A Collection of Somersoft Forum Stories, Lessons & Updates

Discussion in 'Interviews' started by redwing, 5th Jan, 2012.

  1. redwing

    redwing Progress Not Perfection

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    Aaron Sice

    Another 2008 post, this contribution from Aaron Sice

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  2. redwing

    redwing Progress Not Perfection

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    Buzz

    There maybe additional posts or a full story within the forum vaults, but I only located this from Buzz in 2008

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  3. redwing

    redwing Progress Not Perfection

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    Mr Fabulous

    From deep down in the crypt, another great 2002 post; this one from Mr Fabulous


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  4. redwing

    redwing Progress Not Perfection

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    MoreIPs

    Also from a 2008 thread an update from MoreIPs


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  5. THEGREAT888

    THEGREAT888 Member

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    :p. need to read this long thread when have a little bit mire time
     
  6. kathryn d

    kathryn d Member

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    Update

    A lot has changed since AlmostBob wrote that first story.
    We do very little renovating.We make the property safe.
    Our tenants are not high earners. If they were, they'd buy their own house.
    We go for cashflow, as that is what we live on.
    Financing is more difficult, thus we need to be more creative.

    2004-purchase 3 bedroom mobile for daughter to rent
    cost is $21k. Rent was $405 month Now rents for $650 month
    2005-purchase 11 unit apt building $310K. Was bringing in $2900 month rent when we purchased it, and we now get $7600 month rent.
    2006 -purhase 3 bedroom house for $50K. Rent was $600 month.Tenant had a fire 6 months later. We rebuilt and cost us $20K more after insurance claim paid out. Now rents for $800 month
    2006- purchase 3 bedroom house for $63k.Rent was $650 month. It now rents for $900 month
    2007-purchase a 1 bedroom mobile home for $10k.Rented it $500 month. It now rents for $600 month
    2007- purchase a very large house for $200k.Obtain a DA to transform each room into a furnished, all inclusive bachelor suites.Has 11 bachelor suites in it now.Initially rented them all $6050 month. They now bring in $7k month
    2008-Purchase a 5 unit apt for $131k. Our 4 adult children and us all take an apartment. We all co-own it. When they finish paying their share, their names will be transfered to the deed.
    2008- Our former PPOR -4 bedroom house is now a rental.Value is $249K. Rent initially was $1000 month, it is now $1200 month
    2009- Purchase a 3 bedroom house on 4 acres for $125k Rent is $1060 month
    2009- Purchase a 4 bedroom house for $149k. Rent was initially $800 month. Now rents for $1000 month. The best part about this property, it has 4 mobile homes on it. The previous owner didn't put any value on them. He was getting $2425 on the house and 4 mobiles. We now receive $3525 month rent.
    2010-purchase a 2 bedroom mobile home for $20K. It is being purchased by our tenant in installments for $90k. If he misses a payment, all is forfeited.
    2011-Purchased a 2 bedroom mobile for $10k. Vendor initially wanted $15k. We offered $16, if he would take installments over 30 months. He declined.A few weeks later he reduced his price to $12K..we offered $10k cash. It now rents for $650 month.

    We retired in 2010, and live 8 months a year in Australia, and 4 months a year in Canada.
    We self manage. We have 2 couples in Canada who are our property superintendants. They are not managers. They are our eyes,ears and hands. They work for us only. We give them a break, while we are in Canada.

    We rent out our apt while we are in Australia for $750 month :)
     
    Last edited: 11th Jan, 2012
  7. vmay

    vmay Investor

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  8. jaycee

    jaycee Member

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  9. redwing

    redwing Progress Not Perfection

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    mlomas

    Another 2003 post from the SS vaults, this one from Margaret Lomas

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  10. redwing

    redwing Progress Not Perfection

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    MichaelW

    Another great story from 2009 that has it's own thread and ongoing updates; this one is from MichaelW

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    And from a 2006 post with regards to living within your means to achieve your goals

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  11. redwing

    redwing Progress Not Perfection

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    Michele b

    From 2002, Michele b's epic story and pointers


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  12. redwing

    redwing Progress Not Perfection

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    JamesD

    Another story from 2002, this one from JamesD


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  13. redwing

    redwing Progress Not Perfection

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    Smith Stevens

    The Doc - Smith Stevens 2002 story is posted below

    And

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  14. redwing

    redwing Progress Not Perfection

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    Blacky

    Blacky's journey 2010

     
  15. redwing

    redwing Progress Not Perfection

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    stumunro

    I did say it was an ecletcic mix and its been interesting reading the posts from various years and contributors

    Here's another great forum story, this one from stumunro in 2008


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  16. redwing

    redwing Progress Not Perfection

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    murtagh

    A 2008 post from murtagh, a short but positive story :D

    Like many of these earlier stories I wonder where people are at nowadays. AlmostBobs update was a great read

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  17. redwing

    redwing Progress Not Perfection

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    farmilor

    And also from 2008, an update from farmilor

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  18. redwing

    redwing Progress Not Perfection

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    Rixter

    Here's a 2010 post from Rixter on his capital growth averaging (CGA) strategy

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    With an update later that year

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  19. redwing

    redwing Progress Not Perfection

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    schmick

    Here's an upbeat 2009 post from schmick in 2009

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  20. redwing

    redwing Progress Not Perfection

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    bianca

    And a great update from bianca in 2005

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