Increasing Portfolio

[WebBoard]

From: Mike .


3rd property
From: adam randall
Date: 2/3/00
Time: 12:27:14 PM

Hello I have spent a long time looking for a group such as this. I have just bought my 3rd investment property, in an exclusive suburb of Adelaide(Skye). I paid $260k and I rent it out for $400 per week, so I'm pretty happy with my latest purchase.

I am only 26 years old, and have bought these houses through hard work (no one has helped me out) in actual fact I can now help my parents out. My mortgage is about 2600 a month and my rents are as follows: 165 p/w Athelstone 155 p/w Blakeview 400 p/w Skye and yes I live with my parents (best way to save). So I am in a pretty good situation (as long as interest rates don't go too high).

I agree with Jan Somers that interest rates should be fixed to minimize risk, however I don't I suppose its a risk I'm willing to take, and I really hope I never get burnt. If anyone wants to chat with me I can be reached at [email protected] .

I can talk for hours about investment properties. Also if anyone has any advise for me as I am still learning (and always will be) it will be most welcome.

 

[WebBoard]

Sue1

Reply: 1
From: Mike .


Re: 3rd property
From: Sue1
Date: 2/5/00
Time: 9:31:59 PM

Hi Adam and welcome to the group!

At 26 you are doing fantastic. I just wish I had started at 26.

At 26 my husband and I were paying off our own house, in fact we had had it for 8 years and probably still owed almost the same amount on it as we originally borrowed. We had no idea about property investing, we just wanted our own roof over our own heads. But at least with the magic of Capital Growth our property had doubled in that time.

We started investing in property 6 years ago after reading Jans book and now have 3 investment properties. Think what we would have had if we had started when we first married, 20 years ago this year. The mind boggles!

Can I ask what made a young man like yourself start out on this path to wealth. Was it a book you read or just some innate sixth sense.

Keep up the good work!

Cheers Sue1

 

[WebBoard]

adam

Reply: 1.1
From: Mike .


Re: 3rd property to sue1
From: adam randall
Date: 2/8/00
Time: 2:35:51 PM

Thanks for the reply. The reason I started investing in real estate was because I am really bad with money, and I needed to put it into something that I could not touch. After my third year in the Navy I was sick of being broke, and having nothing to show for it.

Not much has changed I am still broke all the time, however I now have something to show for it. Also I like the prestige side of things, it makes me feel good to tell people what I have done.

I am also a very lazy person I don't like working, so by the age of 35 I would like to be able to retire, or at least have the option of retiring, so that I can pursue the things I want, instead of doing what others want me to. My goal is 7 houses fully paid off, that would give me an income of about 65000 a year.