July edition of The Somersoft mag - oops I mean API

Smart choice Sinds! ;) ....good work...

I don't know about talented people at the largest investment bank in OZ....most of the people I have met there have very inflated egos and not much chop.........not the smartest people in my opinion.

Oh...now that you are in the open...watch out for envy...it manifests in many ways....your life will get more interesting...as more people find out about your success....the both of you are brave coming out in API. Being a investment bank you will be recognized as they will read API...more than say a tech company.........:D

Good on you for breaking out of the mold..

Thanks MIW :).

Actually I'm not sure if it's the IT profession? I've worked with some of the smartest and supposedly people with an entrepreneurial approach to getting results for an organisation that is quite hard to get into. Although people are very smart, I don't think many invest. I also think like all other corporate organisations, the message is to stay small, stay within your skin, don't challenge the status quo, don't be politically incorrect. All that did not sit well with me. I just cannot be politically incorrect. I wanted to break that mold. Fortunate for me, I found a good mentor outside work when I was a grad who I worked with for sometime to challenge my beliefs of having to stay small to keep others comfortable. Sorry, back to your thought, I don't think most of my colleagues in IT were that driven. They were driven from respect of doing well at work....while I feel, although with big corporate ambitions originally, I did ultimately realise that it wasn't something that would allow ME to drive my destiny. It may from a money perspective, however it's fairly disempowering to be relying on somebody else to give you a performance ranking and that whether you will get 'that' promotion or not Or you may miss it altogether as 'that' project you were counting on will no longer go ahead. It's really soul destroying, when you give it your ALL. I feel so much more empowered with real estate!

I'm yet to meet many who are into IP (may be a couple? but none in my old IT team..I'm in a Finance/Accounting space now in project management). Some are into shares though etc...I've only met one person in all this time at work (an ex-colleague who moved areas) whose always been very supportive and a sounding board and he doesn't come from an IT background. He did BA for some time as well.

So yeh, not sure if it's the profession? Perhaps it is? May be IT people can sift through numbers/analytics better? But so can accountants -- that's monalisa :D
 
Smart choice Sinds! ;) ....good work...

I don't know about talented people at the largest investment bank in OZ....most of the people I have met there have very inflated egos and not much chop.........not the smartest people in my opinion.

Oh...now that you are in the open...watch out for envy...it manifests in many ways....your life will get more interesting...as more people find out about your success....the both of you are brave coming out in API. Being a investment bank you will be recognized as they will read API...more than say a tech company.........:D

Good on you for breaking out of the mold..

Hahahah Sash, we are not Sindhi!!!! or Guju for that matter :p

You reckon so...I don't mind people talking to us about real estate. Actually I miss that during work as I can talk real estate at all times. Envy is there I suppose...as I did send a copy to two of my ex managers that I was working with till late last year. Both very senior and at least 20-25 years older. They were happy to receive it...but didn't say a word after.

Also btw, interestingly...as you talk about egos...I guess it's the culture, that rubs off. I'm very direct and often people don't like it...what else do you expect....it is what it is. I couldn't work else where unless on my own :D
 
Yes...I know...I am taking the puussss..as they say ....in NZ....you are twins from Karachi related to Benazir Bhutto..well if API is to be believed....;)

Yes...I know the feeling ...about when people find out. I had a loud month colleague tell a Partner in a Big4 I was working for the number of properties I had...whilst at a dinner....after that there was like a 5 min uncomfortable silence.....then the guys asked me how many I had. At that time I only had 10....and I toll him the truth...he respected that...and the good thing is he was ok...and he treated me with more respect after that....but a lot will get envious or jealous.

Being direct is good...I hate people who are lets say politicians..but get promoted to jobs they can't do. Why....because.....I end of being the cleaner for the these people...just like the Harvey Keitel in the movie pulp fiction....I like that...no people to manage! I used to manage 15 professional types in IT...what a nightmare...I still manage but only on projects. Easy to get rid of tossers...

Hahahah Sash, we are not Sindhi!!!! or Guju for that matter :p

You reckon so...I don't mind people talking to us about real estate. Actually I miss that during work as I can talk real estate at all times. Envy is there I suppose...as I did send a copy to two of my ex managers that I was working with till late last year. Both very senior and at least 20-25 years older. They were happy to receive it...but didn't say a word after.

Also btw, interestingly...as you talk about egos...I guess it's the culture, that rubs off. I'm very direct and often people don't like it...what else do you expect....it is what it is. I couldn't work else where unless on my own :D
 
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Yes...I know...I am taking the puussss..as they say ....in NZ....you are twins from Karachi related to Benazir Bhutto..well if API is to be believed....;)

Benazir Bhutto was Sindhi btw. The only common thing between us was her home was not too far from where we were and was on way to the Clifton beach. Never seen her.....seen her house though from outside :D

Yes...I know the feeling ...about when people find out. I had a loud month colleague tell a Partner in a Big4 I was working for the number of properties I had...whilst at a dinner....after that there was like a 5 min uncomfortable silence.....then the guys asked me how many I had. At that time I only had 10....and I toll him the truth...he respected that...and the good thing is he was ok...and he treated me with more respect after that....but a lot will get envious or jealous.

Didn't know you worked for an accounting firm? Interesting...so far it's ok. And we have a lot to do. This by no means is the end to it. We've only just started :). We won't be stopping no matter what people may think. Some may say that we work to build our portfolio....it wasn't the case when we started but now we are in a position to say that it is a big driver for us. And...people have different drives...some want to travel, drive a nice car etc...our vice is property. So be it :)

Being direct is good...I hate people who are lets say politicians..but get promoted to jobs they can't do. Why....because.....I end of being the cleaner for the these people...just like the Harvey Keitel in the movie pulp fiction....I like that...no people to manage! I used to manage 15 professional types in IT...what a nightmare...I still manage but only on projects. Easy to get rid of tossers...

Managing people is challenging. I was managing off shore resources last year - 20 of them. Couldn't keep them happy. But great experience nonetheless. I guess, I learned a lot about myself.....and may be it will help with future endeavours :D
 
Smart choice Sinds! ;) ....good work...

I don't know about talented people at the largest investment bank in OZ....most of the people I have met there have very inflated egos and not much chop.........not the smartest people in my opinion.

Yes, many leaders, but not many followers in that environment, and Sash, I didn't realise your background is similar???
Perhaps they are intelligent in what they do, in what they specialise, but it doesn't mean they are wise, right? I know of one friend doctor, who is such a great doctor, but suffered huge $ losses during GFC as did not take control of her finances, delegated this part to the so called experts, that had to go back to part time work. So being intelligent in ones taught profession wouldn't in my view, be an indicator of how wise the person is in life, how balanced life they live and how they grow.
I see many intelligent people sacrificing their marriages, families, their spiritual life, well basically the values they started with, for their chosen careers. That's nothing wrong with that if that's their prerogative and they are happy in life, but IMHO, I think what good a multimillion $ portfolio would be to me if I had no one to share it with, what good is it if I am unable to enjoy it via my health, or with family, or with the close ones.
Also, I think most in corporate world prefer the stocks, having the liquidity there....
 
I know of one friend doctor, who is such a great doctor, but suffered huge $ losses during GFC as did not take control of her finances, delegated this part to the so called experts, that had to go back to part time work.
I was listening to one of Rob Kiyosaki's audio tapes some years ago, and he was talking with a panel of folks about the mindset for investing and general finances, etc

One was a lady who was co-partner in his business, who was also instrumental in setting up a Bank.

The other was also a lady - who is his tax strategist and accountant.

They were talking about "upside down" finances - where folks earn money (high income money), but were loading themselves up with "doodads" and lifestyle debt and just stuff.

The accountant mentioned (and the Bank lady agreed) that Doctors - as a group - were perhaps the most "upside down" with their finances of all the professions.
 
So true...not many doctors actually retire wealthy.....they are jaded by their professional training which causes to be risk averse....;)

Anyway , I don't think there's much human interest in a doc who's made money . We're all meant to be loaded .



Cliff
 
OK...i now have to ask the question....you guys have a website now....when are you setting up your own business??? :)

Benazir Bhutto was Sindhi btw. The only common thing between us was her home was not too far from where we were and was on way to the Clifton beach. Never seen her.....seen her house though from outside :D



Didn't know you worked for an accounting firm? Interesting...so far it's ok. And we have a lot to do. This by no means is the end to it. We've only just started :). We won't be stopping no matter what people may think. Some may say that we work to build our portfolio....it wasn't the case when we started but now we are in a position to say that it is a big driver for us. And...people have different drives...some want to travel, drive a nice car etc...our vice is property. So be it :)



Managing people is challenging. I was managing off shore resources last year - 20 of them. Couldn't keep them happy. But great experience nonetheless. I guess, I learned a lot about myself.....and may be it will help with future endeavours :D
 
I saw the article last night while shopping in Woollies, so I stopped and read about the famous twins!

Well done ladies - inspirational and you looked great in the photos too.
 
Hi all,

The team here at API have been following this thread (no surprise there I guess) and wanted to say we, of course, also love what Sana and Mona have achieved and how they've let us share their story. It's quite the privilege to have investors like them in our pages.

We're always on the lookout for great property stories to tell, so if you have an interesting journey or inspiration project and you're keen to tell readers about it, please drop a line to [email protected] - the door is always open.
 
Congratulations on your success ladies. I enjoyed the story of your journey so far.
Also pretty sure that young developer Jeremy featured a couple of pages over in the same issue also contributes to SS. Another positive mindset doing great things in the property world.

I must admit it was a few of Jan Somers books about 15 years ago that really got me motivated for property investment by sharing the extraordinary achievements of motivated, everyday people that really just back themselves. API also makes a habit of sharing the experience of real-life people, made better by mentioning the inevitable stumbles that people encounter along the way.
Cant wait to see who is the next forum person featured in this mag.
 
Well done ladies! stories like these do fuel the fire to get going and buy buy buy!

With regards to your strategy of strata properties townhouses etc, often they are put down by some because of the strata fees not going into your pocket etc etc but i see them as a good way to get going like you have. How do you find the strata, maintenance and any other fees go versus a house?

Imo the yields for these properties are slightly higher and at the end of the day all coming out in the wash or close to, perhaps only slightly worse off than a house. But with the positive of lower entry price.
Also do you find there are lower maintenance compared to a house?

With the current loan and apra changes going on I'm looking at changing the strategy for the next couple of buys to get the most out of equity avail as the next 2 were going to be houses but think that changing to town houses will be better use of equity to get some runs on the board
 
Congratulations on your success ladies. I enjoyed the story of your journey so far.

I must admit it was a few of Jan Somers books about 15 years ago that really got me motivated for property investment by sharing the extraordinary achievements of motivated, everyday people that really just back themselves. API also makes a habit of sharing the experience of real-life people, made better by mentioning the inevitable stumbles that people encounter along the way.
Cant wait to see who is the next forum person featured in this mag.

Cheers Foxy Moron. Love your nickname. We were a bit confused after committing to it. Though, it was on the bucket list so had to be done :).

Well done ladies! stories like these do fuel the fire to get going and buy buy buy!

With regards to your strategy of strata properties townhouses etc, often they are put down by some because of the strata fees not going into your pocket etc etc but i see them as a good way to get going like you have. How do you find the strata, maintenance and any other fees go versus a house?

Imo the yields for these properties are slightly higher and at the end of the day all coming out in the wash or close to, perhaps only slightly worse off than a house. But with the positive of lower entry price.
Also do you find there are lower maintenance compared to a house?

With the current loan and apra changes going on I'm looking at changing the strategy for the next couple of buys to get the most out of equity avail as the next 2 were going to be houses but think that changing to town houses will be better use of equity to get some runs on the board

Cheers Bob. Actually, when we started purchasing, the rates were over 7%. Since we were starting out in both our corporate careers and investing careers, cashflow was essential. All our purchases were +ve from day 1. Except for two purchases which were both houses. Further, I don't understand the house vs. unit/villa/townhouse debate, if you aren't going to develop. If you're starting out, just go do it...buy something. In Sydney these have doubled in the last 3-5 years alone so I don't think you should limit yourself (unless of course you see warning signs like oversupply). If you can only afford a unit/townhouse, go buy it than wait and then realise the market has moved significantly. E.g. in 2013 April, you could buy a 3br townhouse in Mount Druitt for $315k. A few weeks ago, there was a sale for $470k....go figure. Someone willing to take action would have bought it as opposed to someone who was dwelling on a house (pun not intended) that they couldn't afford and then missed the market altogether and lost 155k equity gains.

I think it's important to adjust your expectations with the market, especially if it's a rising market. I'll tell you a story. Someone I know referred a friend who wanted to buy in Western Sydney and asked us for input. This guy was working interstate. We were happy to give our input and even put him in touch with agents. This is in Jan 2014. He said he wanted to buy a $650k house for $550k in Seven Hills and the floor plan had to be JUST LIKE his parents' home in Plumpton. We told him...good luck. He didn't take action. A year later, he dropped a line saying now he had adjusted his budget to $650k....yet he was 100k behind!

Strata fees weren't so bad at the time of purchase, but they are creeping up slowly. We haven't really had any issues, other than one creepy owner in the complex we have lived in. He had issues with every thing. Apparently he owns 2 investments with his wife :rolleyes:. Helicopter landlord who privately manages and keeps coming to the complex. We haven't had any other issues. In fact you're right, they are lower maintenance and being in the west, most of them are with the same strata company (fortunately) and are spotless.

Also, we've only ever attended one property's strata meetings where this helicopter landlord owns. The others, I feel I get too much mail from that I don't tend to spend too much time on. I should now have it re-directed to the PM.

As for APRA changes...these will impact most who are borrowing to purchase. So people are in the same boat. We're looking at re-balancing the portfolio in the near future as well as looking at interstate markets. I just think attitude is key. If you have a strong intention to make something happen, you will find a way to make it happen. I'm just focused on making things happen and not taking 'no' for an answer.
 
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I subscribed API and I read your article a few days ago .....

And I only now realised you are on SS!

Well done! It is great to see your stories of determination. Your life must have a lot of challenges when you first arrive in Australia.

I found Sydney to be very expensive when I first moved here in 2000. I had virtually no savings as I was only working for 1 year after finishing uni. I had to work (in IT) my way up and saved for my deposit for my first home after marrying Mrs Kamchatsky. It pretty much cleaned up my bank balance. Of course looking back it is all worth it now that Sydney has risen up again!
 
I subscribed API and I read your article a few days ago .....

And I only now realised you are on SS!

Well done! It is great to see your stories of determination. Your life must have a lot of challenges when you first arrive in Australia.

Thanks Mr. Kamchatsky. Actually, this ^^. It's very difficult migrating and setting yourself up in a new country...especially in mid teens when people who are your parents' age here are well established and you're starting from scratch.

I couldn't ever do it again. Though looking back, if I could give one advice to my 15 year old self, it would be - have faith, even when there is a lot of uncertainty about where life is headed.

I found Sydney to be very expensive when I first moved here in 2000. I had virtually no savings as I was only working for 1 year after finishing uni. I had to work (in IT) my way up and saved for my deposit for my first home after marrying Mrs Kamchatsky. It pretty much cleaned up my bank balance. Of course looking back it is all worth it now that Sydney has risen up again!

I bet it is :) Happy investing!
 
Oh yeah I'll be buying! Just whether it's 2 houses or townhouses this year!

Gotta be in it to win it! Ive spent the last 10 years learning ;) after buying in Penrith. equivalent of buying today!! I've seen the cycle and appreciate quite a bit! It's cost me but i wasn't in the right frame of mind, young (simpler age to you now) and then plus not having the right resources around me. confident i know more than the person who has been looking after my current loan.

Those creepy owners can deter tenants from staying longer. We have been moving around around with work the last 5ish years, (to learn about all the different types of dwellings!) And the last place was a unit in a serviced apartment block, the on site manager was a nightmare! On to everything (which can be good too) but just a really annoying, unfriendly power hungry type person. She owned a couple too. Not our one. But on the first day there was no hello just here is a list of rules, and mentioned no loud music after 10, while i was with my 3 year old! She may have been hinting she hates kids! There pm we dealt with politely said she was a pain on the behind! Those types put everyone of side! I did however secretly enjoy telling her that it was quiet in the building occasionally, this was in Gladstone late last year so she had quite a few things not to be happy with!
 
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