the take away might be ..................
you invested in yourself in terms of money and time, applied what you learnt and probably made some money AND had some fun at the same time
ta
rolf
My Story 10+ Properties by 30 yo
- Thread starter Michael_X
- Start date
the take away might be ..................
you invested in yourself in terms of money and time, applied what you learnt and probably made some money AND had some fun at the same time
ta
rolf
Michael this is such an inspirational and refreshing story. I love everyones input on somersoft. it is sometimes more valuable than the people you talk to in real life. I love that you have been honest with ur epping off the plan unit.
I aspire to be in the same position as the nathans and Rolfs of this forum.
I feel very passionate about real estate but often times, feel like I am being misled by the nay-sayers. how do u keep motivated? how do u build ur contacts? do u just randomly reach out to people? are they open? I know that I have posed questions on Somersoft and people have private message me with valuable info
good luck and hope to hear more stories from you on this forum
Unfortunately there will always be nay-sayers out there. My suggestion is to reach out to other SS investors and surround yourself with like minded individuals, it's a great way to stay motivated.
Private messaging forumites is a good way to build contacts and you will be surprised with how open some are. Also come along to the meetups
Great read Michael thanks for sharing.
You show how far dedication and enthusiasm can get you at such an early age.
I remember having that same fire burn strong. Wife, kid and another on the way suffocated that fire down to a candle but it is still lit.
I managed four properties by 28 and then halted. All of a sudden it was important to go on overseas trips every year, buy new cars and generally relax the policing on cashflow that's required for property investment.
Im 32 now.
Last property was a $590,000 display home which crippled my cashflow.
But with the recent interest rates drops and a few pay rises I'm excited again. Whats your advice on fixing? Bankwest have some mouth watering rates for 3 years.
You show how far dedication and enthusiasm can get you at such an early age.
I remember having that same fire burn strong. Wife, kid and another on the way suffocated that fire down to a candle but it is still lit.
I managed four properties by 28 and then halted. All of a sudden it was important to go on overseas trips every year, buy new cars and generally relax the policing on cashflow that's required for property investment.
Im 32 now.
Last property was a $590,000 display home which crippled my cashflow.
But with the recent interest rates drops and a few pay rises I'm excited again. Whats your advice on fixing? Bankwest have some mouth watering rates for 3 years.
You shouldn't talk like that. All that will do is harbour resentment towards your family.
You need to ask yourself, why are you investing to begin with?
Mine is because I want to make sure I have enough to be happy and comfortable - I want to have the freedom to do what I want, when I want WITH MY FAMILY - I want to be able to spend time with my kids (while they are still kids), not have to worry about money, give them the best start I possibly can.
What good is money if it is the cause that drives them away. I'd rather have some money and be happy rather than lots of money and be lonely.
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Nothing is all of a sudden, these were choices you have control over.
Young
Hi Plantagenet,
Congratulations on starting a family. To me that's more important than any number of properties.
On fixing loans, it's hard to give advice without knowing your goals. Is it one of accumulation or your strategy is to set and forget?
Most of my loans are variable with only one fixed. I prefer the flexible during the accumulation phase and with the talk of further interest rate cuts, will most likely stay variable for the foreseeable future.
Thanks for sharing your story Michael, and thanks for taking the time to thoughtfully answer every single question. I'm sure you have a bright future, no matter what you do.
It would be great of you could update this thread every 12 months as there's obviously a lot of interest in your story.
All the best
It would be great of you could update this thread every 12 months as there's obviously a lot of interest in your story.
All the best
Well done michael,
Wish I had bought more in 4114 and even earlier
oh hindsight again
let the good times roll
Wish I had bought more in 4114 and even earlier
oh hindsight again
let the good times roll
I am sure you would have gotten some at amazing deals Suraj
Wish I started buying there earlier! The market is certainly trending upwards.Another great interview and thank you for sharing! I always enjoy reading other people's journeys!
Also great to see you keep learning and educating yourself and then follow up with experience.
I enjoyed Cherie Barber's renovation work shop too.
What I took out personally was, great number cruncher, how to use circle of negotiation, how to deal with tradies, etc... I even used her colour schemes on few of my projects.... Why reinvent the wheel when someone has done it, right?
Sometimes people jump to the conclusion that if someone is educating that's how their earn their living, well, I don't care, as my approach is if I take just one thing from that education, which then I use in my life to make it better, then so be it! It would be only waste if no one used any skills they learned, right?
Keep it up and keep posting your progress!
Also great to see you keep learning and educating yourself and then follow up with experience.
I enjoyed Cherie Barber's renovation work shop too.
What I took out personally was, great number cruncher, how to use circle of negotiation, how to deal with tradies, etc... I even used her colour schemes on few of my projects.... Why reinvent the wheel when someone has done it, right?
Sometimes people jump to the conclusion that if someone is educating that's how their earn their living, well, I don't care, as my approach is if I take just one thing from that education, which then I use in my life to make it better, then so be it! It would be only waste if no one used any skills they learned, right?
Keep it up and keep posting your progress!
Great read!!! Stories like this always provides me motivation that I am making good decisions in investing my time, study and money wisely.
I remember when I purchased my 1st IP, family members and also my partner were telling me not to purchase the property due to having too much debt and renovation cost. Thank god I didn't listen to them!!!
I remember when I purchased my 1st IP, family members and also my partner were telling me not to purchase the property due to having too much debt and renovation cost. Thank god I didn't listen to them!!!
Hehehe, exactly the same.
Alot of my friends told me I was replicating the US Property Crisis and said I would go bankrupt.
