Investing journey

LOL - I'm usually pretty good with the acronyms (have to stop myself using them too much on SS, because I realise that some of them are abit vague if you are trying to guess).

GF - The only thing that came to my mind was Girlfriend, but I think you are right that granny flat makes more sense.
 
Skater - what sport did you do?

Hockey? :p

Ice skating I gather?

Hockey!:confused: Sheesh!

Your other guess was close. It is Artistic Roller Skating (figure skating). Very similar to Ice, but is more difficult and not cold (I don't like the cold). I had to give up, unfortunately due to oesteoarthritis, but Hubby is still competing (now dancing with a girl half my age), and Lil is pursuing it down in Melbourne. The eldest gave up at eighteen. We also judge, coach and do various other officiating duties.
 
Nothing!

While there are many, many things we did wrong and certainly would be a lot wealthier for changing things, at the end of the day, changing some of the most crucial things we did would change where we are living, which would change a whole lot of other things in our life which I am sure we have a lot more comfort from than mere material wealth.

Very similar to Skater.

I am very thankful we followed our gut feeling and didn't use the carpenter who was to renovate our large property that we turned into 11 bachelor suites.He told us it would cost $xxx and it ended up being about 250% more.
We wouldn't have been able to afford him, as he had a tendency to always find things wrong...and that was "extra". We would have either been bankrupt or not able to rent out the property, because it was unfinished.

I am thankful we were naive enough to take his estimate of the reno, and purchase the property though. We used a more reasonable priced carpenter, who we had used on a couple of smaller projects.
 
LOL - I'm usually pretty good with the acronyms (have to stop myself using them too much on SS, because I realise that some of them are abit vague if you are trying to guess).

GF - The only thing that came to my mind was Girlfriend, but I think you are right that granny flat makes more sense.

Sorry rugrat, didn't mean to confuse you :)

Granny Flat is right.

Point taken about the use of acronyms.
 
My Journey

Well I was either lucky or stupid?
When I was 20, and straight out of Uni I had to move towns for a new job. I was destined for Geraldton WA on my stately salary of $32,000pa, huge amounts in those days, esspecially coming off a Uni students *ahem* salary.
I put all of my money into my first IP (at age 20). I did no research, however new the area pretty well, as it was where I had grown up. I didnt even view the house before purchasing, trusting my sister and Dad to do that for me. I borrowed 95% (from memory).
To be honest I couldnt actually afford the repayments, so had to take another job.
I then rented a 3 bedroom unit - which also had a study and moved into the study, then rented the other 3 rooms out to students and nurses. Meaning I lived rent free (talk about cramped)...

After a year or so my IP became neutral and things got easier, but harder also. As things get easier, you want more. Me - I wanted a real bedroom - so found another place to live, meaning I lived a better life, but had less money (paying rent).

I have kept going and have built a portfolio valued at a couple of mil and have the debt to show for it :D, however, nowdays I do earn a salary far above Kevs "average Australian" (I work overseas).
My most resent puchase is what is to be my first development. Things admittedly arent going to plan right now, however, they will (hopefully soon).

3 years ago I drew up my 10 year plan. This should see me retire at 35. However, already, I am behind due to banks playing silly buggers. But hey, I figure even if Im behind by 5 years, retirement at 40 aint too bad.

If I could have my time again I probably wouldn't change too much. However I would say the following.
a) avoid I/O loans. I am yet to meet anyone who ACTUALLY uses the money in better areas. (I know there will be plenty of people on here who will argue with that, it is just my point of view).
b) The long term is the dream, but you need to survive the short term. Cash flow IS important (I bought a vacant block of land for the long term, and wont do it ever again).
c) Investing in real estate is NOT easy. Learn as much as you can from others. Dont listen to people who tell you that you can't - listen to the people who will help you with the how.
d) You WILL need to make sacrafices.
e) Dont bank on what MIGHT happen (esspecially all you optimists out there).
f) Dont rely on others to do it for you.
And lastly - probably most importantly - have fun doing it.

Glad to meet you all, hopefully I can provide you with some information you find helpful, and hopefully others can do the same for me.

Kind regards
Black Dog
 
Thanks for sharing Blacky!

You sound like you have done well. I agree CF is very important.

Anyone else care to share their investing journey?
 
Melb Investing

I have quite enjoyed reading peoples journeys and thought i would contribute my own.

Bought 1st IP after going to a Peter Spann seminar in the early 2000's. Bought another relatviely quickly after that.

Somewhere between both of those purchases 5-6 years passed and then I thought we might as well buy another.

Anyway long story short - Started out with grand plans however - life somehow got in the way (including a year o/s) - which has meant the plans of being retired by mid 30's may now push out to 40. But as another poster said - 40 aint too bad. ;)

Other "regret" - the next interest rate rise will mean people struggle to pay mortgages and prices will reduce. Said this whilst looking for IP #4 in Northcote/Thornbury - only to be looking at similar places a year later for 100k more.:mad::rolleyes::confused:
 
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