Hi im 21 years old and live in sydney , now im asking this question to see what kind of answers I get , I would like to own 3 properties out right clear and free asap so I can quit my job and live off the income .
Now I want to know what the best strategy/method would be to get them in a manner thats best money wise and time wise , remember I want them ASAP.
Okay so im looking at buying these 3 properties in brisbine in the 300k – 360k mark, to keep things simple lets say all of them are 300k , also im in a position where I dont have many expenses and I can save up 55k a year easy, thats with the one job I have and im actually thinking of getting another job which would enable me to save up more but for now lets say 55k a year I can save up .
So 3 300k properties and Im saving up 55k a year .
Now about the method im not sure weather I should first put deposits on all of them one by one and then pay them off one by one , or pay them off all at the same time in a selected time frame , also im not sure if I should get them in Principle and inrest or interest only , for example maybe I first get them io after I get 3 I switch one of them to pni then pay it off and on to the next and so on , orrr im not sure if I should acquire like 7-10 propertys io and wait for them to grow in capital and sell most of them to pay the 3 off , I really dont know which would be the best way for me to get to my goal ASAP thats why im asking because I know there is heaps of professionals weather your an accountant , mortgage broker or someone thats been in the game for years .
Bonus info : im not interested in working till im 50 -60 I wanna stop working asap .
I know theres models for wealth but they r long term , im not interested ib them untill I quit my job and have my 3 properties Ill look into that sorta stuff because at least I wont be working then .More info : will 3 properties be enough when I get a family , children etc , probably not and thats when ill look to having 4 to 5 propertys outright but as for NOW I want the 3 debt free ASAP .
So please tell me your thoughts on this your ideas your advice etc
tell me what u think will be the best methods THANKS !
ps im going to use a buyers agent to get these properties so thats an extra cost , thank you
Hi RYF
Shoot me an email and I can send you our Turbo charge your Property Portfolio PDF as well as an API article I did on retiring and living off rental income.
Unless the debts are paid down you will be relying on the rents increasing to provide an income to live off and 3 certainly won’t be enough.
It is not the number of properties that matters but the quality of the overall portfolio.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi, why are you choosing to follow this strategy?
As mentioned 3 X $300k properties paid off will not allow you to retire.
Let’s assume 5% yield, that’s $900 a week rent MINUS agent fees, rates, insurance etc. Even if 20% that leaves $720 a week which you have to pay tax on. And that’s not accounting for maintenance, breakdowns etc.There are MANY ways to invest in property. Read some books and decide which is the best strategy for you.
BTW I have many friends who have made a LOT of money from real estate (myself included) and none of them bought a few properties and paid them off quickly.In my opinion it i a short sighted view. Think big.
Cheers.Hi RYF
Shoot me an email and I can send you our Turbo charge your Property Portfolio PDF as well as an API article I did on retiring and living off rental income.
Unless the debts are paid down you will be relying on the rents increasing to provide an income to live off and 3 certainly won’t be enough.
It is not the number of properties that matters but the quality of the overall portfolio.
Cheers
Yours in FinanceDo u mind me asking a copy too ? :-)
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