Seven properties before turning 30

Discussion in 'Investor Stories & Showcase' started by larrylarry, 24th May, 2016.

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  1. Plutus

    Plutus Well-Known Member

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    Maybe i'm just a pessimist, but given that he & his accountant buddy (linked in the article) have popped up more than once in property blogs in the last few months, I'm waiting for the pitch to begin.


    Haha so its fine for you to tell me to go back and re-read something, but when I do the exact same thing to you I need to chill and appreciate people? :rolleyes: Maybe you should try your own medicine before prescribing it for others.


    Wildest Dreams is a much better Taylor Swift song
     
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  2. bob shovel

    bob shovel Well-Known Member

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    Well played :)
     
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  3. Elives

    Elives Well-Known Member

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    i think good on him for having a go! but.. his properties aren't really magazine worthy. i mean that in the sense that anyone with cash / equity can go out and spend it (on other properties) spending money isn't really an accomplishment / article worthy. i like reading where they've made money. not 5-10k.. when we're talking 200-300k properties. don't want to come of negative but just giving my 2 cents haha
     
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  4. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    @Plutus why the hate?
    It's kinda pathetic...
     
  5. DaveM

    DaveM Well-Known Member

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  6. Jennifer Duke

    Jennifer Duke Well-Known Member

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    I don't know how good his portfolio is from an investment perspective but I will say that I asked for a case study set to use the six year rule and was the one to request a client. So I don't think he is spruiking as such.

    We just wanted to talk about the six year thing as it was news to me.

    As to whether his portfolio is great - that's another story and would require a lot more figures that what I requested.

    Also Jeremy (accountant) and I met about five years ago and have stayed in touch - I often go to him for investor case studies to illustrate a news piece :).
     
  7. mrdobalina

    mrdobalina Well-Known Member

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    there's more to life than working
    86% LVR. Ballsy.
    That's a do or die scenario.
     
  8. Ed Barton

    Ed Barton Well-Known Member

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    Sponsored by the Liberal Party, or is that the National Party or the Liberal National Party?
     
  9. Steven Ryan

    Steven Ryan Well-Known Member

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    Seems legit. I built my portfolio (similar size and timeframe) and hadn't even reached his starting income when I made my last purchase (which was post-APRA).

    Good on him. :)
     
  10. Ran Gus

    Ran Gus Well-Known Member

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    The actual number of properties is pretty irrelevant imo, but good on him. As long as he's happy to wear the risk (and not end up on ACA or 60 Minutes complaining about it if it doesn't work out) then all power to him in reaping the rewards.

    2 things stick out to me from the article:

    - The 6 year rule hasn't really helped this guy "amass [a] large property portfolio". It hasn't provided him with anything (yet)...

    - Is the % of people who know about the 6 year rule really as small as the article implies? I question this somewhat.
     
  11. Jennifer Duke

    Jennifer Duke Well-Known Member

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    In terms of few people knowing about it - definitely seems that way. I did a quick whip around the office (and some agents) and none of them had a clue about it. The accountants I spoke to also confirmed majority of Millennials they get in their offices don't know about it.

    Within property circles it's likely more well known - but that's unsurprising.

    What we can't know is how many people use it on the reg. ATO doesn't even keep that type of detail (so they tell me).
     
  12. Greyghost

    Greyghost Well-Known Member

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    No I'm not from QLD, but my Mrs is from Kuraby which is still on the south. So I know enough.
    I grew up in Jacana/Broadmeadows myself, so no silver spoon hiding anywhere..

    You are very negative!!

    I have 2 properties in that region myself.
    Bought as it was part of my strategy as we saw a an opportunity in the Bris cycle and we are now able to save and cashflow the purchase of our next PPR without farming equity from the existing portfolio...

    I'm more than happy with my 8% yield on my 2 in the areas, plus based on sale prices ATM unrealised capital growth of 30-40k each property in under a year..
    So although I own in the area I can still appreciate the need to develop a portfolio that works for you..

    There are more reasons why people invest in such areas, not all are just sheep flocking to a particular region due to hype..
    It's easy to trash someone's portfolio without intimate knowledge of it...
     
  13. Greyghost

    Greyghost Well-Known Member

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    I agree about the sales pitch and blog stuff though.. Not a fan of any spruiker
     
  14. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    From my experience I think it is - even with 'accountants'
     
  15. Greyghost

    Greyghost Well-Known Member

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    Couple of things I don't like about the article is regarding the sensationalism of it.

    "Shocked into reality" by his accountant because of his lack of assets.

    "Benefited by buying off the plan"..

    Maybe I do sense a sales pitch coming..

    Also, incorrect what the tax specialist says in the article, you do not have to live in the property for 12 months in order for it to be utilised in the 6 year absence rule.
     
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  16. Waldo

    Waldo Well-Known Member

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    Don't you work in a property magazine? And no one knew about the 6 year gct rule? I'm a little concerned to be honest (plus I wouldn't be admitting to it:))
     
  17. dabbler

    dabbler Well-Known Member

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    I am not sure what your beef is, but everyone who makes money in a boom is lucky, why if you feel you have superior skills and can tell us all exactly what, where and how much a boom will be, by your better research, many of us will be all ears, till then, you have to give them some credit.

    If your going to be down, be down on Domain for clearly self serving.....

    And, ....... "Shake it off" lol ..... thanks Bob, have to love the nerdy Tay Tay
     
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  18. C-mac

    C-mac Well-Known Member

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    I can vouch for the effectiveness of the 6-year tax rule. I exercised it in January of 2015 and it has been a fundamental enabler for me to further establish/grow my portfolio.

    I'm a bit disappointed to read some of the criticisms on here about this guy and his success so far on his journey.

    PChat fosters a great community of investors who - whilst all travel down different paths to get there - largely have the shared goal of financial independence.

    Take Jennifer's article at face value and her further comments on this thread on it, for what they are. 30 years old and already well on the road to financial freedom. So what - he bought one property in his own suburb, don't crucify him for that! He was starting out and buying real estate at a time when most 25 year olds are chugging shots week in week out in a filthy backpackers in Europe somewhere.

    At a glance his portfolio is state/city diverse, and includes a mix of property types. I would say this guy has done a lot of suburb due diligence to underpin his investment decisions.

    So ease off the snarky remarks and put your garden sheers away. Poppies don't need cutting down today. There's not much about America that I would ever say I'd 'want' to rub off on Australia, but their national pride in celebrating their countryfolk's wealth creation is a great asset. I work in my dayjob for an American company with many American people. This part of their culture is rubbing off on me and it's a great thing. They celebrate and cheer each other's wins in business and in life. In that way, I wish our culture was more influenced by this :)
     
  19. kierank

    kierank Well-Known Member

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    Another tax lurk driving up house prices and making property unaffordable.

    I trust the ALP will remove this tax lurk if/when they get in. Can't have the ATO and Aussie tax payers funding people's financial independence, especially those who have a go, take risks, etc :) :).
     
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  20. Sackie

    Sackie Well-Known Member

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    ..and they say nurses eat their young...

    Compared to the average person who whinges and whines about how tragic their life is while the new iPhone hangs out of their back pocket..

    I'd say he's doing bloody well.
     
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