Its at Teal Flat. (between Bow Hill and Young Husband)
One of the only few "old" shacks left in the group... the rest are bigger than most houses.
young property investors
- Thread starter toylux95
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Its at Teal Flat. (between Bow Hill and Young Husband)
One of the only few "old" shacks left in the group... the rest are bigger than most houses.
Another Youngish investor here.
Bought my first house when I was 24, lived in it for 18months, did up the bathroom, and gave the place a spruce up and now my partner bought her house which we are living in and doing up and then we will rent this out and get another one hopefully in 12 -18months if we dont move to the UK for a few yrs.
They are always going on about the housing affordability in the news and its crap, we are both on what I would say are average incomes for our ages and professions (engineer and therapist) and we are doing it fine with 2 houses !
luckily my house is coming close to being neutral geared when I raise the rent in April, so maybe once this happens it might make a 3rd property easier. Its just overcoming the expenses of stamp duty and that stuff thats stopping us, not the serviceability !
Ben
Bought my first house when I was 24, lived in it for 18months, did up the bathroom, and gave the place a spruce up and now my partner bought her house which we are living in and doing up and then we will rent this out and get another one hopefully in 12 -18months if we dont move to the UK for a few yrs.
They are always going on about the housing affordability in the news and its crap, we are both on what I would say are average incomes for our ages and professions (engineer and therapist) and we are doing it fine with 2 houses !
luckily my house is coming close to being neutral geared when I raise the rent in April, so maybe once this happens it might make a 3rd property easier. Its just overcoming the expenses of stamp duty and that stuff thats stopping us, not the serviceability !
Ben
I'm 28 umm gezz i'm old
Bought ppor at 22...kept going ...7 Ip's so far... and not planning to stop anytime soon
Dan
Bought ppor at 22...kept going ...7 Ip's so far... and not planning to stop anytime soon
Dan
Amazing stuff - well done to all.
You guys are all starting well before the wife and I even knew what was going on....it could get very interesting in the years to come with the base you have accumulated thus far, and you are all magnificently placed to capture opportunities that may come your way.
All I'd suggest is don't get scared of the numbers, and keep plugging away. It sounds as if you are all far above ordinary. Onya.
You guys are all starting well before the wife and I even knew what was going on....it could get very interesting in the years to come with the base you have accumulated thus far, and you are all magnificently placed to capture opportunities that may come your way.
All I'd suggest is don't get scared of the numbers, and keep plugging away. It sounds as if you are all far above ordinary. Onya.
It is absolutely fantastic to see so many young people get started early. Well done to you all!
I'm 38 but bought my first property at 19 so I too got started early. Back a million years ago when I was 19 it was a very unusual thing to do and apart from my parents not a word was spoken to anyone out of fear that owning a property might allienate my friends.
I have now discovered that if you bounce property investing ideas off the right type of people it helps you develop and fine tune those ideas so keeping it a secret is not good to anyone. I bought numbers 2 to 9 as a result of talking it over with other like minded investors (and many that have been sold in between too )
I'm 38 but bought my first property at 19 so I too got started early. Back a million years ago when I was 19 it was a very unusual thing to do and apart from my parents not a word was spoken to anyone out of fear that owning a property might allienate my friends.
I have now discovered that if you bounce property investing ideas off the right type of people it helps you develop and fine tune those ideas so keeping it a secret is not good to anyone. I bought numbers 2 to 9 as a result of talking it over with other like minded investors
(and many that have been sold in between too )Hi Guys,
I started as soon as I could at age 21. This was back in 2000 when the boom was starting. I remember inspecting this property 5 minutes before auction and decided that I just had to have it because prices were starting to pick up and I kept missing out. I lived with my parents and rented the property out as I couldn't afford to move out.
Since then I've purchased another 4 properties but sold 2 of them to realize some of the gains. I'm currently living in the first house I purchased and it's fully paid off.
My friends all lagged behind me and took their time getting into property. Things could of been so much different if I didn't take the plunge early.
I started as soon as I could at age 21. This was back in 2000 when the boom was starting. I remember inspecting this property 5 minutes before auction and decided that I just had to have it because prices were starting to pick up and I kept missing out. I lived with my parents and rented the property out as I couldn't afford to move out.
Since then I've purchased another 4 properties but sold 2 of them to realize some of the gains. I'm currently living in the first house I purchased and it's fully paid off.
My friends all lagged behind me and took their time getting into property. Things could of been so much different if I didn't take the plunge early.
stumuro,
I sold my performing assets so that I could pay off the loan for my PPOR. This allowed me to move out of my parents home and have my own independence.
I however replaced the 2 performing assets with new properties which I could fully leverage. i.e. Interest can be fully deductable come tax time.
I sold my performing assets so that I could pay off the loan for my PPOR. This allowed me to move out of my parents home and have my own independence.
I however replaced the 2 performing assets with new properties which I could fully leverage. i.e. Interest can be fully deductable come tax time.
An interesting choice. Personally, I'm doing it a different way. Keeping my IPs and using cash savings for a deposit on the PPOR. That means I'll have a chunky bit of non-deductible debt, but the cash effect is only loan amount x 7.8% x my tax rate, and I don't have to pay CGT because I'm not selling the IPs, and they're still appreciating.
I don't see why you have to pay off your PPOR loan to move out, though. I moved out of my parents home by going to another country and renting while continuing to buy IPs, and am only now looking to buy a PPOR as I'm settling down. But each to his own.
Alex
Hi Alex,
I'm not a fan of renting a place. I've lived in this place for over 5 years now. It was the worst looking house in the street at the time of purchase but over the years I've been able to transform it into one of the best. So over that time I've managed to make capital gains on the imrovements in my PPOR, not have to worry about any landlords, own pets, grow vegies anywhere I want etc. Like you said, each to their own.
I'm not a fan of renting a place. I've lived in this place for over 5 years now. It was the worst looking house in the street at the time of purchase but over the years I've been able to transform it into one of the best. So over that time I've managed to make capital gains on the imrovements in my PPOR, not have to worry about any landlords, own pets, grow vegies anywhere I want etc. Like you said, each to their own.
Thats really very smart
Bought my first IP when I was 21, and since bought 4 more (sold 2 though) so hold 3 now. Moved into first one while I was renovating to get the FHOG and then moved back home for a couple of years, now renting (I pay about 3.5% of the value of the place I live in). Plan is to keep renting and keep buying for now.
I'm 27 now.
I'm 27 now.
Wow seeing all the really younguns makes me feel old. 28 now, 3 IP's 2 houses in qld and 1 in WA in the middle of a basic subdivision. Started at 24 and 2 months - and that wasn't soon enough for me but my wife and I (who married whilst still at uni and had NO money to spare back then - read plain rice or 2 minute noodles for dinner many nights) did have to actually finish our degrees, get jobs and save a deposit for number 1. Of my family and friends I am the youngest, but its good to know others are starting even younger. To the others just starting, this stuff works, read all you can and keep learning. Now, after a few years of slowing down the purchases to have children, the equity has now grown and we are again looking to purchase more, not sure if it will be ppor or ip4 next.
So currently still renting with a cheap (ish) non-fianced car?
Sorry if thats too personal, just trying to get an overall picture. Rent/cheap cars while attaining IP's and watching Equity grow etc
Thanks,
Matt
Alexlee, what vuster now has though is the ability to change career path, move jobs, less pay, less stress because owns this house. Worst case he shuts up IP shop cuts his losses and has a home in his name (assuming there isn't a crash and he's left with a $200k house on a $400k loan).
Please correct me if I'm wrong. It's interesting either way.
Matt
If you mean non FINANCED , then that's correct bangers - cars can definitely chew into your cashflow if you like the pricey ones. If you mean what you wrote I am not into that kind of thing - 1 wife is enough for me, would never cheat, not even with a car.
Disclaimer, we do now have some personal debt but this is due to refusing to sell IPs while having children and particularly around a change of job for me which resulted in a better lifestyle move and more money after year 1 but a short term pay cut. Outcome, we do service some personal debt until we get around to selling something but the cg has well an truly eclipsed the interest on that. In the early days of IPs we had no personal debt, and I believe this to be an important part of the delayed gratification principle.
Also, on cars, I love the fact that we got a 4 yr old commodoore wagon off my mates company (he is employee, not owner) at the trade in price the car dealer offered them of 7k - bargain I rekon. The price was so low the company said too all their employees, if there are friends or family who want the cars at the same price, take em, coz the dealer is ripping us off. Cheap cars are great for cash flow.
Personal circumstances apply. Just not the strategy I would use (or am using). I personally would choose a more aggressive strategy while young. But of course each to his/her own.
Alex
