Are we really this rare?

So I called Macbank to fix my rates. I have 7 loans there secured against three ordinary properties. He goes "I've been working here 10 months and I've never seen anyone with so many loans". I said yes but they are only secured against three properties, to which he replied "no this is still rare".

10 months isn't a long time but surely he should have seen many more?

Is it possible what we're doing here is really that rare?

 

Yes. Refer to the thread about why people don't own more than 1 IP.

 

Maybe investors are the new Elephant men/women....

 

You hang around on this forum and you start to forget the vast majority of people, 95% perhaps just can't get their head around it. I know the odd baby boomer who has a few properties but for people under 40 it's rare, especially owning more than one or two IP's and aiming for say 10.

 

Ive participated in so many of these threads about just how many, say, 5+ property holders there are who are under say 40.

Always been curious to know. Does ABS census data record this stuff? If so, is it census year this year?

I'd say 10+ property holders would be extremely rare (as in, less than what, say 5,000 individuals nationally?? )

 

Are all of your loans with McBank, or you have others elsewhere?

 

There's some old data available, and with some digging, more recent might be around.

http://www.abs.gov.au/ausstats/[email protected]!OpenDocument



http://www.abs.gov.au/ausstats/[email protected]&prodno=8711.0&issue=Jun 1997&num=&view=

 

There was a poll on SS asking how many properties you have.

Not age related though.

http://somersoft.com/forums/showthread.php?t=101602&highlight=poll+number+properties

9 had more than 19! Fair bit of debate from memory over the quality vs quantity of properties.

 

Yes much wow

 

Much wow much good

 

I don't know but according to 2011-212 ABS data 2.7million households who owned their own home outright had a net worth of $1,230,000 remember this was also a low point in many property markets around the country and well before Sydney boomed. Doesn't mean they own numerous properties but there are a lot of very wealthy people in this country.

 

Na I'm with another 3 banks too, so 4 in total.

 

Hey Jaybean,

Well done thought what you have done. The same person who said "wow" probably has 5 credit cards and two personal loans lol.

I think in Australia we are so blessed with opportunity.Last year when we paid off my first property on my 30th birthday the reaction i got was not funny.. So many people now days do not even achieve that.

 

I dont think we're that rare.

5 of my properties are in the same council. I rang up the council to change my postal address, said i had 5 with them and rattled off the addresses. They didnt seem to bat an eyelid.

 

How would some of you go if you lost your job?

 

What job?

 

I think it is rare. I spoke to a property manager a few days ago who said that 95% of the properties she manages are owners who have only one property. A very small number own multiple properties. Those who do have a mix of self manage and property company managed. She also felt that multiple IP owners read the market better and react more quickly to dropping the rent than single IP owners.

 

Don't forget proper investors spend so many hours researching, attending home inspections, talking to the right people in the industry and generally just building on our knowledge base, so hence investors deserve the fruits of their labour!

 

I'm in my mid twenties with 10 properties most people don't say anything or there first reaction is "Did I get an inheritance" :\

 

Have enough buffer.
Keep your skills updated.
Have close to cash flow neutral or positive portfolio.
Have appropriate level of insurances.
Find a partner who earns more