When I first started, I remember reading a SS interview per day during lunch and it would get me so pumped.
Wish I started earlier too, you are in a great position - already thinking about this at 25
My Story 10+ Properties by 30 yo
- Thread starter Michael_X
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When I first started, I remember reading a SS interview per day during lunch and it would get me so pumped.
Wish I started earlier too, you are in a great position - already thinking about this at 25
Cool story ! kinda reads a bit like an add tho ?
Yes, had my fair share of serviceability issues. Part of the reason for moving towards cashflow properties. Best advice here is find an experienced broker and map out a plan with them.
For the reno properties, this was around 3-6 months after purchasing the property.
Very inspiring Michael!
I was just wondering what you have done with your first buy? I hve also bought a unit with high body corporate . Its in a high rise building in the Brisbane CBD. I bought it about 8 years ago and is still negatively geared. I am thinking i might cut my losses and invest in a house in a better area?
I was just wondering what you have done with your first buy? I hve also bought a unit with high body corporate . Its in a high rise building in the Brisbane CBD. I bought it about 8 years ago and is still negatively geared. I am thinking i might cut my losses and invest in a house in a better area?
Very inspiring Michael!
I was just wondering what you have done with your first buy? I hve also bought a unit with high body corporate . Its in a high rise building in the Brisbane CBD. I bought it about 8 years ago and is still negatively geared. I am thinking i might cut my losses and invest in a house in a better area?
I've kept it. Even if I sell now, after transaction costs won't come out ahead so better just hold it.
There is a good tenant in place who has been there for several years so makes the decision a touch easier.
In saying I was quite tempted to sell it at the end of last year.
Very inspirational story Michael, thanks for sharing and congratulations on all your hard work paying off.
I'm in a similar position to how you were starting out, 2 properties at 80% LVR at age 28.
I'm still in 2 minds whether to borrow 80% or 90% on this years purchase, but your story has definately lead me towards the 90%.
In your opinion this was the better way to do it?
Also could i ask have you purchased your own home?
For me it's been a tough decision while still young whether to buy or rent.
I'm in a similar position to how you were starting out, 2 properties at 80% LVR at age 28.
I'm still in 2 minds whether to borrow 80% or 90% on this years purchase, but your story has definately lead me towards the 90%.
In your opinion this was the better way to do it?
Also could i ask have you purchased your own home?
For me it's been a tough decision while still young whether to buy or rent.
We started in very similar positions and at the same age
It depends on your strategy. My thoughts are
80% - if it involves a reno. The reason being your success will be dependent on a good reval. So having the flexible to do several valuations and select the best one will be important. This happened to me where we had a few shocking valuations but tried again with another valuer and got one that worked. If you paid LMI then you will be throwing this away if you changed lenders. The three renos I did were all at 80% lend.
90% - if your strategy is buy and hold this will work. Especially in a rising market. Get a bigger foothold in the door and let time do it's thing.
Speak to an experienced broker, I can't stress how important this is.
No, PPOR atm. I am trying to keep living expenses down as much as I can.
Michael, what a great story. Congratulations.
Nice work, what a rapid build up of a decent portfolio!
You must save 99% of your money lol
You must save 99% of your money lol
This is one probably best left for Michael - but fast equity growth is a lot more powerful than saving. No way can such fantastic stories happen in such a short period of time from savings alone - great investing required for something like this to happen.
I should of read page 2
Haha, no spelling issues but a few issues with pronunciation
Well done on your efforts mate.. btw how do you pronounce your surname?
