Who's achieved 50+ properties in their time on earth?

[MTR]

Hi all

HandyAndy, great story.

Can anyone remember the guy who started with nothing and now owns 90 properties, was featured in the API magazine some time ago??
I always give my magazines away.

His properties all located in Syd's West.

He also has a BA business and also organises syndicates where he provides 20%+ returns on resi property.

Cheers, MTR

 

[Property Meister]

surely buying 6 properties per month, let alone a quarter or half year would NOT be possible for the average person, unless they are squillionaires already or have some sort of special conditions/environment that is not avaiable to the average joe....

maybe I am just naiive

 

[Property Meister]

Horses for courses.

I have been around this forum for a while and I don't think there are two people who have achieved substantial success in exactly the same way.

We happen to have 50+ resi doors that we lease out (currently leased, apart from those we are renovating) we also have a commercial warehouse, worth about $1mil which we can't lease out. So which one am I glad that I own?

As SF states there is a level of hands on with the resi but the cash flow is such that if we wanted it could be a lot less hands on. Presently, we have only 3 property managers with one managing the bulk of the properties. Suprisingly he does exactly what I want him to do.

We have invested in property since 1985 aquiring 4 properties by about 1993. At this point we started a business which turned into a very successful venture. It was the excess cashflow from this business that allowed us to aquire the rest of the properties over the next 10 year. We have done many renovations but have never develop from scratch.

At some point during this time I made a decision to stay resi mainly as a consequence of seeing many empty com/ind property and for lease (1995). As my intent was to develop an alternate cashflow I felt a consistent cashflow would be more assured with resi than having com/ind which can go empty for extended periods of time.

As I say horses for courses - these were the decisions I made to arrive at this point in live.

I have read many success stories with many achieving success through property development but in the end I believe they succeed because the path they choose becomes a business and its through sprinboarding the business that they acquire and are able to hold property.

Cheers

well done andy, if you don't mind me asking, what sort of busines you have?

 

[josko]

Quantity Versus Quality

Hey nice post HandyPandy!

I once bought two houses in NZ. One for 35k and the other about 55k.

We sold those properties for two main reasons:

1. Maintenance Issues
2. Management Issues


If I had 50 if them OMG

It is comparing lemons with apples , I know but I don't really want 50 resi IP's.

In anycase, Andrew, I can't give you the experienced advice you are after except to say you might get other advice from investors that have been through a few cycles.

Love your dream and you keep plugging it. I know your mission outcome is like mine and you have your family's best interests at heart.

Regards Jo

 

[Aaron Sice]

i'll take 10x resi, 5x comm and no mortgage thanks.

 

[Ausprop]

i'll take 10x resi, 5x comm and no mortgage thanks.

so 10 x $400k = $4m
5 x $1m = $5m

a house say $2m

$11m clear

resi yield say $200k gross
comm yield say $450k nett

can you really spend $10k a week?

 

[pennyk]

I guess I've only really mentioned some family or monetary reasons for investing.

Sick kids is the most up setting thing as a young parent I feel I could face. With that in mind with the success of the business I look forward to building self care short term accommodation for parents of sick children close by hospitals around Australia and as an extension of these facilities offer farm stays to these families with terminally ill children.

I see the farms being close to regional towns for ease of access and offering a very real and raw outback stay. Large barn style accommodation not a five star resort. Something that offers old fashioned traditions that playstation and nintendo wii will never offer. Let the kids milk cows, shear sheep or just
sit on the verandah and watch the sunset.

I see all of these facilities being NFP and run off the silent wealth I've created.
Thanks for the honest comments I'm really enjoying reading this thread

I think one of the keys to building wealth is to have a dream which is outside of yourself and your own comfort. So, I think these types of dreams are really key to being successful. Make sure you don't wait to begin doing stuff until you are rolling in money. Every little step you take now opens the door to more coming your way. In my experience, the people who have been the most generous have gone on to grow the most wealth... but they were generous before they were wealthy.

Another suggestion for you... there are alot of relatively young adults (up to 45-50 years old) who are severly disabled as a result of injury or illness, but not entitled to compensation. Many of these people end up in nursing homes designed for the elderly because there is nowhere else to go. So, you might have a 25year old guy who's a quadriplegic from a car accident living in a NH for the next 50 years.... its an awful situation. One of my dreams is to build "hostel" type accommodation where there were on-site carers, but people were living in a more normal environment. But I'd be more than happy if you beat me to it!!

Good luck with your plans,

Pen

 

[JamesGG]

can you really spend $10k a week?

I'd have a lot of fun, trying

 

[steveadl]

Many of these people end up in nursing homes designed for the elderly because there is nowhere else to go. So, you might have a 25year old guy who's a quadriplegic from a car accident living in a NH for the next 50 years.... its an awful situation. One of my dreams is to build "hostel" type accommodation where there were on-site carers, but people were living in a more normal environment. But I'd be more than happy if you beat me to it!!

Not enough accomodation for mentally handicapped people either.

 

[Aaron Sice]

so 10 x $400k = $4m
5 x $1m = $5m

a house say $2m

$11m clear

resi yield say $200k gross
comm yield say $450k nett

can you really spend $10k a week?

on myself alone? no.

on myself and philanthropic causes? absolutely.

 

[kum yin lau]

Hi Andrew L, good on ya. Wish I had the guts to own up to a dream as big. As it was I blundered along not exactly knowing what I wanted. I thought, a house to live in and 2 to live off the rent. I bought no. 4 because it seemed like a good bargain and what a bargain it was!

The problem with not dreaming excessively big is that we reach the target too soon. A single person can live comfortably on 750000 invested. That was so close to the M that it became a goal. Day after day, I jotted down the numbers & for months they never seemed to pass 830000.

The million came & went by without me even noticing it. And the problem became I was left bereft of a goal.

Ausprop, are you sure that you don't need much more than just your house paid off? Ten years ago, I thought the same and 'retired' & that was when I realised I couldn't eat a house brick by brick.

BTW I own 7 properties freehold & 7 with loans. Now I buy shares because if I don't something, my brains will wither.

Thanks for reading this long post,
KY

 

[Ausprop]

Ausprop, are you sure that you don't need much more than just your house paid off? Ten years ago, I thought the same and 'retired' & that was when I realised I couldn't eat a house brick by brick.

depends what you want to do I suppose. I like the finer things and - shock horror - like to buy fancy new cars. seriosuly tho there is only so much I can spend and I reckon $15k a month is way more than I would want

 

[craigb]

" Today 03:39 AM" - craigb

Craig, your hours appear to be just as weird as mine...



G

so i am told amazingly driven people sleep about 4 hrs, , either that or their 8 year old daughter , KEEPS climbing in bed with mum, ?? and er' me!

 

[coastymike]

I'm with James on this one. Crown Casino here we come !!!!

 

[firstmillion]

BTW I own 7 properties freehold & 7 with loans. Now I buy shares because if I don't something, my brains will wither.

Thanks for reading this long post,
KY

Hey you never told me when we met last time. Good on ya

 

[handyandy]

so 10 x $400k = $4m
5 x $1m = $5m

a house say $2m

$11m clear

resi yield say $200k gross
comm yield say $450k nett

can you really spend $10k a week?

We manage to plus some but we now support wife and I and my two sons from the IP business, bit of a family affair.

We have an LVR at about 10% so there is plenty left but the reno's swallow up a fair chunk and then there are all the expense (council rates, insurances, some maintenance, land tax, management fees sewer charges etc)

We finished with our non property based business in 2005. The business was a computerised booking system for transport operators around Aust. We ran this business for 12 years. Gp was about 60%

Cheers

 

[Burbs]

Who's achieved 50+ properties in there time on earth?

I have spent many years in both finance and real estate and have never met anyone with 50+ properties. I am certain they do exist, however they are pretty rare. The stats are that something like 75% of all resi IP owners have only one IP.
Most investors I personally know own 1 IP, some have 2 and a handful have more than that. I know one couple with around 30 and another couple with around 35. The first did it by working hard in their business and investing the surplus in low to mid range properties; and the second did it by working hard in their sales job and investing the surplus in construction of new mid range 4x2's in new estates, selling a few in each development.
Burbs

 

[lisag]

trying to get to one IP

so i am told amazingly driven people sleep about 4 hrs, , either that or their 8 year old daughter , KEEPS climbing in bed with mum, ?? and er' me!

just thought i would post to show my crazy sleep patterns to craigb and nath

50 properties iam battling to acquire one, but iam trying......
I would be happy to have the PPOR paid off, so how ever many I need for that....1,2,3,4.........

 

[Perp]

can you really spend $10k a week?

Nowhere near enough to build all the wells and water purification plants that I have planned for the third world.

Another suggestion for you... there are alot of relatively young adults (up to 45-50 years old) who are severly disabled as a result of injury or illness, but not entitled to compensation. Many of these people end up in nursing homes designed for the elderly because there is nowhere else to go. So, you might have a 25year old guy who's a quadriplegic from a car accident living in a NH for the next 50 years.... its an awful situation. One of my dreams is to build "hostel" type accommodation where there were on-site carers, but people were living in a more normal environment. But I'd be more than happy if you beat me to it!!

I'm surprised if (as it sounds) you're not familiar with Youngcare. It was the brainchild of some property industry guys nearly 10 years ago. The first complex, in western Brisbane, opened about 2 years ago (I think); let's hope it goes nation-wide.

 

[Andrew L]

We happen to have 50+ resi doors that we lease out (currently leased, apart from those we are renovating) we also have a commercial warehouse, worth about $1mil which we can't lease out. So which one am I glad that I own?

We have invested in property since 1985 aquiring 4 properties by about 1993. At this point we started a business which turned into a very successful venture. It was the excess cashflow from this business that allowed us to aquire the rest of the properties over the next 10 year. We have done many renovations but have never develop from scratch.

As I say horses for courses - these were the decisions I made to arrive at this point in live.

I have read many success stories with many achieving success through property development but in the end I believe they succeed because the path they choose becomes a business and its through sprinboarding the business that they acquire and are able to hold property.

Cheers

Thanks for posting, what a fantastic ride it must have been and I'm sure will continue to be. Do you have any future goals?

Almost 20

You know guys who have over 50.

One of the guys your catching up with this week has something like 15 unencumberd, and buys atleast 1/2 dozen each month.

Ta mate, yep had a chat yesterday. we'll see what can be done in the short term to sort this c/c debt.........but I'm onto you and your plans

Hey nice post HandyPandy!

I once bought two houses in NZ. One for 35k and the other about 55k.

We sold those properties for two main reasons:

1. Maintenance Issues
2. Management Issues


If I had 50 if them OMG

It is comparing lemons with apples , I know but I don't really want 50 resi IP's.

In anycase, Andrew, I can't give you the experienced advice you are after except to say you might get other advice from investors that have been through a few cycles.

Love your dream and you keep plugging it. I know your mission outcome is like mine and you have your family's best interests at heart.

Regards Jo

Thanks Jo, I've gotta say that dream is written down with many others but has only been shared with my partner as I think anyone in my circle would look at me as if I was a leapper.......

Another suggestion for you... there are alot of relatively young adults (up to 45-50 years old) who are severly disabled as a result of injury or illness, but not entitled to compensation. Many of these people end up in nursing homes designed for the elderly because there is nowhere else to go. So, you might have a 25year old guy who's a quadriplegic from a car accident living in a NH for the next 50 years.... its an awful situation. One of my dreams is to build "hostel" type accommodation where there were on-site carers, but people were living in a more normal environment. But I'd be more than happy if you beat me to it!!

Good luck with your plans,

Pen

Hi Penny, love the fact your also looking to fill a government created gap in health care. I look forward to attending your opening day

Hi Andrew L, good on ya. Wish I had the guts to own up to a dream as big. As it was I blundered along not exactly knowing what I wanted. I thought, a house to live in and 2 to live off the rent. I bought no. 4 because it seemed like a good bargain and what a bargain it was!

The problem with not dreaming excessively big is that we reach the target too soon. A single person can live comfortably on 750000 invested. That was so close to the M that it became a goal. Day after day, I jotted down the numbers & for months they never seemed to pass 830000.

The million came & went by without me even noticing it. And the problem became I was left bereft of a goal.

Ausprop, are you sure that you don't need much more than just your house paid off? Ten years ago, I thought the same and 'retired' & that was when I realised I couldn't eat a house brick by brick.

BTW I own 7 properties freehold & 7 with loans. Now I buy shares because if I don't something, my brains will wither.

Thanks for reading this long post,
KY

I think I only owned up to the dream as I felt a few responses we're taking my question the wrong way. But none the less it is a very big dream but so are my others
Congrats on your portfolio growth, I hope you've got your goals sorted out now, How many properties are you aiming for?

Nowhere near enough to build all the wells and water purification plants that I have planned for the third world.

I'm surprised if (as it sounds) you're not familiar with Youngcare. It was the brainchild of some property industry guys nearly 10 years ago. The first complex, in western Brisbane, opened about 2 years ago (I think); let's hope it goes nation-wide.

I haven't seen that site before, I'll have a better look over the next little while, I still have my heart set on making the sick kids smile, But also very happy to extend the network to include this type of care.

My cousin has MS and will no doubt be looking to this sort of care in the next 6 to 10 years as a young woman of mid to late 30's