. If you do grow up in that environment, you are naturally going to know it.
Click to expand...

And im saying i disagree with this. It should in no way take away from someones achievements if they happen to build a great business but their uncle did too.
 
sanj said:
And im saying i disagree with this. It should in no way take away from someones achievements if they happen to build a great business but their uncle did too.
Click to expand...

Not saying they didn't. Just that it helps. Our perceptions are different so we can agree to disagree.
 
MsAli said:
Not saying they didn't. Just that it helps. Our perceptions are different so we can agree to disagree.
Click to expand...

It absolutely does help, no argument there.

happy to disagree here, i see no problem with someone being considered self made if he/she has a successful relative or someone to learn from. if it was that easy there would be a hell of a lot more seminar/mentoring attendees who are successful
 
Back on the original topic - how do Somersoftians propose someone goes from starting from scratch to 100k pa?

The reason I ask is because a lot of the success stories are by people who already had their home (partially / fully) paid off. Therefore they drew the equity out, bought houses / shares with it and were wealthy relatively quickly. I dont wish to detract from their success at all though.
 
Jake Milne said:
These are both extremely ambitious goals and out of 500+ clients I've only a handful that have had the tenacity and determination to secure 10+ properties in 5 years or so years.
Click to expand...

Actually I don't think it's hard at all and I'm pretty lazy really. I did get pretty motivated for those few years though. :D

We had 2 (one PPOR 1 IP) in 2008 when I joined this forum. Now we have 10 CF+ properties with less than 50% LVR. Going part time with work next year.:D
 
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