All Topics / General Property / Success Stories

Viewing 13 posts - 1 through 13 (of 13 total)
  • Profile photo of tommytuckertommytucker
    Participant
    @tommytucker
    Join Date: 2010
    Post Count: 82

    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.

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

    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 | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of tommytuckertommytucker
    Participant
    @tommytucker
    Join Date: 2010
    Post Count: 82

    I'm sure you bore no one on this site Richard :-)

    I've just emailed you chasing a copy of your interview.

    Cheers,

    Tom.

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

    No dramas Tom I have sent this off for you.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

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

    No dramas Tom I have sent this off for you.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of wilko1wilko1
    Participant
    @wilko1
    Join Date: 2010
    Post Count: 510

    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. 

    Profile photo of GizzyGizzy
    Participant
    @gizzy
    Join Date: 2013
    Post Count: 26

    Hi Richard,

    Could I have a copy of your interview please .

    Cheers
    Gayle

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    tommytucker wrote:
    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.

    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 Me

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

    Profile photo of god_of_moneygod_of_money
    Participant
    @god_of_money
    Join Date: 2008
    Post Count: 970

    I agree with jamie

    majority of stories featured in API/YIP are BS and more BS.

    Profile photo of tommytuckertommytucker
    Participant
    @tommytucker
    Join Date: 2010
    Post Count: 82

    I'd much rather hear stories from familiar people. Makes it more real.

    Cheers for the article Richard!

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

    Sure Gayle will flick one over to you.

    Talk next week.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of Adrian CahillAdrian Cahill
    Participant
    @adriannqld
    Join Date: 2003
    Post Count: 128

    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 Me

    Here since 2002, however things have evolved over the years.

    Profile photo of JpcashflowJpcashflow
    Participant
    @jpcashflow
    Join Date: 2007
    Post Count: 575

    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 Me

    Your first port of call in finance :)

Viewing 13 posts - 1 through 13 (of 13 total)

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