This is something I've said before. I only tell my close girlfriends because I know I can run things past them. They know we have properties (so do they) and they know we have a large debt.
The 'so how many properties do you have?' question and how to deal with it politely
- Thread starter DavidMc
- Start date
This is something I've said before. I only tell my close girlfriends because I know I can run things past them. They know we have properties (so do they) and they know we have a large debt.
Here's the perfect portfolio with (mostly) bargain properties in top-named streets and suburbs (so you can make them lose interest real quick):
Pitt St $209k http://www.realestate.com.au/property-house-sa-goolwa-115360423
Collins St $167k http://www.burniefirstnational.com....se-39-collins-street-brooklyn-tas-14809108779
Bourke St $229k http://www.realestate.com.au/property-unit-wa-piccadilly-115054151
Jutland Pde $560k http://www.realestate.com.au/property-house-sa-woodcroft-106957283
Brighton $199k http://www.realestateview.com.au/Re...Property-Details-buy-residential-6733253.html
Mossman $104k http://www.realestate.com.au/property-house-qld-mossman-116436771 (who cares about the spelling?)
Claremont $215k http://www.realestate.com.au/property-unit-tas-claremont-116339703
Armadale $130k http://www.realestate.com.au/property-unit-wa-armadale-114252967
Some friends/family know that my former PPOR is now rented. That's all they know and I leave it at that. However, if friends/family ask general questions about property, I'll happily answer if I can but don't relate or mention about my properties (not that I have that many anyway 
).
).I do say this as well
The "you're so rich" comment really annoys me.
I'm not rich, i just work hard and make sacrifices.
I find saying "The bank owns them" usually ends the conversation in a happy way and avoids the above comment.
I dont get why people are being a douche about it. If someone has a question, give them a straight answer. Im not saying you should bring it up nor brag about it, but answering questions without being an obscure douche would be nice.
If your answer is 1 or 5 or 500 or whatever, who cares. Its probably only in your own mind, not the askers, on whether it needs to be clarified into 1 x 1mil property vs 10 x 100k properties because you're unsatisfied or have a complex.
Get real people.
If your answer is 1 or 5 or 500 or whatever, who cares. Its probably only in your own mind, not the askers, on whether it needs to be clarified into 1 x 1mil property vs 10 x 100k properties because you're unsatisfied or have a complex.
Get real people.
I did get asked this last night at drinks after work - as they now know I'm 'retiring' to concentrate on it.
The upside is that I might have picked up a tenant doing it My boss's brother is coming over from SA and needs a place to live with his family in end of April - perfect for when Gwelup is finishing.
The upside is that I might have picked up a tenant doing it
My boss's brother is coming over from SA and needs a place to live with his family in end of April - perfect for when Gwelup is finishing.I don't see it as "being a douche" about it. People who matter to me know our position. Others are just stick beaks.
The friends who do know our position also are happy to discuss their position with me. Anybody else asking is just nosy. Funnily enough, those who have asked me questions would be offended if I asked them the same things :roll eyes:.
The Accountant we use tells that line everytime I asked how are the other investors that you look after going without going into the consequences..
And if you had to go sell those 10x properties you would be negative after paying the selling costs.
Care to share how many properties you own, their value, your LVR, your cash buffer and your income?
Do tell, don't be a douche
This subject has come up many times before.
My reply from many years ago is copied below ;
-----
We were at a property seminar once, where the presenter up the front did the usual thing and asked everyone to hold their hand up if they owned investment property, and to keep their hand up as he counted up from one.
The well spoken nice elderly lady next to me put her hand down when he went past three.
There seemed to be a dramatic drop off when he reached four and five.
We put our hand down, and yet there were people who were obviously going to have to leave their hand up for a while, by the way they were shuffling in their seat and bracing their arm with their other hand. He eventually called something like 40 or 42, and the second last hand went down.
The presenter yelled out "We have a winner !!" All of the crowd were mightily impressed with this one burly gentleman still with his arm up....."Can I ask you sir, how many properties do you own." The answer came back as 55. A large round of applause and a few OOH and AAHH's were muffled throughout the audience.
He was asked by the presenter to quickly describe his obviously weighty portfolio for the edification of the crowd, a real stand out performer.....it turned out he owned one group of dishevelled bed-sits with wino's and drunks and deadbeats as tenants, with the 55 'properties' being worth a grand total of about 2m, and his LVR was through the roof.
I quietly rolled my eyes in complete non-amazement.
The night did get better though, as the wife and I got on crackingly with the elderly lady sitting next to us. Turns out, the widow was left by her husband with not only the matrimonial home, but two large unencumbered office blocks in the middle of the Brisbane CBD, worth over 15m, generating clear nett rents of nearly 2m p.a.
This mild, quietly spoken lady had rents bigger than the hero of the day's entire asset base (including his large loans) standing up there making a turkey of himself.
Forevermore, we realised the folly of trying to financially measure someone by the number of 'properties' they supposedly own. It sounds mightily impressive though to say a big number, even if they are all dumps out in woop woop with horror non-paying low gross rent type tenants.
We got far more out of speaking to this lovely old lady than the main presentation itself.
My reply from many years ago is copied below ;
-----
We were at a property seminar once, where the presenter up the front did the usual thing and asked everyone to hold their hand up if they owned investment property, and to keep their hand up as he counted up from one.
The well spoken nice elderly lady next to me put her hand down when he went past three.
There seemed to be a dramatic drop off when he reached four and five.
We put our hand down, and yet there were people who were obviously going to have to leave their hand up for a while, by the way they were shuffling in their seat and bracing their arm with their other hand. He eventually called something like 40 or 42, and the second last hand went down.
The presenter yelled out "We have a winner !!" All of the crowd were mightily impressed with this one burly gentleman still with his arm up....."Can I ask you sir, how many properties do you own." The answer came back as 55. A large round of applause and a few OOH and AAHH's were muffled throughout the audience.
He was asked by the presenter to quickly describe his obviously weighty portfolio for the edification of the crowd, a real stand out performer.....it turned out he owned one group of dishevelled bed-sits with wino's and drunks and deadbeats as tenants, with the 55 'properties' being worth a grand total of about 2m, and his LVR was through the roof.
I quietly rolled my eyes in complete non-amazement.
The night did get better though, as the wife and I got on crackingly with the elderly lady sitting next to us. Turns out, the widow was left by her husband with not only the matrimonial home, but two large unencumbered office blocks in the middle of the Brisbane CBD, worth over 15m, generating clear nett rents of nearly 2m p.a.
This mild, quietly spoken lady had rents bigger than the hero of the day's entire asset base (including his large loans) standing up there making a turkey of himself.
Forevermore, we realised the folly of trying to financially measure someone by the number of 'properties' they supposedly own. It sounds mightily impressive though to say a big number, even if they are all dumps out in woop woop with horror non-paying low gross rent type tenants.
We got far more out of speaking to this lovely old lady than the main presentation itself.
Interesting story. The question in the OP / subject however was what is your response to the question.
We all already know it's a dumb question that doesn't mean anything for the very reasons outlined in your post.
That's very true. That was the subject in the OP.
Why did that old lady come to the property seminar if she is netting 2m p.a.??
