just a thanks - $1 million dollar in Properties just passed

K

Keen

Just a quick thanks guys - for any Newbies this is certainly the best and most unbiased site I've come across. It is rich in information and healthy in debate.

I've just purchased my 3rd Ip in 2 years and coupled with my PPOR ($330k) I now own over $1 million dollars of property and have reached my 1st goal (to buy at least 3 IP's - I will now look to hold for 5 years - sell 1 or 2 so I can pay out all Non-Deductable debt and then gear up again with the aim of holding a total of 6 - 8 IP's and be Debt free on my PPOR).

To some $1 million may not seem much. But I keep slapping myself as I know before I started this journey I would never have believe it possible. :D

Regards

Keen
 
Great job, Keen! Congratulations. Now that $1m doesn't seem like much to you, of course, you can aim for $10m! Then $100m! (Sorry, getting ahead of myself). The possibilities just get bigger and bigger the more you achieve.
Alex
 
Congratulations Keen,

That is a great achievement as getting that initial equity is the hardest part. Time will turn that 1,000,000 into 2,000,000 and you will be well on your way to achieving your goals.

regards,
Karina
 
Well done Keen, this is a great acheivement and I am very pleased for you that you have reached your first (stretch) goals of $1m property and 3 properties.

Well Done! :)

Best wishes

Corsa
 
Great Effort Keen !!

Look forward to getting to $1M worth of property as well, we have 4IP's but are only at about $910k value with about $650 debt, however rents are rising as well as values so all looks good for the years ahead.

REDWING
 
Fantastic Keen,

You are right to celebrate the moment and it's great to have people report their various successes here.
Well done mate, a goal has been reached !

What a great way to start my day ... reading something like this ... very uplifting.
Thanks
 
Keen,

As per the rest, congrats!! If you don't mind posting it, what is the net worth of your portfolio? That is, the $1m less what you owe the bank?? We are at about $820k (total value not net worth) and SO close to it we can smell it!!!

Congrats again and all the best on the way to $2m!!!

Dos
 
G'day Keen,

What they ALL said !!! Well done - put your feet up for a night, and re-run that course in your mind (do you remember the way you felt in buying "the first"? We do grow as we go, eh?)

Onward and upward.....

Regards,
 
Great effort Keen,

Good to hear about your successes. ;) There are plenty here including myself that aren't anywhere near where you're at.

Cheers
 
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Congratulations on achieving your goal, that always feels great :)

Can I say thought that I find it a fairly strange goal. I mean, I don't really see the relevance in having $1 million worth of property. Having a particular net worth or having a particular passive income I would have thought are more useful goals.
 
Glebe said:
Congratulations on achieving your goal, that always feels great :)

Can I say thought that I find it a fairly strange goal. I mean, I don't really see the relevance in having $1 million worth of property. Having a particular net worth or having a particular passive income I would have thought are more useful goals.
Click to expand...
Glebe,

Different people have different motivators - just because Keen's differs from yours doesnt mean they are any less relevant or important.

You obviously place a great amount of importance on net worth - others might not. I know of one or two people who place more importance on the number of children or communities they are able to help, or the number of hours they spend volunteering in community programs. Another friend measures their achievements by the number of teenagers they are able to move off the streets and into permanent care.

Ive personally had about 7 or 8 ongoing attempts at goal setting - some of them Ive achieved, some I havent, and some Ive had to modify because they werent right for me once I figured out where I was going... but I needed each of them to do so.

Each of us have different goals, and different ways of measuring how we get there. I think your own goals are admirable, and they are obviously what work for you.

I also think that to say that someone's personal way of getting there is strange and not particularly "useful" is a little judgemental and not particularly encouraging to the people we are all here to help.

Jamie.

Back on topic - Well done Keen! You set your first target, and you've achieved it!
Move on to your next goal, and let us know when you get there :D
 
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Thanks all. :D Keep plugging away guys - one block at a time as they say.

For those that asked:
Gross Worth: 1.045Mill
Debt: 0.745
Net Worth: $300k

Glebe, no offence taken. One must have a healthy gross worth initially inorder to grow a good net worth. I've reached that intial point - and so my net worth will grow.

Regards

Keen
 
Hi Keen,

I agree that having a certain gross worth in property is a suitable goal where you have bought high capital growth properties. If they acheive 9% or more per annum capital growth you will earn at least an additional 50% in gross value in the next 5 years.

It may not be such a useful goal if, for instance, they are lower growth propeties and you had a very high LVR (say 90%) with higher than usual interest payments.

I am one step behind you in gross equity stakes-hesitating on the third purchase.

I have no PPOR (I rent). I have 2 IP's (1) One in Gunn, NT worth about 265k. Residex predicts 16% p.a. captial growth for the next 5 years (2) One in Redfern 500k Residex predict 15% pa capital growth for the next 5 years.

Gross value 765k Loans 500k Current Net equity 265k current LVR65% Total rents 30k pa gross Total interst 35k pa

I could buy again in Gunn for about 265k which would put Gross value of properties at $1030k. Loans 780k Projected net equity 250k Projected LVR at 75% Total rents 42k pa gross Interest 56k pa

Assuming 15% pa capital growth across all properties (2 existing and one to be purchased) over the next 5 years I would earn another $1m in equity in this period.

Would be interested in others comments on this scenario.

Ajax
 
Keen said:
Just a quick thanks guys - for any Newbies this is certainly the best and most unbiased site I've come across. It is rich in information and healthy in debate.

I've just purchased my 3rd Ip in 2 years and coupled with my PPOR ($330k) I now own over $1 million dollars of property and have reached my 1st goal (to buy at least 3 IP's - I will now look to hold for 5 years - sell 1 or 2 so I can pay out all Non-Deductable debt and then gear up again with the aim of holding a total of 6 - 8 IP's and be Debt free on my PPOR).

To some $1 million may not seem much. But I keep slapping myself as I know before I started this journey I would never have believe it possible. :D

Regards

Keen
Click to expand...

Congrats Keen, I am in an almost identical financial position with PPOR and 2 IPs.

Why would you sell 1 or 2 in 5 years only to gear up again? Why not use the equity to gear up without the hassle and expense of selling? The continued growth in the properties is really why you are buying in the first place.
 
Keen, Congrats and well done. Its stories like yours that keep us all keen (pardon the pun ;) )to keep building our portfolios.
 
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