Just a quick post to say we’ve hit the Magic Million in Property Assets according to the latest appraisals (just over in fact).
This was one of our Goals for 2006 and we’ve already achieved it before the end of January.
I realise its only the paper value and worth less if we actually sold everything, however, its an achieved goal and a psychological stepping stone for us; our LVR has dropped from 71% to about 64% and we are still looking at our options for 2006.
Its nice to know that the properties values have gone up by about $95,000 (over double what our yearly income is from wages without overtime) anything else this year is a bonus..
DSR is still a problem, however if i take a new job offer this should ease up also.
Now to work on the other goals for 2006 and set the bar slightly higher for some goals (Dr X made me feel bad that I set the bar too low [biggrin])
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi Redwing,
Congratulations – they say the first mill is always the hardest and thereafter it will continue to leapfrog (or is that snowball).
Is that $1m in equity or $1m in property?
Now get out there and keep looking.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958Well done Redwing. We’re catching up too just need the bank to agree to lend us more money !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Congrats Redwing
I didn’t think it would take you all year to do it.
Now on to the next mill hay
CATA
Asset Protection Specialist
[email protected]Well done redwing! Almost time to start buying again in sydney they tell me ( looks right to the news bar).
Regards,
Don
D&L Property Projects Ltd
Sourcing Quality Investments in New Zealand.Email to receive current deals & New Zealand Information Sheet.
[email protected]Don Nicolussi | Mortgage Broker - Home Loan Warehouse
http://homeloanwarehouse.com.au
Email Me | Phone Me"I think of finance as a technology, a way of getting things done." Robert Shiller
well done redwing
at this rate, by xmas you should have 12mil?and DLPP….how do you work out that its time to buy in NSW?
after all, wasn’t it the PM who has decided “who will come into this country and get a pay rise?”
No pay rise
No afford houseunless your a CEO ($65,000/wk) or a property investor (like redwing), the rest of us are only making (according to research) 50k a year
where’s the money?
do you something we don’t?????come on …..share it with the rest of us….there’s a money tree..isn’t there?
Great work Redwing,
good to hear of someone who has just made it as that is what i am striving for.. I have $850k in property (value) and am looking at buying next week…hopefully make the mill!
I think it is psychologically significant for those of us who have started with nothing and remember trying to scrape together the initial deposit for a home loan all those years ago!!!
Keep it up and I will be making a post when I reach your goal.
TD
wow that’s awesome, Congratulations Redwing!
may i ask how long did it take for you to go from the first house to 1 Million?Well done redwing however the adventure continues.
What is your next goal?Those of us following your lead could do with some learned advice.
What did you learn along the way that you can pass on?“Learn from the mistakes of others, you won’t live long enough to make them all yourself” Richard Denny.
Email [email protected].
Fax new number coming
Mobile 0425201055.
For all your CLEANING and GARDENING work.Good stuff Redwing.
If you are having serviceablity problems, RAMS have just released a 80% LVR No Doc.
Terryw
Discover Home Loans
Parramatta
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Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Now terry
we’ll all being positive here
lets not talk about that nasty word “serviceablity”
Good onya Redwing….a proud achievement in anyone’s language.
Originally posted by the owner:wow that’s awesome, Congratulations Redwing!
may i ask how long did it take for you to go from the first house to 1 Million?Hmm..bought my first house ever in about 1990, there’s been ups and downs since then, about 5 yrs ago I earnt less than $20k for the year and found things pretty tight
Worst thing i did was sell a duplex block in Broome for about $15k profit after costs (3 month turnaround between buy and sell) paid around the $40k’s for it..now worth “buku” dollars to quote Dazzling..
Thanks to everyone here for thier advice over time..it’s all appreciated, especially some of the great PM’s..
Colin..what did I learn along the way..”tons” of info..though my main thoughts are, “No” is not an answer just an opinion, learn from as many investors as you can (you can learn something new from someone at any level) and – its not what you earn, but what you do with what you earn..[inlove]
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThats top stuff redwing, now set your bar even higher this year [biggrin]
Well done and hats off. Great inspiration for all of us.
just saw your post, good one.
it is hard to do on smallish incomes but thankfully very possible.
love hearing stuff like thatcheerz[biggrin]
It is wonderful to hear a success story and of you meeting your goal early! My husband and I just did our goal setting and I can only hope to have the same success!
Well done,
Mapleleaf
Achieve the Dream!
Thanks everyone..
Still doing the groundwork for my main goals for 2006, hopefully with help from some of the more experienced Forum Members who I’ve been in contact with I can achieve them..
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator*BUMP*
Update regarding our situation
Now sitting on $2.1M in Property Assets and we've leveraged into some Income Producing Managed Funds that provided an 18.5 % return last year (thre have been some great 50-60% Funds, but we consider ours slightly less risky).
New QLD and WA IP's bought this year so far and drawing out more equity for a Safety Buffer and to look at new investments
Thanks DrX and many other posters on the forum
Regards
Redwing
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