How do you celebrate breaking the first $1m in debt?

[vincenzo]

Just bought my first little piece of SA! I haven't settled yet, but on settlement day there's gonna be a bit of a party

I dunno if i should be getting a happy meal or going to somewhere like grossi florentino's?

I've only told one fellow investor so far (who thinks i'm a little crazy for getting into wayyy to much debt but he's just being friendly and adivsing caution really) I thought i'd share here aswell. It's weird, because the few people i know that are aware of my ip's, look at me like i'm this big investor... but here at ss i'm just another junior!

 

[Nathan]

when i hit a milestone, i usually celebrate by going all out and purchasing another IP.

 

[our obsession]

Love your work mate!

Congratulations and have fun celebrating, I feel the same way, sexy good debt.

Also a little of what Nathan just said...last week I signed the contract on some real estate and within 24 hrs had bought another...

Great fun, share the love.

 

[Propertunity]

When the Mrs and I first cracked the 'more than $1M in debt' level - we went out to dinner to celebrate.
We looked back on life when we first were married and had no idea we could find ourselves some years later to be in a position worthy of someone considering us such a good risk that they would lend us $1M
Maybe we could start a poll - Who here are negative millionaires?
Goodonya tho.

 

[Rob Williams]

That's just great! Thanks for letting me know $1m in debt was a milestone.
I celebrate each settlement with a bottle of bubbly, but never knew I could use $1m in good debt as an excuse to fork out my $5 per bottle at Dan Murphy.
When my next settlement goes through ont he 14th of next month, I'll have two celebrations to catch up with you guys.
Next time, please keep me in the loop!!!

 

[Aaron Sice]

*gasp*

you ponzi specufestor!

how dare you amalgamate more when everyone else is having to give up more...?

no one likes a tall poppy mate - you better be careful...





















kudos

 

[vincenzo]

lmao you guys are funny

 

[stumunro]

congrats... I didn't celebrate that milestone either Looks like your not the only one that needs to do some catching up Rob!

Vincenzo, Kudos!

 

[BoatBoy]

No celebration for us on the first mill of debt, 1 mill in equity, now that was different.

I think we went to a cheap but good Vietnamese restaurant and drank Premium beer instead of domestic.

Dave

 

[Rob Williams]

I think we went to a cheap but good Vietnamese restaurant and drank Premium beer instead of domestic.

Now THAT'S just bragging!
I've been so focussed on getting over the $1m in equity line that I never really even looked at the debt side of it from a celebration point of view.
I'm $.5m past that, so I can either wait until I get to $2m or do a retro celebration for the $1m.
I'm going for the latter. Might even go for the $9.99 Omni. Nah. Only kidding. A $5 bottle will do me fine

 

[eggnog]

sorry to crash the party but why celebrate 1M in debts. you're kinda focussing on the wrong side of the equation. But I will congratulate you on the 1M+? of controllable assets.

 

[Propertunity]

sorry to crash the party but why celebrate 1M in debts. you're kinda focussing on the wrong side of the equation. But I will congratulate you on the 1M+? of controllable assets.

Well of course you are right but at say 80% LVR to be $1M in debt you have only $200K of equity. You need some kind of reward before that part increases to $1M

 

[our obsession]

Cashflow+:

1M+? of controllable assets.

Put beautifully.

 

[Piston Broke]

Why would i celebrate owing more money?
You can celebrate owning another property, IP etc but celebrating being
indebted to a bank?
Times are tough indeed.

 

[vincenzo]

I got about another 400k or so to go until i hit 1m equity, and there will definitely be a party for that one

And $1million of anything is always a reason to celebrate boys and girls! Just lost $1 million in shares? Time to go to the pub!

I think i will end up going to a laid back resturant, which is always easy & fun with our little 2 year old. There's a nice Yum-Cha resturant near me, i haven't been there in a while... mmmm, yum-cha, i can taste it already

$5 is too cheap Rob, c'mon... just get the omni, you deserve it.

 

[Propertunity]

Why would i celebrate owing more money?

Lots of reasons:
1. You have a good credit file report (still) in these difficult times
2. Someone thinks you are a good risk
3. You have control over an asset that is presumably growing at a faster rate than your costs
4. It is 2009 valued money and you get to pay it back (or at least service it) with future inflation-erroded money
5. IRs are historically LOW. If you were offered money at 5.x% 3 years ago - you would have (well I would have) taken as much as they would give me
6. You have OPM's to invest - you can create money for yourself using none of your own money
7...........I could go on

 

[BayView]

Just bought my first little piece of SA! I haven't settled yet, but on settlement day there's gonna be a bit of a party

I dunno if i should be getting a happy meal or going to somewhere like grossi florentino's?

I've only told one fellow investor so far (who thinks i'm a little crazy for getting into wayyy to much debt but he's just being friendly and adivsing caution really) I thought i'd share here aswell. It's weird, because the few people i know that are aware of my ip's, look at me like i'm this big investor... but here at ss i'm just another junior!

Your first IP is something to celebrate.

The debt is part of the journey, and then you buy another, and another.

Then you reach the magic $1 mill mark for debt.

This, to me, is a cause for celebration, because it means you have increased your nett worth to a point where you can be granted the (extra) debt by the Bank and it also usually means you can service it.

Don't sell yourself short; you are the big time.

As you say; most of your friends look at you as the big time investor, but now you are swimming in a pool (SS) with (slightly) bigger fish than your friends, so you may feel small time here.

Let's have this discussion again at the $5 mill mark.

 

[morty]

Congratulations Vincenzo!

Great news. You say that you've bought in SA, do you mind sharing where and what you've bought?

I'm looking pretty hard at Adelaide at the moment as i am looking to move over there soon.

Cheers
Morty

 

[Rob Williams]

I'm looking pretty hard at Adelaide at the moment as i am looking to move over there soon.

Where are you looking at the moment?

 

[morty]

I'm actually looking at buying a house to knock down and develop or maybe a hammerhead option. I've been looking around Plympton, Warradale, Parkholme areas as this is where my partner is from and we've decided we want to live in this area. Any thoughts?

Cheers
Morty