When did you buy your first IP?

[jaycee]

Most of them would've arrived during the 50's and started purchasing during the 60's.
Originating from small farming towns, it was very easy for them to buy a few acres to grow veggies and keep a few chickens, cattle, pigs goats etc.
It was no different in Sydney.
At that time Stratfield (Sydney) was the boondocks lol.
And Balmain the industrial wasteland & dump.
Many moved out west & SW as land was cheap and pretty much bushland.
For all of them saving to buy a house was top priority.
Many who would by in the 50's would then rent to new comers and have 10+ people living in a single house.
The then got cheap for a few years until they had enough for a deposit for their own ppor. Of course the LL had plenty income to buy another IP.
By the time the 70's came, they started buying IP's and or bigger farms.

Bayview you'll find that it is more italian immigrant culture than italian culture, because they had to migrate before they could even contemplate buying it.
They lived through WWII, WWI and fascism.
People literally starved to death during and just after WWII. If you did'nt have a plot of land to grow something, or did'nt have a usable trade, things were very tough.
He'll probly go to the next life with a smile knowing he left with much more than what he came with. That's the dream, and it ain't Australian lol.

Probably is not the only one he owns, or the only property he owns, and he may have no reason to sell it, I am sure he has a couple fo $ saved for a rainy day so to speak ...what will I do with the money anyway, I GOT WHAT I WANT ALREADY probably find he is no that interested in every new gadget consumerholic trend either like you Bayview...

Also the bolded bit, probalby also extends to knowing that what he's done will help ensure his kdis and grandkids may not have to go through famine. Not an isolated incident. Not quite so strange to understand either I didn't think

 

[Piston Broke]

Seteveadl, I did what most poeple do: I thought all I had to do is hold my hand out & collect rent
It worked for a couple mths, then a door broke.
So I asked "The door broke, what do I do?" Reply: "Fix it,...or get someone to fix it. Just make sure you're there so you see what the do and how much they charge". What pain in the A$$...Lesson #1.
After a few weeks I got "I only have $xx dollars, I'l pay the rest next time", sure ok.
The next time I got "Only have $xx, come round friday for the rest".
On friday "Sorry we had to buy blah blah". Next rent day (wed) "Only have $xx...", and I paid no attention to any other word. Lesson #2.
Went home and asked "Should I get a PM?". The next day I got a PM, then I went through the learning how to deal with PM BS. Lesson #3.
I was 18, no chance I was going to get bogged down chasing tenants for money, I had more important things to do (and still have).
I must plead guilty as I was a kid always full of questions like:
Why do you go to work?
Why do you pay the bank?
What if you don't pay them?
How long do you have to pay them for?
Cant you pay them faster? (yep, i asked that at ~11)
What if we sell flowers on mothers day? (I did that on a St corner at 11 lol)
What if we grow more tomatoes to sell?
Can we sell cows? etc etc etc
At 19 i started the "why dont we buy more?" routine, "Patience son, when the time is right", "What about now?", "Not yet... (1987)". Then prices dropped 40%. Lesson #4
For me that was normal, we discussed all this stuff at dinner in the car etc, but only within the family. I was pretty much told most of what was going on, even though I did'nt understand much of it for a few years.
2nd question....too much info lol, "i do not recall"...

Needing to keep things in reserve juuuuuuuuuuuuuuuuuust incase something would go wrong.

Notice the common motif in my posts? This is always there. Things will generally go wrong at one time or another. It's a long shot if they don't. So you have to plan with that in mind.

I won't bore you anymore, but for me this was/is normal. Reading Jan's book was not a revelation (as it seems to be for some). Of the hundreds of related households I know of none that don't invest in RE. I know of hundreds of real life "rich dad" stories that were'nt invented for the purpose of writing a book and good entertainment. And few others that did'nt go so well.
Bigtone probly has an idea of what I'm on about. And yeah I have homemade sauce, salami, wine a a few other nice things.

I'll finish with a typical convo i heard a few times:
"I worked my A$$ off for that place, when I needed the money I could'nt sell it. When I was desperate for the money, they would offer half market value.
Now it's paid off and I'm happy for it to just sit there so I can go and look at it whenever I want, and be happy cause I own every single bit of it (ie no debt)."

-----
Exactly right jaycee.
Some people have trophy cars, Harleys, stamps, memorabilia, even wives etc, that's his trophy. The others cost more than the land tax, especially the last one.

 

[frini]

As piston broke mentioned, my Father in law still has a sizeable block, where he keeps, vege patch (mostly tomatoes and chilli), chickens for the eggs and pigs for the salami and other things that are too gross to mention. Still makes his own sauce for the pasta! Bewwddifuul!

Big Tone

What do you call an Italian with 5 houses ??????



LAZY !

" What are you doing?, only 5 houses? work harder!! "

 

[peastman]

I bought my first IP in 1978 at age 20. A 2br flat in dandenong. Paid about $10K for it from memory. Sold it in 1985 to help fund my current PPOR. Cant remember what I sold it for, but did OK. Always wanted to get back into property but times were tough for us. Strange that everyone else seemed to be making money in the 80's except us. For some reason things started getting much better during "the recession we had to have".
Had to wait till 1996 till I bought our next IP. Havn't looked back since.

 

[Kristine..]

Bought the first deliberate investment property in 1994 and still have it.

Mission Brown, single bowl sink, 998 square metres of land on a corner, it has been an absolute charmer! Built in 1974, it has a standard floor plan but a modern feel, never been empty and has a huge garage attached to the building.

If the question is about landlord experience, I reckon with this and the other properties, I now have about 100 landlord years

Don't want to sell any of them - I will have my revenge by leaving them all to the children and letting them take the portfolio through to the next generation. They should all be ready for redevelopment of one kind or another in about 15 years but the second generation can look after that.



Cheers
Kristine

 

[Buying_Freedom]

Bought my first IP in 2003 at 23 years of age. I would've loved to have bought earlier as I could see it all booming around me but I was already in uni and only working a few hours as a casual. I'm glad I just got started when I did.

 

[steveadl]

For me that was normal, we discussed all this stuff at dinner in the car etc, but only within the family. I was pretty much told most of what was going on, even though I did'nt understand much of it for a few years.
2nd question....too much info lol, "i do not recall"...

Notice the common motif in my posts? This is always there. Things will generally go wrong at one time or another. It's a long shot if they don't. So you have to plan with that in mind.

That's the sort of environment I want my kids to grow up in.

Wise words, always have to be aware of different potential outcomes.

 

[craigb]

The poll results are showing the IP thing seems to be growing amongst people as the years move forward!
First ppor 95k sold 4 years later for 449K
First IP 220K sold 1 year 375K
GEE! thems were good times!
The 90's

 

[santaslayer]

2009 =)


.

 

[HandyAndy888]

2009 =)


.

Let's hope...

 

[BayView]

At 19 i started the "why dont we buy more?" routine, "Patience son, when the time is right", "What about now?", "Not yet... (1987)". Then prices dropped 40%.

Quick; get on the phone and call up Steve bloody Keen.

 

[Piston Broke]

oops thats should've read "up to 40%"
There was a bit of carnage at the time as when interest rates dropped and
homefund blew up flooding the Sydeny SW with mortgagee sales.
Of course they all complained they were'nt explained the conditions etc so they eventually got bailed out at taxpayer expense.

 

[craigb]

Its so great to see some of you young ones spending early on IP's its somthing thats hard to do! and if only i had my time back again
But its somthing you guys/gals will never forget, and its the best choice you can make, in the future you will be so much better off, so much so , you would'nt believe me now if i could tell you! well done , to the babies of SS