Share your investing goal
- Thread starter spludgey
- Start date
Hi MRO,
The only important thing is that you are happy with your own goals. If you think that your goal is great then that's all that counts mate. But if you in your heart believe its low and you can achieve a lot more, then I encourage you to not aim low (not saying you are).
Cheers
leo
Thanks Leo. I want to maximise my retirement time and beleive i can enjoy myself on a minimal amount of money. Timing is the focus of my goal, retirement asap. I suspect i will keep going after i achieve this but my focus after this point will be increasing long term wealth without impacting my retirement lifestyle. As opposed to my current arrangement where i am happy to work hard and sacrifice. Free time is ultimately what i am looking for, being able to wake up and choose what i want to do. At the moment my employer effectively.makes this decision for me.
Sounds well though out MRO - good luck to you.
While it may seem like a 'low' absolute number in comparison to some of the figures set out on this thread, time is really the most precious and scarce asset that a lot of others are also seeking to achieve - its a great sense of perspective to have.
Cheers,
Redom
Totally agree. Its about buying back your freedom. From the moment we are born, we are not free IMO.
Cheers
Leo
MRO do you mind if I ask how old you are not mate?
I am 36 at the moment. Owned lots of properties, sold them all along the way, lost some money in the GFC and now have a property about to be rezoned that i hope to build multiple dwellings on and rent out. Rough calcs suggest my $60k pa estimate is achievable and the timing will be determined by how long the approval process takes.
Thanks Leo. Your goals are impressive, how old are you?
My development thread will start next year. My story is not a secret but just waiting for a critical approval before i want to make it more public. I have had some mildly interesting investment properties in the past too that i will outline at the same time.
This place is a real inspiration, i only wish i had found it 15 years ago.
My development thread will start next year. My story is not a secret but just waiting for a critical approval before i want to make it more public. I have had some mildly interesting investment properties in the past too that i will outline at the same time.
This place is a real inspiration, i only wish i had found it 15 years ago.
Just a comment on this to Tonibell, you don't have to sit around and wait for the market to increase the equity in your investments, you can do it yourself. Some of the ways I know:Complete obsession, commitment, focus, relentless hard work and massive, massive mindset development. (and some luck)
* renovate
* develop
* buy a property that is about to be rezoned
I believe Leo is currently renovating an apartment to increase the value. Upon completion... "instant" equity.
One of my development sites currently has a reasonable house and development potential. STCA, I can add one townhouse for around $300,000 or two for around $550,000. The end value of these would be around $600,000. So I could add around $300,000 to $650,000 of equity to one of my properties in around 12 months... *potentially* (there is a lot that could go wrong). No need to wait for the market.
That property just happened to be in an area that was about to be rezoned. I bought it. Within weeks, a change in zoning changed it from a 2 unit site to a 4 unit site. Then a change in government policy changed it from a detached dwelling site to allow apartments to be built. Both of these changes increased the value. It was $465k three years ago and just got valued at $725k. That's a fair chunk of equity for not much work. Although, I did spend a few months doing a cosmetic reno, which forced up the value as well. The proposed zoning changes had been in the system for a fair while before I bought the property but the real estate agent had not got wind of them, so I managed to secure the property at the pre-zoning change price just weeks out from the rezoning.
This is where the *luck* component that Leo mentioned comes into play. "Luck is what happens when preparation meets opportunity".
