Best property Surprise
- Thread starter wish-ga
- Start date
The best suprise I have had is how easy it is, I reckon it to a snowball gaining in size down a mountain side. The thing has it's own momentum gaining it's own speed.
My wife "Toni" is dumbfounded at the sheer speed at which things are happening. We are on low incomes with a morgate on our PPOR yet since December 93 we have bought 3 IP's and getting ready for our 4th, we have had very good CG which makes things even easier.
regards
John
My wife "Toni" is dumbfounded at the sheer speed at which things are happening. We are on low incomes with a morgate on our PPOR yet since December 93 we have bought 3 IP's and getting ready for our 4th, we have had very good CG which makes things even easier.
regards
John
For me, the surprise was that my goal - of providing a "wage" after retirement similar to what I've earned throughout my working life - was considerably more "achievable" than I was expecting, and in a shorter timeframe that I would've thought....
In short, my IP career really started in 1999, after investing in books, seminars, etc. and then realising (on faith initially, then on fact later) that, despite my lack of remaining working years, I still have the chance of retiring on the kind of wage I have enjoyed over 30+ years in IT on retirement.
Now, to me, a less young person
, that is quite incredible. I was 53 when we paid off our home, then (almost immediately) re-borrowed the Equity to fund the deposits/costs of 2 IP's. (Didn't want ANY doubt in the ATO's mind about what loan was for which...)
I'd already worked out that it can take 2 years of negative growth (I love Excel !!) before things turn around, so was not troubled to see our Nett Worth drop in the short term. But, in less than a year, we were at it again (bought another IP - 50:50 with our son)
My 13 year goal (on starting out) has already become my 7 year goal !!!
If it takes 8 years, so what - I'm just blown away that things can happen so quickly with properties (and I am a frustrated carpenter anyway - can't be all bad - could be an enjoyable semi-retirement for me....).
And, yes, we've been the beneficiaries of the recent property boom - so, will we make the 7 year goal? I guess that's up to us !! But, if we do, YOU WILL CERTAINLY HEAR ABOUT IT
Regards,
In short, my IP career really started in 1999, after investing in books, seminars, etc. and then realising (on faith initially, then on fact later) that, despite my lack of remaining working years, I still have the chance of retiring on the kind of wage I have enjoyed over 30+ years in IT on retirement.
Now, to me, a less young person
, that is quite incredible. I was 53 when we paid off our home, then (almost immediately) re-borrowed the Equity to fund the deposits/costs of 2 IP's. (Didn't want ANY doubt in the ATO's mind about what loan was for which...) I'd already worked out that it can take 2 years of negative growth (I love Excel !!) before things turn around, so was not troubled to see our Nett Worth drop in the short term. But, in less than a year, we were at it again (bought another IP - 50:50 with our son)
My 13 year goal (on starting out) has already become my 7 year goal !!!
If it takes 8 years, so what - I'm just blown away that things can happen so quickly with properties (and I am a frustrated carpenter anyway - can't be all bad - could be an enjoyable semi-retirement for me....).
And, yes, we've been the beneficiaries of the recent property boom - so, will we make the 7 year goal? I guess that's up to us !! But, if we do, YOU WILL CERTAINLY HEAR ABOUT IT
Regards,
Is how we made $75k or over 100% roi on a deposit of $1k without having to borrow any money at all.
I read about it, heard about it, never thought I could do it but I did. The best thing is that everyone thought we wouldn't make it, we really had no uspport at all but we proved them all wrong.
I read about it, heard about it, never thought I could do it but I did. The best thing is that everyone thought we wouldn't make it, we really had no uspport at all but we proved them all wrong.
This is more how using a "little" bit of knowledge can create a "surprise", but im
trying to spread some joy nonetheless.... By doing a bit of research bought a
block of land in Melbourne in april 2003 for $96K, using the bank revaluation in
may 2004 of $140k it helped us build our first ever ppor for a total of $350K
house and land, which was completed 21st december 2004..Merry Christmas!!!
One year later in jan 2005, employed a private valuation by a bank panel
valuer and were happily "surprised" when the new valuation of $410k was
accepted by the bank ($60k in a plateuing Melbourne market!!), allowing us
to pull out some equity and move on to purchasing property no.2, which we
settled today!!!! (Friday the 13th, we were half expecting to see a house
missing from the block when we went and got the keys this arvo, so we were
happily surprised to see it standing there waiting for us )
I guess you create your own luck by taking some action, and get a few
happy surprises along the way.
trying to spread some joy nonetheless.... By doing a bit of research bought a
block of land in Melbourne in april 2003 for $96K, using the bank revaluation in
may 2004 of $140k it helped us build our first ever ppor for a total of $350K
house and land, which was completed 21st december 2004..Merry Christmas!!!
One year later in jan 2005, employed a private valuation by a bank panel
valuer and were happily "surprised" when the new valuation of $410k was
accepted by the bank ($60k in a plateuing Melbourne market!!), allowing us
to pull out some equity and move on to purchasing property no.2, which we
settled today!!!! (Friday the 13th, we were half expecting to see a house
missing from the block when we went and got the keys this arvo, so we were
happily surprised to see it standing there waiting for us
) I guess you create your own luck by taking some action, and get a few
happy surprises along the way.
Like Les we have started the property game rather later than most. Realised we would be rather short of a buck in retirement if I didn't do something so we bought 3 properties in Brissy toward the top of the market.
Groaning under the weight of -ve gearing I went off to Sydney to a Steve Navra seminar................glimmers of hope.
Steve showed us how to access more equity and invest in his fund - distributions are funding the property losses. WOW we have some lifestyle back while we await some growth in Brissy. This was a great surprise to me. If you had told me 5 years ago I would be putting borrowed funds into shares - no way Jose!
So in hindsight we are the innocents that bought toward the top of the market. 2 x properties in late 2002 and the other in 2004 - yes with a lot more knowledge one would not do this. But on the other hand we HAVE done it and have a structure capable of holding through the tough times. We are not value adders or renovators - we are buy, hold and pray people. Some kind soul on this forum said 7-10 years makes good most untimely property purchases. I hope so
Another surprise had been this forum. I learn something most days (I've got a lot to learn). I used to cringe when people talked about chat rooms - but now understand "oils aint oils".
Cheerio
Bawley
Groaning under the weight of -ve gearing I went off to Sydney to a Steve Navra seminar................glimmers of hope.
Steve showed us how to access more equity and invest in his fund - distributions are funding the property losses. WOW we have some lifestyle back while we await some growth in Brissy. This was a great surprise to me. If you had told me 5 years ago I would be putting borrowed funds into shares - no way Jose!
So in hindsight we are the innocents that bought toward the top of the market. 2 x properties in late 2002 and the other in 2004
- yes with a lot more knowledge one would not do this. But on the other hand we HAVE done it and have a structure capable of holding through the tough times. We are not value adders or renovators - we are buy, hold and pray people. Some kind soul on this forum said 7-10 years makes good most untimely property purchases. I hope so Another surprise had been this forum. I learn something most days (I've got a lot to learn). I used to cringe when people talked about chat rooms - but now understand "oils aint oils".
Cheerio
Bawley
I like this topic, it brings back good memories, of when I was struggling and had little money and then to suddenly find out your property is worth far more than you guessed.
This has happened a few times, and it`s the greatest feeling, I can remember driving to work with renewed energy like I was a rich man already, I`m finally seeing my way out of the struggle! .
This has happened a few times, and it`s the greatest feeling, I can remember driving to work with renewed energy like I was a rich man already, I`m finally seeing my way out of the struggle! .
