Dream Home is now IP

From: Marina .


Hi,

It was Oct 2000 and I posted a question on "Building your Dream Home and leasing it out."

Well the good news is that after a long journey and some major problems and stress our dream home is now complete.

All our friends and family think we have gone crazy to lease out such a beautiful home, and I admit we are feeling a bit emotional about the house, but this is the way it has to be for now.
Patience is a virtue, and we are happy living in our small old comfy house for now.
I tell you, People think we have gone insane.

This is what we set out to do, to do things opposite to the norm. There are many advantages to doing this and we will stick to this plan knowing that we will be able to live in it later on down the track.

The other great news is that the house and land cost us a total of $450K and we had it valued at $650K.


The other great news also is that we did not put one cent into it, we used the equity from 2 previous OTP purchases we made in January of 2000.

It has been an amazing journey to get to this stage from when we decided to take the plunge into property in Jan 2000.

So many knock backs from the banks, negatives from family and friends, when one door would close we had to think outside the square and look for another door that would open.

The most important factor in all of this is we had to overcome our FEAR OF DEBT.
Now we love the debt. Good debt is beautiful.
When we first discovered property it was like a big secret had been let out.
We were like kids in a toy shop, so excited and enthusiastic. At the start we wanted to share our secret and that is all we ever talked about. Friends and family got sick of us and hence we do not converse about property. I do not know why but now it feels like a big sin talking about property with friends and family.

Its been about 2 years now and in that time I have seen many friends and family buy brand new cars at $40-$50K on bank loan.
It truly makes me shiver..

Both hubby and I still have a lot of learning to do. We are booked into the Steve Navra course and we are going to join the Freestylers network in Melbourne.

I have a feeling that we are going to face some major hurdles with the banks in relation to rental reliance etc and our not so high incomes.

Well as they say "If it was easy everyone would be doing it"


Marina.
 
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Reply: 1
From: Dale Gatherum-Goss


Hi Marina!

Wooohooo!!!!!!!!!!

Well done. I admire your courage, your strength and your vision. You should both rightly be very proud of your achievements.

Dale
 
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Reply: 2
From: Rolf Latham


HI ML

Well done !

Uncle Steve will sort you out - no rental reliance problem if you have lots of equity

Ta

Rolf
 
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Reply: 2.1
From: Gail H


Congrats guys. I know what you mean about family and friends. Its even worse for me, as my partner hates IP, so I end up looking at properties on the net at 6am while he's asleep and reading this site for support and motivation. But I don't care, because I love it and I think its exciting.

Stick to your vision and good luck with it. I didn't know freestylers had a Melb branch - I may see you at a meeting one day.

Gail
 
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Reply: 2.1.1
From: Asy .


Hey Gail,

I know where you are coming from...

My husband hated IP's too. Didn't see the value in them...

Never mind...

I didn't see the value in him.

My new partner does see the value in investing.

There is light at the end of the tunnel, it's just sometimes a surprise who's holding the torch.

asy :eek:)
 
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Reply: 2.1.1.1
From: Owen .


Congratulations Marina. I hope it is the start of many more in future.

Owen

"Gambling promises the poor what property performs for the rich – something for nothing"
 
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Reply: 2.1.1.1.1
From: Simon H


That's great Marina!!

It's worth putting in the hard yards for the big pay off

best of luck, you deserve it!!

regards Simon H
 
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Reply: 2.1.1.1.1.1
From: Jan M


Hi Marina
It's great what you have achieved.
My husband and I also feel like we are in a toy shop!
We have learnt the hard way about sharing with family and friends and instead like to share with like minded people which is how I came across this invaluable website.
We are also in the process of joining freestylers in Melbourne and I look forward to meeting you.
Jan
 
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Reply: 3
From: Marina .


Hi,

Thankyou to all who replied for your kind thoughts and encouragement.

This forum is a great educational tool and very inspirational as well.

Marina.
 
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Reply: 4
From: D Mckay


G"Day all;
My good wife & i are also new to the IP world. We have one IP & are looking to purchase another soon. I have just been introduced to this site and find great inspiration from all your experiences.
Can anyone tell me if there is a Melbourne
freestylers group & where i can make contact
with fellow investors? For meetings etc.

Cheers & best wishes to you all
David & sue.
 
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Reply: 4.1
From: Joanna K


Hi David and Sue,

Look in the "Meeting Point" forum. Also the freestyler website www.freestyler.net.au



Kind regards
THE RENTAL SPECIALISTS

JOANNA KARAVASILIS
Principal

rentals@rentalspecialists.com.au
www.rentalspecialists.com.au
 
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Reply: 4.1.1
From: Les .



Marina and Peter,

Good for you - talk about kicking a goal; I think the pair of you just won the World Series on your own. Congratulations for doing things differently, and for having the guts to stick to it, despite having your sanity questioned by the family...

Once you get Steve Navra working his magic with all of that equity and his cashbonds, you'll be amazed at how quickly things can happen with future IP's.

For those who want to check on the Oct2000 posting that Marina referred to, either use "Search", enter "Dream home", and look for a title "Peter.L", then click on "Entire topic" to allow you to read the whole thread.

If that fails, open the Property Investor Archive, then click on "Bottom", then approx. 5 or 6 clicks on Previous. You are looking for a title of "Home Issues 7/30/01 (19)".


Regards,

Les


- "Eschew Obfuscation" - ;^)
 
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Reply: 4.1.1.1
From: J Parker


Congratulations Marina! I love to read inspiring posts such as yours. They really do spur the rest of us on!

As for negativity, isn't it funny how the family and friends who seem to offer the most "advice" have the least experience in actually buying property? It takes courage and strength of character to keep going at times, in the face of so much criticism, but you go girl!

WE're with you.
Cheers, Jacque :)
 
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Reply: 4.1.1.1.1
From: George M


Congratulations Marina,
i guess a lot of us know what its like to have unusual looks and stares from family and friends, and i am pleased you crystalised your goal. good for you

George Mariotti
 
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Reply: 5
From: Paul Zagoridis


Congratulations! A successful OTP story.

What is your take on OTP purchases in the current market?

Do you see value and opportunity out there at the moment?

Paul Zag
Dreamspinner
The Oz Film Biz site is archived at...
http://wealthesteem.dyndns.org/
 
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Reply: 5.1.1
From: Paul Zagoridis


OTP = Off The Plan

Entering a contract to purchase a property before or during construction. You view the plans and select the property "off the plan".

Paul Zag
Dreamspinner
The Oz Film Biz site is archived at...
http://wealthesteem.dyndns.org/
 
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