Success Stories ...

Reply: 4.1.1
From: The Wife


Rasputin,

Why dont you try posting your story here, and people will try to give you ideas on what you should be doing.

TW
~Life is a daring adventure, or nothing at all~
 
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Reply: 4.2
From: Smith Steven


Dear Michael,
thank you for the welcome. This is a wonderful forum for both novice and experienced investor.

I agree, retirement can equate to death.

When I said retire, I should have said moved on to a new chapter in my life, namely professional property investor. These last 5 years, have been fantastic, as I have had more time with my family, whilst also having lots of cash to enjoy our life. This is a lifestyle that is possible for anyone.

A few points:
1) Although I had a high disposable income from my practice, I also had very high outgoings. eg: practice costs, indemnity insurance, laser leases etc, so on paper my net position wasnt that great. I approached over 40 lenders in the early days, until I got the deal.
2) No strategy will work forever. The property market like shares evolves and regreses. A smart investor always is abreast of the market and adapts strategy as needed. At the moment I am buying in outer sydney areas (high growth) and select inner west off the plan and established properties. The established I reno to as new with minimum cost. I never buy unless I Know similar properties in the area have been valued higher. This gives me a reference for the valuer and always gives me an instant capital gain. I value add for renters, and I do the inspections myself, thereby achieving far greater rentals than any agent. I only have 2 to 3 properties on my rental roll, they have hundreds. As I said in my last post, become an expert, because you will do a better job than anyone else. In the last 2 years, all my properties have been cashflow positive from day one.
But they are in the right areas- you have to know your areas capital growth, past and predicted (eg: residex), vacancy rates, and rental yields.
TheDoc
 
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