Hi All
I'd like to hear from those people who have made it out of the rat race how long it took them to make a reasonable portfolio and then make good their escape. This escape may have been to a self-employed business or to a villa in Tahiti.
I'd really just like to know if by actively pursuing a property accumulation strategy one can escape the rat race in 5 years. I have a goal of retiring at 40 (i.e. no longer working for the man). I'm 29 now so I'm reasonably comfortable from what I've read on here that this can be done, but I'm interested in accelerating this if possible so I'd like to hear everyone's stories if they are willing to share.
My current thoughts on how to do it are buy, renovate, refinance, repeat. Without consulting a finance broker (which I intend to do once I have renovated my ppor) I'm guessing if I can pull out $50k per renovation I would come close to being able to purchase another property after each reno.
Cheers,
Tom.
Hi Tommy
Rather than bore you with the story more than happy to send you a copy of my API interview.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I'm sure you bore no one on this site Richard
I've just emailed you chasing a copy of your interview.
Cheers,
Tom.
No dramas Tom I have sent this off for you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
No dramas Tom I have sent this off for you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
3-5 years. If you were happy with a passive income of 50,000 per year (as retirement)
would be about 3 developments.
1st development. Might be a 1 into 3 or 1 into 4 split. Where you sell 2 or 3 houses and keep the 4th debt free. Or with low debt.
that should net around 300k in equity and produce a rental of at least 300 after expenses a week
take 18 months time
2nd development – 18 month to 36 month period.
Same as above
3rd development 18 month to 36 month period
same as above
Net result is 1.2 approx of equity and net rental of 900 a week.
you would need to have a decent income circa 80k plus / combine with other people and or would help a lot / make it quicker if you already have some equity in existing PPOR or have cash available.
Hi Richard,
Could I have a copy of your interview please .
Cheers
Gayletommytucker wrote:Hi AllI'd like to hear from those people who have made it out of the rat race how long it took them to make a reasonable portfolio and then make good their escape. This escape may have been to a self-employed business or to a villa in Tahiti.
Tom.
Hiya Tommy
The majority of the stories in API and YIP magazines features these articles. Some are truly inspiring, some you take with a grain of salt. Either way, I'm sure you'll find plenty of interesting reads.
There's also a collection of interviews on somersoft from regular posters who have done quite well out of investing. Might be worth checking out some of those too.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I agree with jamie
majority of stories featured in API/YIP are BS and more BS.
I'd much rather hear stories from familiar people. Makes it more real.
Cheers for the article Richard!
Sure Gayle will flick one over to you.
Talk next week.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Sure their is a lot of BS in the world.
I love this website because I've never directly done business or talked with Richard 'Qlds007' however I've seen him helping so many new people out over the years through this site. We have a lot of real Success Stories here and I believe what I see here much more than the magazines. I stopped buying Magazines (expect occasionally in an Airport). Rather spend time learning from sites like this and people like Richard and Jamie M.
Tom, I've been talking over Skype recently with 2 people from here and the Somersoft forum. They had amazing success stories. All of us retired or semi retired before 30. Escaping Rat Race in 5years, Single man? no kids, easy with an Australian Salary. With a successful development, renovation, Vendor Finance stratergies, or plans like Wilco mentioned (and sticking to it) in 5 years you could either be out of the race or a millionaire.
Adrian Cahill | AdrianCahill.com Personal Development Expert
http://adriancahill.com/from-investor-to-coach/
Email Me | Phone MeHere since 2002, however things have evolved over the years.
Hi , like others have mentioned you got guys like Richard and Jamie who are real inspirations. There always there with an honest advice.
We live in good times and with resources at the touch of your feet anything is possible.
As for me I like working and wouldn't want to retire and I am blessed to doing what I love.
surround your self with good people and things will go well.
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
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