Hat off to you and your partner..
Was your strategy to acquire as many CG assets as soon as possible when you guys firt started ? did that work for you guys to some degree ?
What sacrifices have you made during your property investment journey?
- Thread starter Elmer Liu
- Start date
Hat off to you and your partner..
Was your strategy to acquire as many CG assets as soon as possible when you guys firt started ? did that work for you guys to some degree ?
go team! lol team work is so much fun. Unfortunately, work and house work is taking pretty much all my time now.. 10 hrs in the office + overtime from home + cooking + other house work + helping wife looking after the baby. hmm... did I miss "sleep " from the equation above ? lolBut when we do buy a new one, it takes up all our time. We're loving this long weekend, having just bought one - we're spending all our time working on it. I've been painting, while the husband is getting the garden into some kind of respectable state. It's amazing the difference a third day makes in the weekendThe other half has next week off, which is handy as we have a whole heap of stuff lined up - replacement of door & drawer fronts & benchtops in kitchen & bathroom, installation of shower screen, delivery of furniture for assembly, plumber & sparky coming in to do various things. Chris doesn't know the extent of it, but his entire week off is already organised for him
Just had a look at your site,, I am impressed. Congrates on what you guys have achieved!
Glad to meet someone who is in a similar situation as mine.. To be honest, I too had nothing to sacrifice until I paid off my PPOR last year, I am not earning big $$$ either. Having said that, I spend way less than people who are on the same income level.
Again, I am doing the same, or have been doing the same since I was out of Uni. I realised that not having those material stuff and/or status symoble doesn't make me upset, instead the lack of financial security does. I was joking with my colleagues the other day saying the last time I had a can of coke was probably in the 20th Century .. lol
I won't, it's just that I spent my hard earned $$ on this car, and am somewhat emotionally attached to it now. lol
I have to admit buying this car is the only mistake I have made financially ever since I had spare money.
When my partner and I moved into our first house we were only 20 and 23, I had been jumping from job to job trying to figure out exactly what I wanted to do and just before the purchase I had decided to get a trade behind me at least, so I was a first year plumbing apprentice. At the time, my partner wasn't on a great wage either - both of our wages combined was only 60k a year! We had friends telling us that we shouldn't do it, that we were setting ourselves up for failure.
Needless to say, we bought our first home. Paid $349,000 at LVR 85%. That first year I picked up weekend work doing 10-12 hour shifts, I worked non stop for 7 months. Did not miss a weekend of work, came 2nd in my apprenticeship that year and started undertaking renovations instead of drinking, smoking and partying. Added a new kitchen, bathroom, 2nd bathroom/laundry - all this done by my partner and I, only had tradies for electricity and tiling. It wasn't easy but we made ends meet. Today the house renovated in valued around the $430-440 mark, that was only 3 years ago!
Was close to selling but thank god for the good advice offered to me from members on here, we now still own the house and it's being rented. It's under market rent but tenants look after the place like it's their dream home! It is currently positively geared, but when rates go up it will be basically neutral.
We moved into the city to get closer to work, it was OK for a couple of months, then we realised that our working lives weren't better for it. Our personal life didn't enjoy being there and the money we were spending on rent was a mortgage elsewhere! So we moved into the partners parents house for 6 months, looked for a great deal to jump on and renovate. Saved our pennies and paid some of our debts.
Came across a unique property that was 2 lots in one, house one side, land the other. Long story short, it wasn't as easy as I thought it would be, took a lot of risk, time and effort (and in hindsight, should have negotiated better) but we came out selling a property for $245,000, having a house & land worth $420,000 and mortgage of $336,000 (After 100% Lend). All in 6 months work! Sacrificed a lot during that time. Things were tough and it wasn't easy but happy we did it. Now we are renovating this house, rental return should be just under 7%.
On top of all this, we have been presented with an opportunity to build a 2 bed granny flat out the back of the missus parents house. Reducing our living costs and increasing our investment potential! Something to think about!
Needless to say, we bought our first home. Paid $349,000 at LVR 85%. That first year I picked up weekend work doing 10-12 hour shifts, I worked non stop for 7 months. Did not miss a weekend of work, came 2nd in my apprenticeship that year and started undertaking renovations instead of drinking, smoking and partying. Added a new kitchen, bathroom, 2nd bathroom/laundry - all this done by my partner and I, only had tradies for electricity and tiling. It wasn't easy but we made ends meet. Today the house renovated in valued around the $430-440 mark, that was only 3 years ago!
Was close to selling but thank god for the good advice offered to me from members on here, we now still own the house and it's being rented. It's under market rent but tenants look after the place like it's their dream home! It is currently positively geared, but when rates go up it will be basically neutral.
We moved into the city to get closer to work, it was OK for a couple of months, then we realised that our working lives weren't better for it. Our personal life didn't enjoy being there and the money we were spending on rent was a mortgage elsewhere! So we moved into the partners parents house for 6 months, looked for a great deal to jump on and renovate. Saved our pennies and paid some of our debts.
Came across a unique property that was 2 lots in one, house one side, land the other. Long story short, it wasn't as easy as I thought it would be, took a lot of risk, time and effort (and in hindsight, should have negotiated better) but we came out selling a property for $245,000, having a house & land worth $420,000 and mortgage of $336,000 (After 100% Lend). All in 6 months work! Sacrificed a lot during that time. Things were tough and it wasn't easy but happy we did it. Now we are renovating this house, rental return should be just under 7%.
On top of all this, we have been presented with an opportunity to build a 2 bed granny flat out the back of the missus parents house. Reducing our living costs and increasing our investment potential! Something to think about!
Not feeling it.Knowing that all the HARD work and sacrifices will eventually pay off is such a good feeling.. Isn't it ?
The wealth factor has gone up, but show me the green.
I've always been pretty frugal and financially savvy. All it takes is some logic, foresight and very basic arithmetic. Buying my PPOR was great incentive to meticulously audit my habits and spending patterns and tighten them even further.
To demonstrate this, a story.
In my student days, instead of buying drinks out, I used to knock a few down before heading out, and bring a concealed bottle of wine, which I'd transplant into a much smaller plastic bottle. Literally thousands saved.
I have never, ever purchased a cold can of coke (or bottled water, or any other convenient beverage for that matter). I intend on permanently retaining the ability to say that.
So you broke the law??? taking liquor onto a licensed premises?
My biggest sacrifice has been relocating overseas for a higher paying job. To ensure I have the means to invest for my future. I am up to my sixth year with at least four more to come. I've missed my own sister's wedding, all my mates weddings, plus many other important things in life. On the flip side, I'm grateful I've been afforded the opportunity to have the means to invest. The phrase 'delayed gratification' keeps me motivated and focused on my goals.
honestly never felt like a sacrifice. Even in the early days. 14 years ago you bought anything and enjoyed instant equity growth. These days each time I purchase my cash flow improves - no sacrifice in that either. Never have been into large trophy homes that so many of my peers enslave themselves to so I don't think I've missed out on anything. Quite the opposite really - isn't that the point of investing?
Couldnt have said it any better!
All I gave up was pub, smoking and the gee gees.
Hang on....I WAS sacrificing wages on those things and merely turned that around. No sacrifice at all.
Dont miss the pub or smokes and certainly not the gee gees, looked at the Waterhouses and the many jokey tapes etc etc and decided to let them continue without my contributions.
Unknowingly, yes.
Easy mistake
Apparently so. I learned this is actually against the law (as opposed to simply naughty) only an hour ago.
Loved reading this one! Really what I needed to hear.
ATM wanting to move to Brisbane, recruiters keep telling me there are no jobs and to hold off.
Perhaps so, or perhaps I need to change my approach!
Thanks again!
