Success Stories ...

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From: Rasputin .


Ok been having a bad week as far as future plans go, so to get me back on track and my eyes on my goals again, could people post their success stories here...

My goal is to eventually stop working and live solely off IP income, has anyone actually attained this yet? I know some people have left their regular jobs and are now doing work they always wanted to, but just wondering if anyone actually has RETIRED from the workforce and is simply living off IP, as tha tis my goal and jsut want to hear some success stories.

Dont want to hear howe much you are worth, how much income etc, just the fact you have acheieved it and how long it took and the age you achieved it


Thanks all
 
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Reply: 1
From: Sergey Golovin


Welcome back Rasputin.

Have look at the book Clifton Thornton "Residential Real Estate Investing" Chapter 14 at the end of the book "Setting and Achieving a Financial Goal". This is what they call mathematic modelling or something? Correct me if I am wrong.

I will not type it all the way, read it if you will find that book. Shops, libraries, friends...

Cut it shot - if you (or anyone) do not have money to invest and have relay on borrowed once, it might take you a while to get there, to that "goal".

I know it is very reassuring. Otherwise have to have look for some other options as well as residential real estate.

Regards
Serge G.
 
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Reply: 1.1
From: Sergey Golovin


Rasputin,

I think you can do similar trick with Ian Somers's software, mathematical modelling?
You can find out how long it will take you to hit the target.
And Duncan is just about to release one as well?

Ask them.

Serge G.
 
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Reply: 1.1.1
From: Jude H


Hi Sergey,

What's this that you can do with PIA? I have it so would like to know more please

Cheers

Jude
 
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Success Stories Ups & downs.. Just life

Reply: 1.1.1.1.1
From: Gee Cee Cee


Hi Rasputin

Make sure you read the book above. Especially page 37. Chapter 13 & Chapter 85. (Reality check)

But don't think life just sails along in top gear even for the long term investors.

There will always be problems and hurdles to overcome.

Not just in finding property, setting it up, financing etc.

There will be personal problems and if you are unlucky health problems.

The thing to do is have a set GOAL/ area that you want to get to.

As you travel to that area you will constantly (even daily) have to change that route to avoid potholes. Or to repair the damage if you hit one.

If you are still alive you can re-set the goal. Set a time frame and head off again towards it.

Sometimes it can just become too much. at times you need a break and a few months on ZOLOFT.

If you pick yourself up off the floor you know that when it happens again you can beat it.

You eventually see some light again at the end of the tunnel. You start to write down small goals and achieve them. You keep doing this and after a while you are rolling along again.

Anyone that has suffered bankruptcy and come back will most likely tell you the same thing.

Set long term goals of what you want. Just remember that as you progress your goals will also keep getting bigger.

Please remember to enjoy the journey ALONG the way.

A lot of the time when you reach the goal unless there is another to chase you can just end up back on the Zolofts.

Well that's what I feel

Gee Cee


P.S. Anyone that does anything especially different or out of the ordinary mould will experience very high Highs.

They will also experience some very very low LOWS.

Anyone else care to share their experiences.
 
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Reply: 2
From: Rasputin .


Well thanks guys, I did hope to get one success story out of all of you though, seems only succesful people are in books :)
 
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Reply: 2.1
From: The Wife


Gee Cee IS IN the above mentioned book.


~Life is a daring adventure, or nothing at all~
 
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Reply: 2.1.1
From: Sergey Golovin


Rasputin,

Are you after Real Estate success or any at all.

BRW (Business Review Weekly) just published 200 Richest People in Australia. Someone even did hit the billion-dollar mark this time around!
I know it is another expense to buy that magazine but what can you do...

Regards
Serge G.
 
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Reply: 2.1.2
From: Rasputin .


On 5/18/01 11:44:00 PM, The Wife wrote:
>Gee Cee IS IN the above
>mentioned book.
>
>

I guessed tha tby his reference to page nukmbers... Just thought some one wopuld type up an answer !!!
 
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Reply: 2.1.2.1.1
From: James Doherty


Rasputin, hope this is what you wanted to hear. Mine is not a success story as far as you are concerned but from where i have come from it is to me. I am 28 years old married with 3 kids(2 girls 1 boy 8,7,5).I was married young (19) and we had the 3 kids early and close together as you can see. Because i was an apprentice and had kids the banks would not even let me in the front door let alone talk about money so we were forced to get personal loans and a car through finance companies. Bloody rip off but that's all we could do.We got into some strife and eventually got listed on the CRA....twice. So that was it for five years nothing but paying back high finance loans and getting into more debt.After a while studying real estate my wife sent me off to some seminars and bought me some books because after all my dealings it wasn't easy motivating myself. I eventually woke up one day and said this is it am I going to remain poor and give this lifestyle to my kids or am i going to get up and do something, we had nothing to lose but our lack of money.That decision was made 2.5 years ago and after studying property, agents, valuers, finance companies we finally made our first deal this year. Now being built in clayton 2 bed apptment, Frankston 2 bed unit, Frankston central 3 bed house with 820sq land for future development. Including our own house in Skye which we are getting renovated. Are we still poor (YES) do we still have no money to spend after all the bills are payed (YES) but the difference is now we have $574 000 worth of property. We achieved our fist goal of 3 properties in our first year. If you had of said this is what i am going to do 5 years ago I would of told you to #$%^ off. My story has just started. hope this can help you re-evaluate your goals.
Jamesd
 
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Reply: 2.1.2.1.1.1
From: B Ready


That is extremely well done! How did you manage to get finance for 3 properties in one year though? Did you buy the 3 at the same time or throughout the year?
I tried to get finance for a 2nd IP 2 years after the 1st but the bank didn't want to know me. It doesn't help when the bank doesn't take into account tax savings either. Perhaps I went about it the wrong way at the time but I have the 2nd 5 years after the 1st which I am reasonably happy with.
You are doing very well.
 
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Reply: 3
From: Felicity W.


Well, mine is another "beginning" story!
We married fairly young (21 is young nowadays!) then built our house in an outer suburb, worked our butts off to pay it off, then after hubby got retrenched we extended our plans from travelling around the world for 6 months to travelling for 12 months.
We came back, bought some land in our dream location, and a few years later proceeded to sell our first house. We moved into my nana's house rent free (while I was in hospital after having our first child) and stayed there for 2 years while we built our dream home. Believe me, if there's no gain without pain, we felt that pain for 2 years!!
While there we bought an apartment a few kms from Melbourne off the plan. More recently we bought a unit in a small development close to Brisbane. I've just had our second child.
I've been a stay at home mum for both our kids (the eldest is now 3 3/4). Hubby does earn a reasonable salary as a manager, but we've done without and scraped and juggled and the whole bit to get to this point. Right now I'm using the little bit of equity we have to invest in shares and options, and I'm planning to build that amount up a bit so we can use it as a deposit on another property.
Ours isn't a get rich quick story or anything, but I guess it shows that with planning and persistence, you can get there! We're still only a couple of years into our journey. Possibly once my little bub is a bit older I may try to accelerate the property side a little.
Keep smiling
Felicity :cool:
 
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Reply: 3.1
From: Steve G


Well done both Felicity and James!

Just shows that its not where you're at, but where you're going to that counts!

Great to hear your stories, and I'm sure it really encourages many others. Thanks for sharing!

Steve Goodman
 
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Reply: 3.1.1
From: Dave :)


Yeah..great stuff James and Felicity. You guys are living proof that
when you wants things to change in your life, you've gotta change some
things!

Well done...I take my (invisible) hat off to you.

Dave
:)
 
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Reply: 3.1.1.1
From: Felicity W.


Just don't ask hubby how he felt about IP when I first started setting all this up...
Subject of numerous rather heated discussions!!! hehehehe Thankfully I've brought him round to my way of thinking ;-)
Keep smiling
Felicity :cool:
 
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Reply: 3.1.1.1.1
From: The Wife


Felicity,

In the words of my 4 year old daughter,

GIRLS RULE AND BOYS DROOL!!

:eek:)

TW
~Life is a daring adventure, or nothing at all~
 
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Reply: 4
From: Smith Steven


Dear Rasputin,
this is my first foray into this forum. I have been property investing for about 10 years now. 5 years ago I got to the point where I was able to retire from my lucrative surgical practice in Sydney, and live off passive income from my property portfolio. How you ask ?
1) Educate yourself - become an expert in property. Know more than the estate agents, the financiers and the developers. Read everything, do lots of courses (within financial reason), talk to as many successful investors as you can. Go to auctions, inspections etc.
2)Set goals ie: 1yr,2yr,5yrs; how many properties, what value. When will you retire.
3)Never let anything stand in your way. If you get knocked back eg:a bank loan, see someone else. There are hundreds of financiers.
It is possible-my portfolio is worth about
$9.5 million, without about $5.5 million in equity.
How? Buy multiples, off the plan in high growth areas, close to amenities and services. All my properties are cash flow positive within one year.
You can do it
TheDoc
 
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Reply: 4.1
From: Rasputin .


thanks to all for your stories.. good to see poeple actually doing things to achieve their goals

Just cant seem to grasp anything solid to get my ball rolling so to speak ... I hope that I am not in this rut forever
 
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