See Rob, your reputation preceeds you........she's up for a one time meeting only.we should arrange a meet one time for a latte
$2m in 22 months - Rob's story ..
- Thread starter Rob Williams
- Start date
Fantastic achievement Rob! Always enjoy reading your posts.
You're an Adelaidian too so we should arrange a meet one time for a latte
Cibo latte? If so, then I'm in. I love catching up with other investors. This property investment game is a fairly lonely one. Like most fields of endevour, it's crowded at the bottom but lonely at the top.
My shout, too, by the way. Mmmm Cibo baked apricot cheesecake. Yum!!
Great effort, Rob.
Just so we can keep this all in perspective; what was your PAYE income level while all this was going on?
The reason I ask is because for someone on $50k per year to do what you have done is astounding, while for someone on double that or more is way easier.
It's sorta like the guy who caught the 100lb fish; but what breaking-strain line did he use?
Just so we can keep this all in perspective; what was your PAYE income level while all this was going on?
The reason I ask is because for someone on $50k per year to do what you have done is astounding, while for someone on double that or more is way easier.
It's sorta like the guy who caught the 100lb fish; but what breaking-strain line did he use?
Hi Marc.
Well, not double, that's for sure. A bit more that the $50k, though. I don't spend a lot of $$ going out, buying clothes or going on holidays. The budget is quite tight and strictly adhered to. That's been a big factor in getting to this point.
ANZ recently refused to process my loan application because they challenged my living expenses, in particular, my outgoing rent.
Well, not double, that's for sure. A bit more that the $50k, though. I don't spend a lot of $$ going out, buying clothes or going on holidays. The budget is quite tight and strictly adhered to. That's been a big factor in getting to this point.
ANZ recently refused to process my loan application because they challenged my living expenses, in particular, my outgoing rent.
Actually, it's $2m in prime resi real estate. The debt is less than $1.5m.
That's cool, just wanted to clarify. $500k odd is still a very good result.
Well done Rob!
do u pay managements fees in Adelaide? coz from what I recall you don't have to. It's amazing.
If you bought that many units in Brisbane the body corporate fees, rates, insurance alone would kill you. Body corporate fees here is approx $3k pa.
I think it's really amazing what you have done in Adl coz I believe CG there is slower compared to Brisbane. If you owned that many units in Brissy, you would have a very high net worth!! and rents here are much higher too so probably a positive cashflow.
But I think the key is to have a plan in place and stick to it like you have done. Whatever works for you
I do prefer less properties but with more equity i.e 3 houses with $700k of equity rather than 8 units with the same amount coz if you needto raise cash quickly, it's easier to sell one house than have to sell 2 or 3 units. Just something to consider in your contingency plan.But it's also good to spread your risks over more properties.
Bayview - it can be done. It's IPs so you can use rent as income. We have always been low income earners and never had a loan refused yet. Our latest loan is for $520k with expected rental income of $650p/w and CG of $150k.
do u pay managements fees in Adelaide? coz from what I recall you don't have to. It's amazing.
If you bought that many units in Brisbane the body corporate fees, rates, insurance alone would kill you. Body corporate fees here is approx $3k pa.
I think it's really amazing what you have done in Adl coz I believe CG there is slower compared to Brisbane. If you owned that many units in Brissy, you would have a very high net worth!! and rents here are much higher too so probably a positive cashflow.
But I think the key is to have a plan in place and stick to it like you have done. Whatever works for you
I do prefer less properties but with more equity i.e 3 houses with $700k of equity rather than 8 units with the same amount coz if you needto raise cash quickly, it's easier to sell one house than have to sell 2 or 3 units. Just something to consider in your contingency plan.But it's also good to spread your risks over more properties.
Bayview - it can be done. It's IPs so you can use rent as income. We have always been low income earners and never had a loan refused yet. Our latest loan is for $520k with expected rental income of $650p/w and CG of $150k.
Hi Sue. On average, my body corp fees, land tax, rates, SA Water etc. etc. work out to around $2,500 per property.
The CG has been steady, without any spectacular growth. The Leabrook unit was purchased in 2000 for $79k. During the divorce settlement in March 2007 it was valued at around $180k. I've just had it revalued for a refi and it came in at $270k. Now you tell me I'm not getting CG and I should have invested in Brissy? Why didn't someone tell me that earlier
The CG has been steady, without any spectacular growth. The Leabrook unit was purchased in 2000 for $79k. During the divorce settlement in March 2007 it was valued at around $180k. I've just had it revalued for a refi and it came in at $270k. Now you tell me I'm not getting CG and I should have invested in Brissy? Why didn't someone tell me that earlier
Rob...congratulations on your rapid rise to fame....300+ in equity in 2 years is fantastic!!
Sue....bloody Rob has let the cat out of the bag about Adelaide..LOL!! Adelaide is one of those markets that is a consistent performer...it does not grow or decrease in value in a big way....but it is consistent. Also, Units can outperform houses...it just depends on demand and location.
I have three houses in Adelaide in Elizabeth, Paralowie, Parafield Gardens. People turned their noses up at these...I bought these for 112k, 190k, and 185k respectively in 2005, 2007, and 2007. These are now around 180k, 260k, and 250k respectively. So the growth in Adelaide is nothing to laugh at. This on top of relatively high yields 7-9%.
Bayview....as Rob has shown....income is not a primary factor in owning mutiple properties....rather it is buying well.
Sue....bloody Rob has let the cat out of the bag about Adelaide..LOL!! Adelaide is one of those markets that is a consistent performer...it does not grow or decrease in value in a big way....but it is consistent. Also, Units can outperform houses...it just depends on demand and location.
I have three houses in Adelaide in Elizabeth, Paralowie, Parafield Gardens. People turned their noses up at these...I bought these for 112k, 190k, and 185k respectively in 2005, 2007, and 2007. These are now around 180k, 260k, and 250k respectively. So the growth in Adelaide is nothing to laugh at. This on top of relatively high yields 7-9%.
Bayview....as Rob has shown....income is not a primary factor in owning mutiple properties....rather it is buying well.
Hi Sue. On average, my body corp fees, land tax, rates, SA Water etc. etc. work out to around $2,500 per property.
The CG has been steady, without any spectacular growth. The Leabrook unit was purchased in 2000 for $79k. During the divorce settlement in March 2007 it was valued at around $180k. I've just had it revalued for a refi and it came in at $270k. Now you tell me I'm not getting CG and I should have invested in Brissy? Why didn't someone tell me that earlier
Ay, tis all good, lad.
$500k of nett worth.
Now; I wanna see that double in the same timeframe it took to get the 7 IP's, thanks.
Having spent 18 years in a marriage in which I was constantly told that I wasn’t “good enough” to manage the finances and that I wasn’t “smart enough” to come up with nay good ideas, I knew that this was my time. Given my age, I knew that I had just one shot at making something good happen in my life and to achieve that I’d need a bold and decisive plan,,
After 18 years of that then the last few years must be the time of your life well done,sometimes it pays to talk a step backwards and just see everything from a different angle,just to make sure you are on the right track..imho willair...
After 18 years of that then the last few years must be the time of your life well done,sometimes it pays to talk a step backwards and just see everything from a different angle,just to make sure you are on the right track..imho willair...
Fantastic read thank you. Very inspirational!
Well done Rob.
Things to consider if you haven't already done so:
- adequate insurance cover, not just for buildings/rent, but also for the loan amount.
- stress test repayment cover - e.g. how long can you cover your monthly repayment if cashflow/income is under stress, and your backup plan for it.
Things to consider if you haven't already done so:
- adequate insurance cover, not just for buildings/rent, but also for the loan amount.
- stress test repayment cover - e.g. how long can you cover your monthly repayment if cashflow/income is under stress, and your backup plan for it.
Great work!
Very inspiring and imformative, your story tought me alot.
Cheers
Very inspiring and imformative, your story tought me alot.
Cheers
