All Topics / General Property / Can property make you rich in five years?

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  • Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    I dont now about 5 years but certainly over time.

    I arrived in Australia from the UK 17 years ago and bought my first place in Albany Creek, Brisbane.

    Now some years later i still own the first property and another 39 of them.

    Helps that the Pound was strong when i arrived but with structure and careful planning it is certainly possible.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of cuteyoungchiccuteyoungchic
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    @cuteyoungchic
    Join Date: 2010
    Post Count: 66

    Mmmmmmm. 
    If we asked 50 different people, how many dollars would it take to make you rich, I wonder how many different answers we'd hear.

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099

    Richard – 39!!! wow impressive.

    Your tax return must be a headache- i would hate to be your accountant :)

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
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    Same Banks. Better Rates. Served With a Passion.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Michael

    Actually 40 but thankfully we employ 2 full time girls you do all of the property and Vendor Finance paperwork so keeps my Accountant happy

    He is a forum member too so the odd referral here and there helps when it comes to negotiating the annual bill lol.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of fWordfWord
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    @fword
    Join Date: 2009
    Post Count: 471
    Qlds007 wrote:
    I dont now about 5 years but certainly over time.

    I arrived in Australia from the UK 17 years ago and bought my first place in Albany Creek, Brisbane.

    Now some years later i still own the first property and another 39 of them.

    Helps that the Pound was strong when i arrived but with structure and careful planning it is certainly possible.

    Cheers

    Yours in Finance

    Geez, that's buying more than two properties per year. That's fantastic! I was aiming for one a year initially but struggled to even meet that target.

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099

    After you get your first 3 properties it’s much easier to buy the next 5,10…etc because of your total equity worth which gives you a leverage in term of buying power. Just have to make sure the right structure is used and you keep on changing to adopt to your changing financial situations.

    It also helps to have a team of professional who can synchronize to your needs and they understand each another’s need as well ie your Accountant must agree to the strategy employed by your Mortgage broker or Financial Planner.

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
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    Same Banks. Better Rates. Served With a Passion.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    fword i havent added to my portfolio for the last 5 years in Brisbane and mainly on focused on repaying debt.

    Down to a 13% lvr now so should be totally unencumbered with 30 months.

    To be honest i cheated a little as i have a inner city block of 18 units in line (14 x 2 and 4 x 1's) and another 6 x 2's.

    If you want any more info read Oct 10 edition of API magazine.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099

    You were featured in API???

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
    Email Me | Phone Me

    Same Banks. Better Rates. Served With a Passion.

    Profile photo of Jamie MooreJamie Moore
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    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    Shape wrote:
    You were featured in API???
    Regards
    Michael

    Haha, get on the API bandwagon Michael! I’ll be in the May edition (was in YIP last year). My numbers aren’t quite as impressive as Richard’s – but I haven’t had as much time :) Check out the young guns section in May 2011 when it comes out.

    PS – ask Richard for a copy of the article, it’s very impressive.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Mick CMick C
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    @shape
    Join Date: 2010
    Post Count: 1,099

    Wow good work guys, it’s like taking forum help to the next level ahah
    I normally buy YIP and Money, once in a while API…Richard or anybody else could you email/scan me that article? i be very interested- email to [email protected]

    I was going to jump onto the YIP bandwagon.. after i finish my mini development project im doing now ( block of 5 x1 unit in Glebe)

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
    Email Me | Phone Me

    Same Banks. Better Rates. Served With a Passion.

    Profile photo of IntrigueIntrigue
    Member
    @intrigue
    Join Date: 2010
    Post Count: 208

    I must be missing something. I have flicked through the OCT API mag a few times looking for Richard's article, but I cannot find?
    directions or page number please?

    Profile photo of Gordie1080Gordie1080
    Member
    @gordie1080
    Join Date: 2011
    Post Count: 23

    Dont you need about 10 yrs to really make property investing work?

    Profile photo of Mick CMick C
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    @shape
    Join Date: 2010
    Post Count: 1,099

    what do you mean by “really work”

    Not to sure about the 10 years part???? if your taking about +VE (positive geared)- it depends on what you buy and where; all of my 5 IP are positive from day one. ( on a 80-90% LVR)

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
    Email Me | Phone Me

    Same Banks. Better Rates. Served With a Passion.

    Profile photo of StingrayBirkeStingrayBirke
    Member
    @stingraybirke
    Join Date: 2010
    Post Count: 11

    Rich in five years? If what I read here is true more likely bankrupt in five years!

    Link ….. Australia's Debt Driven Housing Bubble

    "…..data clearly shows that there was unusual and disproportional increase of house prices relative to any other leading economic indicator. House price increase cannot be justified by wage growth, CPI, interest rate changes, wealth increase, spending habit changes or any other economic indicator but the debt growth. Using any definition of housing bubble available, it is very likely that Australia is in the middle of the debt driven housing bubble, where house prices increased at least 60% more than any other leading economic indicator….."

    Don't say you weren't warned!

    Profile photo of cameronwoodscameronwoods
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    @cameronwoods
    Join Date: 2011
    Post Count: 2

    A rich person is a wealthy person? A person who enjoys his/her life even if he/she is poor is considered rich? All I know is that the rich are getting richer and the poor is getting poorer. If you have a property and you sell it 5 years from now then I think you will gain much much more from it.

    Profile photo of cuteyoungchiccuteyoungchic
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    @cuteyoungchic
    Join Date: 2010
    Post Count: 66

    StingrayBirke, sus out a person who's been investing in residential real estate for some time, & you'll hear the positives for yourself, straight from the horse's mouth. 
    Property investing is like anything else in life.    If you pay attention, study the subject from books, seminars, & the experiences of others (including on sites like this), you'll see a completely different angle.
    From my experience, the only people/media who knock property investing, are those who've never experienced it, or had no idea what they were doing when they did invest & so didn't do as well as they could've.  

    Profile photo of Jamie MooreJamie Moore
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    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    cuteyoungchic wrote:
    StingrayBirke, sus out a person who's been investing in residential real estate for some time, & you'll hear the positives for yourself, straight from the horse's mouth. 
    Property investing is like anything else in life.    If you pay attention, study the subject from books, seminars, & the experiences of others (including on sites like this), you'll see a completely different angle.
    From my experience, the only people/media who knock property investing, are those who've never experienced it, or had no idea what they were doing when they did invest & so didn't do as well as they could've.  

    Good post and I completely agree. That’s generally been my observation as well.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Andy BAndy B
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    @andy-b
    Join Date: 2010
    Post Count: 9

    From my experience this so called property bubble is spruiked by companies who want you to sell off property and blow all your money on expensive share trading programmes.Not that investing in shares isnt a bad return either (so you can make enough for the next property deposit) but there really isnt any justification for a crash when our banking system is so strong. and of course those who arent intelligent enough to invest wisely to buy more properties and create better lifestyle.

    Can property make you rich in 5 years?

    If i sold my first investment property for what i was offered last week i would have tripled my original deposit in the first 3 years.

    Profile photo of ForeverStudentForeverStudent
    Member
    @foreverstudent
    Join Date: 2009
    Post Count: 41

    If you love what you do and having fun, who cares! I have a renewed passion for property that's why I'm doing it. I know if I concentrate on the principles, the fundamentals, strategies, etc with risk management techniques chances are I'll get there.

    Some of the millionaires interviewed in 'The Millionaire Next Door' mentioned that they love what they do and a big part of the reason why they're 'financially independent.' My 2 cents worth.

    Profile photo of N@thanN@than
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    @n-than
    Join Date: 2010
    Post Count: 241
    Jamie M wrote:
    Shape wrote:
    You were featured in API??? Regards Michael

    Haha, get on the API bandwagon Michael! I'll be in the May edition (was in YIP last year). My numbers aren't quite as impressive as Richard's – but I haven't had as much time :) Check out the young guns section in May 2011 when it comes out. PS – ask Richard for a copy of the article, it's very impressive. Cheers Jamie

    Richard,

    Would you be able to send me a copy of your article if you dont mind. My email address is [email protected].
    I am just starting out with property investing and find other peoples stories and journeys very inspiring.
    Have already read Jamie's…

    Thanks,

    Nathan

Viewing 20 posts - 21 through 40 (of 42 total)

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