My Story 10+ Properties by 30 yo
- Thread starter Michael_X
- Start date
Definitely agree. Buy a slightly better product and you get a better selection of tenants.
My PM also tells me of another investor who focuses on the cheapies and spends alot on maintenance & repairs, the tenants in those houses aren't great either so it's a vicious cycle.
Awesome! Well done.
I'm keen to know whether you hold each property in a different trust to minimise land tax?
Edit: Just realised while I had this screen up, that this has been answered. So, I'm now keen to know how difficult it was to get these trusts up and running, and how expensive to maintain them. I'm guessing you need a tax return for each one?
I'm keen to know whether you hold each property in a different trust to minimise land tax?
Edit: Just realised while I had this screen up, that this has been answered. So, I'm now keen to know how difficult it was to get these trusts up and running, and how expensive to maintain them. I'm guessing you need a tax return for each one?
One of the IPs is on 1,000 sqm with good frontage so I sacrificed some yield for development potential later down the track.
There is the option for granny flats (pending the Logan Plan) and value adding downstairs on some properties.
The setup process is fairly painless. I just email my accountant with the name of the company & trust, they take care of the rest. Cost ~$2k and annual running cost around $1k.
Trust threshold is $350,000 so saving $3,500 if maxed. Figure that in the long run it's worth it.
Great work, I was looking in Logan before deciding to buy in Bathurst (2012). At the time of buying in Bathurst plan was to buy in Logan the following year (2013). But ended up skipping and going into development.
I like the path you have taken it's given you a great base, some room to value add (I was looking at properties with the same potential downstairs)
Would of been great to have more equity/cash to play with at the time.
Again thanks for sharing.
My story 10+ properties
Well done MichaelX. It is great to see someone so young do so well. Thank you for your story including the good and the bad. When it all turns bad it can be a lonely place (in your head). Once you can overcome this you can achieve anything. The more you do, the more you know and your goals will expand beyond your wildest dreams.
Well done MichaelX. It is great to see someone so young do so well. Thank you for your story including the good and the bad. When it all turns bad it can be a lonely place (in your head). Once you can overcome this you can achieve anything. The more you do, the more you know and your goals will expand beyond your wildest dreams.
Yes, I had good equity pulls from the three renos along with the Sydney properties. Organically Newcastle also did very well the past year.
Thankyou Michael. Gives great hope.
Logan seems ti have treated you so well. The rental returns are ridiculous compared to say Perth.
Just a question how do you work out what an area has done for the last 5 years? What resources do you use?
So how did ypur IP1 - IP5 go have they been as successful?
In Logan have you been buying houses or more units/apartments?
Thanks
Z6
I am hoping to do something similar to this
Logan seems ti have treated you so well. The rental returns are ridiculous compared to say Perth.
Just a question how do you work out what an area has done for the last 5 years? What resources do you use?
So how did ypur IP1 - IP5 go have they been as successful?
In Logan have you been buying houses or more units/apartments?
Thanks
Z6
I am hoping to do something similar to this
This is awesome and so inspiring for me to see as a young guy because it shows me my goals can be achieved too!
It's a similar strategy to what I want. I'm 25 and want to get started and was thinking of starting in that Logan area too. Might pm you with some questions. Would love some advice from another young guy who is achieving goals that I've set for myself.
I've got 40k in savings and am hoping to buy my first within the next month.
It's a similar strategy to what I want. I'm 25 and want to get started and was thinking of starting in that Logan area too. Might pm you with some questions. Would love some advice from another young guy who is achieving goals that I've set for myself.
I've got 40k in savings and am hoping to buy my first within the next month.
In terms of research, I use the following
Realestate.com.au - look at past sales closely
Google Maps - location is so important
Investar - at the beginning, this is really helpful to learn a new area and later on I just use this for valuations
Magazines - at the back, they have suburb stats like vacancy rates, suburb performance
Somersoft - type in the suburb name and see what others have said
IP1 wasn't successful, the studio
IP2 was success the apartment near Macquarie University
IP3 to IP5 were all renos and accelerated my equity position.
In Logan I buy houses, in particular highsets as they provide better yield.
