How far have you come
- Thread starter free_dom
- Start date
In 15 years, I've turned $8,500 into about $750,000 equity, including PPOR. Helped getting an 'equity injection' when I got married, but I'm sure I could have done much better if I'd planned better.
We came from very aristocratic beginnings.
Started out in 1983 by inheriting 16 mortgage free houses and a farm and a big boat. The olds were good like that. Never complained and saved all their life. We appreciated that.
In just 30 years, we've managed to turn that all around and now own a small 2 bedroom flat with a manageable mortgage. The farm got sold to pay for a big cruise around the world for the whole family. Life's too short to save we reckon.
We downgraded to a small dinghy which we still have. Top fun that thing, although needs a new outboard. The old one is stuffed.
Buggered if I know what happened to the sixteen houses, they just sorta went. Every time we sold one, it certainly reduced the maintenance bill, and the headaches.
Nahhh, life has been good actually. I can highly recommend being a trust fund kid. Finding parents who are savers is the tough bit. My kids will never have to worry about maintaining rental houses, that's for sure.
Doris and I will sell this flat eventually, buy a big flash car to last us out and move into community housing. I hear it's pretty good nowadays.
Started out in 1983 by inheriting 16 mortgage free houses and a farm and a big boat. The olds were good like that. Never complained and saved all their life. We appreciated that.
In just 30 years, we've managed to turn that all around and now own a small 2 bedroom flat with a manageable mortgage. The farm got sold to pay for a big cruise around the world for the whole family. Life's too short to save we reckon.
We downgraded to a small dinghy which we still have. Top fun that thing, although needs a new outboard. The old one is stuffed.
Buggered if I know what happened to the sixteen houses, they just sorta went. Every time we sold one, it certainly reduced the maintenance bill, and the headaches.
Nahhh, life has been good actually. I can highly recommend being a trust fund kid. Finding parents who are savers is the tough bit. My kids will never have to worry about maintaining rental houses, that's for sure.
Doris and I will sell this flat eventually, buy a big flash car to last us out and move into community housing. I hear it's pretty good nowadays.
I started in 1998 at the tender age of 22. I bought my first house which cost me $120,000 which was a house and land 4 x 2 in Sinagra WA. I never lived in it, rented it out as a IP from day one. It was back in the day when you could borrow 105%.
That same year I moved in with my then DH-to-be and we lived rent free in the old family property - rats in the roof, no guttering, carpet saving us from falling through a rotten floorboard. During that time we saved as much money as we could (and had a baby in 1999). In 2002 we sold my IP to raise money and used our savings to build our own home mortgage free.
We got married in 2003 and I hankered after another IP for ages. I got made redundant in 2004 (bit of a windfall plus compulsory sale of employee shares = more savings). Another baby in 2006. In 2007 we bought our first IP together, a house in Westminster on an 805sqm block that we knew we'd be able to put a triplex on and rented it out. And another baby in 2008.
In 2011 we demolished Westminster house and built the triplexes which were completed in April 2012. We rented out them out easily and intend to hold them.
In July 2012 we put an offer on another development block in Gwelup. We put 2 of the Westminster villas up for equity. We will build 4 houses on it.
Current IP Value: 1.2m
2013 IP est Value: 3.5-3.8m (1.9m debt)
3 kids and a wedding set up back a bit but we are now 38 and 40 and my career is back on track after kids. Now it's time to move on with our plans to hopefully retire before 55.
Hindsight Musings: I should have kept the original IP and used the equity in it to build our own house but I was still very young and didn't really understand the ins and out of what I was doing.
That same year I moved in with my then DH-to-be and we lived rent free in the old family property - rats in the roof, no guttering, carpet saving us from falling through a rotten floorboard. During that time we saved as much money as we could (and had a baby in 1999). In 2002 we sold my IP to raise money and used our savings to build our own home mortgage free.
We got married in 2003 and I hankered after another IP for ages. I got made redundant in 2004 (bit of a windfall plus compulsory sale of employee shares = more savings). Another baby in 2006. In 2007 we bought our first IP together, a house in Westminster on an 805sqm block that we knew we'd be able to put a triplex on and rented it out. And another baby in 2008.
In 2011 we demolished Westminster house and built the triplexes which were completed in April 2012. We rented out them out easily and intend to hold them.
In July 2012 we put an offer on another development block in Gwelup. We put 2 of the Westminster villas up for equity. We will build 4 houses on it.
Current IP Value: 1.2m
2013 IP est Value: 3.5-3.8m (1.9m debt)
3 kids and a wedding set up back a bit but we are now 38 and 40 and my career is back on track after kids. Now it's time to move on with our plans to hopefully retire before 55.
Hindsight Musings: I should have kept the original IP and used the equity in it to build our own house but I was still very young and didn't really understand the ins and out of what I was doing.
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Love it.
That's the old
How do you make a small fortune?
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Inherit a large fortune.
Cheers
Also you had few kids right? That is brilliant! Imagine what you can do in next 25 years!
Modest with a name 'Hot'I'm modest.
In about 17 years back, I had two suitcases (one had full of books and the other had cloths) and a flight ticket
Some how I managed to obtain an engineering degree, postgraduate degree, almost 3 kids and 3 IPs (about 300K equity - 20% of asset value). I couldn't have done any of these without my wife's help though
My ex husband cost me a lot, not to mention the 3 kids we had.
I'm lucky like daz, I will inherit well from parents who have saved hard, but they have also always had some sort of investments as well.
Now with my current partner since 2002, we have flipped a few and still have two investments, along with our current PPOR. We only have 3yrs until the last of my 3 kids fly the coop and I hope by then we can add another couple of properties to our portfolio.
We plod along, dh has started and run his own business for the past few years, I haven't worked as much and concentrated on getting the kids sorted and on their feet, so figure, with me back working again, the kids no longer eating us out of house and home, we will save a fair bit for the odd holiday.
When I do inherit, I hope to do it wisely and still have something left to pass onto my kids when I go. Mind you, I have told them thats a long way off and they still have to get onto their own two feet first.
I'm lucky like daz, I will inherit well from parents who have saved hard, but they have also always had some sort of investments as well.
Now with my current partner since 2002, we have flipped a few and still have two investments, along with our current PPOR. We only have 3yrs until the last of my 3 kids fly the coop and I hope by then we can add another couple of properties to our portfolio.
We plod along, dh has started and run his own business for the past few years, I haven't worked as much and concentrated on getting the kids sorted and on their feet, so figure, with me back working again, the kids no longer eating us out of house and home, we will save a fair bit for the odd holiday.
When I do inherit, I hope to do it wisely and still have something left to pass onto my kids when I go. Mind you, I have told them thats a long way off and they still have to get onto their own two feet first.
I purchased my first property aged 21. I was lucky I fell in the 12 month (?) window where you received the $14,000 home owners grant. I had a mate of mine move in for 12 months to help me pay the bills then rented the property out for a year and a half close to neutraly geared. Property was purchased for $340,000
I sold the property 3 years later for $465,000 after doing a $15,000 renovation...taking 6 months as I kept running out of money. Lesson learned
I researched US property for 6 to 12 months after that and, using 3qtrs of the profit from the sale, I now own 2 properties / 5 apartments, in the US with a net return before tax of about $3,000 a month.
I will be buying 1 more int he next few months then refinancing before buying another 1 or 2. Hoping to get close to $10,000 net income before tax a month in the next couple of years or at least before I'm 30. Not sure what to do after that, maybe look back into investing here depending on what happens with the market.
I know I'm one of only a few on this website with this opinion but house prices are just way too expensive at the moment
I sold the property 3 years later for $465,000 after doing a $15,000 renovation...taking 6 months as I kept running out of money. Lesson learned
I researched US property for 6 to 12 months after that and, using 3qtrs of the profit from the sale, I now own 2 properties / 5 apartments, in the US with a net return before tax of about $3,000 a month.
I will be buying 1 more int he next few months then refinancing before buying another 1 or 2. Hoping to get close to $10,000 net income before tax a month in the next couple of years or at least before I'm 30. Not sure what to do after that, maybe look back into investing here depending on what happens with the market.
I know I'm one of only a few on this website with this opinion but house prices are just way too expensive at the moment
$3,800 plus the grant in 2002 bought a small house in regional victoria.
Now roughly 1.5mil is assets and (exactly) 1.2 mil debt. I too was lucky enough to get an equity injection when I married and about $200k of non deductable debt as well. We havent sold anything, or added to the portfolio for that matter for the past 3 years.
Now roughly 1.5mil is assets and (exactly) 1.2 mil debt. I too was lucky enough to get an equity injection when I married and about $200k of non deductable debt as well. We havent sold anything, or added to the portfolio for that matter for the past 3 years.
Bought (built, actually) our first house when we were 26 (2001), and now own 9 properties and have property equity of about $1.3M. Plan is to let things run another 12 or 13 years, by which time we hope to have about $4M property equity.
That's where the current plan ends. I've though about borrowing against the properties (using rent to service the loans) to buy other assets, such as shares and bonds. I'll think more about this closer to the time.
That's where the current plan ends. I've though about borrowing against the properties (using rent to service the loans) to buy other assets, such as shares and bonds. I'll think more about this closer to the time.
We bought our current PPOR 9 years ago in 2003 for 470k, right at the top of the Sydney boom.
I was 27 and wife 26.
We had a whole 20% deposit for that property and nothing else.
I was a builders labourer at the time and wife recently arrived from overseas and settled into a local job paying basic award wages.
Fast forward 9 years and 1 child later, we'll be holding +10 mil of property, after current development is complete.
All our properties are new, meaning maximum depreciation and minimum maintenance, the way I like it.
We owe a few dollars to the bank, but hope to have the LVR right down within the next couple years.
I was 27 and wife 26.
We had a whole 20% deposit for that property and nothing else.
I was a builders labourer at the time and wife recently arrived from overseas and settled into a local job paying basic award wages.
Fast forward 9 years and 1 child later, we'll be holding +10 mil of property, after current development is complete.
All our properties are new, meaning maximum depreciation and minimum maintenance, the way I like it.
We owe a few dollars to the bank, but hope to have the LVR right down within the next couple years.
How come I don't see "The HotRod Interview" in the interviews thread?!
He's in my sights now.....
The Y-man
Bought $221K PPOR in 2001 as a newly married couple (aged 27 and missus at 25). Climbed the corporate ladder over the next 5 years trying to pay off the PPOR - successful on both counts.
Lightbulb moment in 2006 commencing our investment journey buying our first IP with equity in PPOR. Fast forward today commanding a portfolio of ~$2.9M with roughly under $2M of deductable debt.
Goal: $10M portfolio within 10 years. Seriously gotto start rolling up my sleeves now..........
Lightbulb moment in 2006 commencing our investment journey buying our first IP with equity in PPOR. Fast forward today commanding a portfolio of ~$2.9M with roughly under $2M of deductable debt.
Goal: $10M portfolio within 10 years. Seriously gotto start rolling up my sleeves now..........
We've moved a couple of steps up the ladder beyond the personal exertion levels, though we still have a number of rungs to climb before breaking free of a job requirement.
How about yourself?
Yep me too... Just through business mainly, not all property though. (buy-Reno-sell helped with a nearly debt free PPOR)
