What is your net worth ?
- Thread starter WillG
- Start date
Hi Astroboy,
I understand where you are coming from.
I don't know how valid the results will be but thought it may be interesting to get a snapshot of the kind of investors reading the forum.
I was also thinking of asking the same question about Passive Income from property investments.
Cheers,
WillG
I understand where you are coming from.
I don't know how valid the results will be but thought it may be interesting to get a snapshot of the kind of investors reading the forum.
I was also thinking of asking the same question about Passive Income from property investments.
Cheers,
WillG
Or how are we all going to get to $2M+ ?
Make a investment plan and work the plan every day for the next 10 years. First find/read about that others with similar circumstances as you that have built 2M+ IP portfolios, second believe that if it is possible for others who are no better than you to have done it it is possible for you, third make a plan to repeat what they did for yourself but your own special way, then work on the plan every day! Is it that simple, yet at the core it is very difficult (you have to really want to do it, develop self displine, you have to become better than you are today).
To begin the path, turn of the TV and read some books, meet some people.
However one good question is "How do people keep going past $2M?" At that level the standard banking IP servicability limits are impractical you become "rent reliant". I cannot believe everyone who has built $5M plus portfolios are using cashbonds or have $500K+ employment incomes. If I meet one of the 4 $5M+ members I want to ask them this question, "how did you do it and how do you keep going"?
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I've already started!
By the way, nice to meet you Always-Learning.
Sharon
By the way, nice to meet you Always-Learning.
Sharon
It is the greatest battle, to become better yourself and take daily focused action, it is my weakest point and the issue I struggle with the most.
hmm Always Learning,
Thanks for the the tips ... I totally agree.
I'm following the three steps you mentioned and also trying to develop other income streams using limited time .. these should to work with property investment (proving loan servicebility, and resistant to property trends).
As for step 1 ... I"m still learning and looking at others which have reached my goal, and continually refining this to suit me.
WillG - You've picked me well .. I'm not in the 2mill+ club just yet.
But I do have an ambitious goals over the next 4.5 years.
Cheers,
Coolstyle
Thanks for the the tips ... I totally agree.
I'm following the three steps you mentioned and also trying to develop other income streams using limited time .. these should to work with property investment (proving loan servicebility, and resistant to property trends).
As for step 1 ... I"m still learning and looking at others which have reached my goal, and continually refining this to suit me.
WillG - You've picked me well .. I'm not in the 2mill+ club just yet.
But I do have an ambitious goals over the next 4.5 years.
Cheers,
Coolstyle
Ah we have much in common I see, Always Learning.
There are so many great books, courses, seminars, people to meet, all the information you need to become "rich, healthy, successful, artistic"...you name it it's the how to information is available AND it isnft so hard to find that information it's found in the libraries, courses, groups, property investment forums, local bookshops etc.
So the real issue in my opionion is: how can we motivate ourselves to taking consistent long term focused action.
Basically to do the hard stuff, the stuff what we know in our hearts we should be doing, rather than just doing the easy stuff, watching TV, chatting. It's much less painfull and easy to watch Channel 9's ACA than fill in a mortgage application form, talk with a slimmy RE agent or worst, try to get your "i-dont-want-to-owe-anyone-money-ever, IP-is-OK-but-you-have-to-save-and-pay-for-it-with-cash" wife to agree, but we know in our hearts which option has the best long term payback.
So the real issue in my opionion is: how can we motivate ourselves to taking consistent long term focused action.
Basically to do the hard stuff, the stuff what we know in our hearts we should be doing, rather than just doing the easy stuff, watching TV, chatting. It's much less painfull and easy to watch Channel 9's ACA than fill in a mortgage application form, talk with a slimmy RE agent or worst, try to get your "i-dont-want-to-owe-anyone-money-ever, IP-is-OK-but-you-have-to-save-and-pay-for-it-with-cash" wife to agree, but we know in our hearts which option has the best long term payback.
That's why forums like this are so good - we can motivate each other.
I find it particularly encouraging to see people who are being successful and enjoying it.
I think the first few steps are the hardest and then it gets easier - simply because you grow more courageous through knowledge.
I find it particularly encouraging to see people who are being successful and enjoying it.
I think the first few steps are the hardest and then it gets easier - simply because you grow more courageous through knowledge.
Always learning,
I think you have asked and excellent question:
"how do people keep going past the 2M mark"
I agree totally that once you hit over the 2M mark, you are very rent reliant - which isn't a bad thing if your properties are run well.
I am in this bracket and am starting to feel a bit stagnant and am frustrated on where to go next. I would like to keep moving forward in my property investment strategies, but servicability is becoming a problem. I do not want to have to sell a property to realise a great capital gain to be able to purcahse more properties. they are in blue chip growth areas and the capital gain has been exceptional and believe will continue. Hopefully in another 3-5 years, my net worth with my current properties will double - whilst that will be fantastic, I want to continue toincrease my protfolio, not just sit here and wait. I am going to Steve NAVRA's course on 31st May to try to find out more about cahsbonds etc.
There must be a key on how to propel through this barrier. I'm searching for it.
Any assistance/ideas from anyone would be greatly appreciated.
BUNDY
I think you have asked and excellent question:
"how do people keep going past the 2M mark"
I agree totally that once you hit over the 2M mark, you are very rent reliant - which isn't a bad thing if your properties are run well.
I am in this bracket and am starting to feel a bit stagnant and am frustrated on where to go next. I would like to keep moving forward in my property investment strategies, but servicability is becoming a problem. I do not want to have to sell a property to realise a great capital gain to be able to purcahse more properties. they are in blue chip growth areas and the capital gain has been exceptional and believe will continue. Hopefully in another 3-5 years, my net worth with my current properties will double - whilst that will be fantastic, I want to continue toincrease my protfolio, not just sit here and wait. I am going to Steve NAVRA's course on 31st May to try to find out more about cahsbonds etc.
There must be a key on how to propel through this barrier. I'm searching for it.
Any assistance/ideas from anyone would be greatly appreciated.
BUNDY
I had PM'd this to always_learning, but as he correctly pointed out, the people here should be able to handle this.
The information presented was as told to me. ....
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sbe wrote on 19-05-2003 02:48 AM:
Hi.
To answer your question about how do you keep going, I found this out recently (and no, I don't have 2mil +).
I've answered privately as this isn't really a newbie path...They can get into too much trouble.
The answer is Asset based lending. They don't care about income, just assets. You can get pretty much up to 70% valuation with no proof of income.
You don't pay, they take the property.
I've got a contact who says he can help on this level.
I have banks saying I could get between $90,000 (bad mortgage broker) to $210,000 (better broker).
Then this guy said up to $1 mil. (If I wanted to push it that far)
You could have knocked me over with a feather!!!
Cheers,
Simon.
The information presented was as told to me. ....
============================================
sbe wrote on 19-05-2003 02:48 AM:
Hi.
To answer your question about how do you keep going, I found this out recently (and no, I don't have 2mil +).
I've answered privately as this isn't really a newbie path...They can get into too much trouble.
The answer is Asset based lending. They don't care about income, just assets. You can get pretty much up to 70% valuation with no proof of income.
You don't pay, they take the property.
I've got a contact who says he can help on this level.
I have banks saying I could get between $90,000 (bad mortgage broker) to $210,000 (better broker).
Then this guy said up to $1 mil. (If I wanted to push it that far)
You could have knocked me over with a feather!!!
Cheers,
Simon.
Sure. What do you want to know?
I've met with this guy, He looked at what I'd done so far, told me what I can do next, when to stop so that I had enough in reserve to make the transition to asset lending.
Why a reserve? If you're at > 70% with no money, you can't play ! (well, not until values come up to make borrowings < 70%) You need 30%+ for your part and settlement.
Really opened my eyes. I'll look into it probably next year. I can still (just) use normal banks for now. My issue is servicability - looking at single income, kids blah blah.....
Cheerio
Simon.
I've met with this guy, He looked at what I'd done so far, told me what I can do next, when to stop so that I had enough in reserve to make the transition to asset lending.
Why a reserve? If you're at > 70% with no money, you can't play ! (well, not until values come up to make borrowings < 70%) You need 30%+ for your part and settlement.
Really opened my eyes. I'll look into it probably next year. I can still (just) use normal banks for now. My issue is servicability - looking at single income, kids blah blah.....
Cheerio
Simon.
