Hi all,
I've never been one to set goals.. until last year when my employer/mentor encouraged it and this forum also showed the power of setting goals. I set a number of goals last year, all of which I achieved and I am now over the moon. I have set goals for this year and am confident I will achieve these as well
I have set my own short-medium term goals with regards to property investment (10 properties in 5 years) which is realistic and I will achieve... However, I'm a little embarrassed to admit I haven't established long-term goals..
I don't expect someone to make these goals for me as I know they are a personal thing, but a few small shoves in the right direction may be helpful..
If you were 21, what long-term goals would you set if you wanted to retire at say 50 years of age? I guess my options are something like:
- Buy 10 properties. Let each property roll over to P+I 5 years after purchase. In ~25 years I will have 10 properties mortgage free. Rent would be say $400/wk each so ~$200k pa.
- Buy 20 properties in total. In 20 years, sell off half and pay off debt for the remaining 10. Cash flow result same as above.
- Buy 20 properties. Retain all properties. Draw equity off 1-2 properties each year.
- Buy 20 properties. Retain all, and draw equity out and purchase commercial property for high net cash flow result.
Are these roughly the strategies generally taken? Are there other options I should consider when establishing my long term goals and then creating a strategy to achieve these?
Also, other than purchasing additional property, what can be done with equity? Can you use equity to buy cars, boats, holidays etc?
Any help would be much appreciated.
Thanks in advance.
I've never been one to set goals.. until last year when my employer/mentor encouraged it and this forum also showed the power of setting goals. I set a number of goals last year, all of which I achieved and I am now over the moon. I have set goals for this year and am confident I will achieve these as well
I have set my own short-medium term goals with regards to property investment (10 properties in 5 years) which is realistic and I will achieve... However, I'm a little embarrassed to admit I haven't established long-term goals..
I don't expect someone to make these goals for me as I know they are a personal thing, but a few small shoves in the right direction may be helpful..
If you were 21, what long-term goals would you set if you wanted to retire at say 50 years of age? I guess my options are something like:
- Buy 10 properties. Let each property roll over to P+I 5 years after purchase. In ~25 years I will have 10 properties mortgage free. Rent would be say $400/wk each so ~$200k pa.
- Buy 20 properties in total. In 20 years, sell off half and pay off debt for the remaining 10. Cash flow result same as above.
- Buy 20 properties. Retain all properties. Draw equity off 1-2 properties each year.
- Buy 20 properties. Retain all, and draw equity out and purchase commercial property for high net cash flow result.
Are these roughly the strategies generally taken? Are there other options I should consider when establishing my long term goals and then creating a strategy to achieve these?
Also, other than purchasing additional property, what can be done with equity? Can you use equity to buy cars, boats, holidays etc?
Any help would be much appreciated.
Thanks in advance.