Plans for the future

M

m.sewell

Hi guys, firstly I would like to thank all you experienced investors for sharing your knowledge. Since joining the forum a couple of months ago I find myself spending hours on the site everyday! I'm learning something new every day.

I am interested to know what peoples short and long term goals are?

A little about myself.

For me I'm 27 and have 3 properties. 2 IP , 1 PPOR.
High paying mining job which I find very unrewarding.
plan for the next 5 years is to accumulate a property a year for the next 5 years (or as soon as the banks allow). I will target capital cities as first two IPs are in regional town (Rockhampton). Leave mining job 5-8 years once i don't have to rely on a big wage to service properties. Hold for long term while doing small renos to add value. Renovate PPOR and sell at the peak. Rent until the bottom of the market and buy again and renovate. Repeat process while upgrading home each time.
 
Hi M,

I have a similar plan, I'm 28 and bought my first IP in 2011 and just about to settle on number 5.

I plan to keep adding to the portfolio (or the empire as I I like to call it ;)) with IPs on big blocks with subdividing potential, and doing renovations along the way to boost equity.

I'd love to be financially independent by 35 to be able to do lots of travel, subdividing/construction projects, charity work and perhaps go back to uni to study music without having to worry about getting a job after!

I know it's a big goal, with only 7 years until my self-imposed deadline, but we all need something to work towards.
 
m.sewell said:
Sounds like you are doing well.!

How many properties do you plan on getting? Do you plan on selling any once you turn 35?
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Thanks M :)

For me it's not really the number, but how much they return; I'd love to have a return of $80k per year.

I'd like to avoid selling if at all possible, only because I'm of the mindset that it's time in the market and not timing. I like to think that I've bought well enough that they will all continue to rise in value.

At the moment my portfolio is neutral, and upon settlement of #5, should be slightly positive. I'm hoping to do some renovations early next year which should hopefully mean rent increases and being able to withdraw equity to continue the journey.

So while I'm still chained to the J.O.B I'm focusing on releasing equity where I can and accumulating as many as possible, as it seems financing is quite difficult when you are a 'lady/man of leisure'! Then let time do the rest!
 
I'm 24. Primary school teaching, relatively decent pay, highly rewarding (if you exclude the politics!).

I'm hoping to purchase my first investment property in the next 6 months.

I would ideally like to use that property as leverage to purchase my first home with my girlfriend when we get engaged.

What to do after that?not sure?Still trying to figure it all out.
 
"For me it's not really the number, but how much they return; I'd love to have a return of $80k per year."

Hi eeho

Still new to this game. Just wondering how you would achieve $80k income if your properties are neutral/ just positive. Is that from the rent increases per year for 7 years?

John.
 
Moneyman_85 said:
"For me it's not really the number, but how much they return; I'd love to have a return of $80k per year."

Hi eeho

Still new to this game. Just wondering how you would achieve $80k income if your properties are neutral/ just positive. Is that from the rent increases per year for 7 years?

John.
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Hi John,

Rental increases, and continuing to buy more positively geared property with the gained equity over the 7 years. And a lot of positive thinking ;)
 
TheUndertaker said:
I'm 24. Primary school teaching, relatively decent pay, highly rewarding (if you exclude the politics!).

I'm hoping to purchase my first investment property in the next 6 months.

I would ideally like to use that property as leverage to purchase my first home with my girlfriend when we get engaged.

What to do after that?not sure?Still trying to figure it all out.
Click to expand...

Sounds like you're kind of on the right track.

Please make sure you have a decent banker or broker looking out for you, especially if you're going to buy IP then PPOR... few things to consider. 1 Ensuring that you dont go in too deep with IP that you cant get the PPOR you want. And also you mention leverage for your purchase, sounds like you're planning to paydown the IP and use the equity in the IP to purchase the PPOR with the gf. This wouldn't be the most effective, you would want to put the funds into the offset of the IP and preserve as much funds as possible for the PPOR.... as mentioned speak with decent banker/broker prior as possible cost to you each year could be thousands :)
 
Just turned 28.

3 IP's + GF, and about to start second GF as well.

Plan was to build up cashflow and capital to focus on starting a business and giving back to the community the way I use to when I was younger. I never had any plans of retirement, when you're motivated enough to manage an early retirement, I feel retirement would be the worst thing imaginable.

A mentor pointed out I could do those things now. So have been working on the business for close to 8 months now and am working on some social projects related to construction. A big part of my life these days is family and I was fortunate to take 6 months to spend entirely with my little niece when she was born. She just turned 1 with another about to come into the world next month.

That said, I have had cash sitting around for too long, as before I left my job a year ago I was geared up to buy 2 more properties. Now I can buy a lot more, so have decided instead to step it up and get into small developments. See where things go from here.
 
Great thread!

Similar age, 29 turning 30 this year.

Currently at IP9, personal goal to hit IP10 before turning 30 so have a few more months for the next one.

Aim to be financially free by thirty-three (like the ring to it) :)
 
Moneyman_85 said:
nice work MXia

late 20's seems to be a comon number now :p
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Lot's of switched on Gen Y'ers jumping into property head first now, they are a strong growing part of my client database and generally the most property 'addicted' on average. It's quite refreshing to see. :)

Always have a goal, even if you revise it until it ends up version 22 by the end. The more revisions the better, as it means it's more refined to your needs and wants!
 
CJay said:
Lot's of switched on Gen Y'ers jumping into property head first now, they are a strong growing part of my client database and generally the most property 'addicted' on average. It's quite refreshing to see. :)

Always have a goal, even if you revise it until it ends up version 22 by the end. The more revisions the better, as it means it's more refined to your needs and wants!
Click to expand...

Great advice here. My strategy over the past 12 months has changed alot pending knowledge, time, market & financial situation.

Have to continue growing & refining to achieve your goals.
 
MXia said:
Great thread!

Similar age, 29 turning 30 this year.

Currently at IP9, personal goal to hit IP10 before turning 30 so have a few more months for the next one.

Aim to be financially free by thirty-three (like the ring to it) :)
Click to expand...

Mxia,

well done for a young age you've managed to accumulate a decent number of IPs. could i ask what your strategy is when you retire at 33, meaning when you pull the pin, where is the cash-flow coming from assuming you haven't actually paid off any of the IP debts?
 
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