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  1. #31
    In and out real quick RW2's Avatar
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    Real estate reps. Sold one for $60k net and sold my wife’s for $288k net profit this year.
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  2. #32
    Registered User WABeast's Avatar
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    Reps. Good job op
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  3. #33
    Registered User SazabiBrah's Avatar
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    Originally Posted by notbadnotbrad View Post
    Did you just wagecel at a high earning job and save your money?

    How did you get to the point where you’re so successful in real estate and have capital to invest in multiple properties
    This, I want to learn
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  4. #34
    Registered User bigdownunder's Avatar
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    Well done mate.

    At what point do you become a full-time property developer? Seems like this model could be easily scaled once you have enough capital.
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  5. #35
    Abortion survivor Miscbob's Avatar
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    I read a book from one of those phaggots who earns a regular wage but owns 30 properties etc. Nowadays I think he's all about this instead, buying subdividing and building.

    What was the total finance amount at the beginning? Land and building cost?
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  6. #36
    Registered boomer r32gojirra's Avatar
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    Originally Posted by notbadnotbrad View Post
    Did you just wagecel at a high earning job and save your money?

    How did you get to the point where you’re so successful in real estate and have capital to invest in multiple properties
    I did have high earning jobs and wagecelled until about 2 years ago until I started taking fees - some of my remuneration is still wages though

    To be honest most of it was because I made a very good investment early on - built a house at age:19 which quickly doubled and later tripled in value - and then borrowed against the equity

    Aka dumb luck

    Dunno if I’d be able to start out again and achieve the same thing today
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  7. #37
    Banned Winston56432's Avatar
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    australian housing market will dip when the inevitable china trade war starts.

    lots of amateur house flippers who know jack chit. Never even experience a recession. A monkey could flip a house in australia. srs.

    china is already starting tarifs.
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  8. #38
    Banned notbadnotbrad's Avatar
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    Originally Posted by r32gojirra View Post
    I did have high earning jobs and wagecelled until about 2 years ago until I started taking fees - some of my remuneration is still wages though

    To be honest most of it was because I made a very good investment early on - built a house at age:19 which quickly doubled and later tripled in value - and then borrowed against the equity

    Aka dumb luck

    Dunno if I’d be able to start out again and achieve the same thing today
    Whatever man, most people don't build the house in the first place and don't give themselves the opportunity

    Luck doesn't work unless you play the game

    Congrats srs

    Originally Posted by Winston56432 View Post
    australian housing market will dip when the inevitable china trade war starts.

    lots of amateur house flippers who know jack chit. Never even experience a recession. A monkey could flip a house in australia. srs.

    china is already starting tarifs.
    LMFAO bro what is wrong with you

    you come into every single thread as if you own a majority stake in Brookfield Asset Management


    Do you even own a property or have any assets??

    Do you even have a job? (ded fkn srs)
    Last edited by notbadnotbrad; 02-26-2021 at 06:03 PM.
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  9. #39
    Registered boomer r32gojirra's Avatar
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    Originally Posted by Winston56432 View Post
    Just wait until china starts trade tarrifs on australia. China literally controlls austarlia atm.

    australian market will tank. they have not had recession in 30 years so any property guy thinks they are genious.
    Good thing I cashed out then innit
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  10. #40
    Registered boomer r32gojirra's Avatar
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    Originally Posted by littlemissy View Post
    Congrats! What's next?
    Literally dumped it straight into the next project

    Didn’t even let it hit my transaction account lol
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  11. #41
    Mostly peaceful Kewbrah's Avatar
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    Originally Posted by dfndallsparrows View Post
    Hey I have been analyzing the australia housing market (where jobs are) and comparing it to average wages. The time frame is 1994, vs. 2020. So the suburbs prices had 6X and the wage prices have 2X. This leaves an increase of relatives as TRIPLE! My conclusion is.....FUKD CITY OF ASS PISS. Smack out... I'm guessing Canada same shiz. I pray you sold it to an aussie local buyer
    All that matters is the ratio of average repayments to average incomes and that is totally in the long term average range right now.
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  12. #42
    Don't Treadmill On Me FawkinJuicy's Avatar
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    Congrats OP, keep hustling!
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  13. #43
    Proud Dad 5x10's Avatar
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    What monthly cash flow was given up?
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  14. #44
    Registered boomer r32gojirra's Avatar
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    Originally Posted by 5x10 View Post
    What monthly cash flow was given up?
    It was rented out for $750pw but probably paid out around $450pw In interest, rates, land tax and insurance

    But then would have got some of that back in paper-based depreciation losses so idk

    Renting long term is a PITA though so I’d rather pull the money out and dump it into a new and more profitable project
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  15. #45
    Registered boomer r32gojirra's Avatar
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    Originally Posted by bigdownunder View Post
    Well done mate.

    At what point do you become a full-time property developer? Seems like this model could be easily scaled once you have enough capital.
    I think once I can afford to buy, demolish and build without borrowing, it would be very difficult to justify the 9-5 grind.

    Problem is, the day job is a lot of money for not much work so idk
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  16. #46
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  17. #47
    I speak for the trees Jandels's Avatar
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  18. #48
    Registered boomer r32gojirra's Avatar
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    Originally Posted by Krackerjacked View Post
    Happy for you m8
    Maybe I’ll be there someday
    Originally Posted by Jandels View Post
    Congrats!
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  19. #49
    Registered boomer r32gojirra's Avatar
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    Originally Posted by Winston56432 View Post
    Just wait until china starts trade tarrifs on australia. China literally controlls austarlia atm.

    australian market will tank. they have not had recession in 30 years so any property guy thinks they are genious.
    The ironing is delicious
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  20. #50
    It's not your thyroid MattyMiscer's Avatar
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    Originally Posted by r32gojirra View Post
    Pretty happy right now

    This is the second sale of this financial year - after paying out the mortgage, agent fees, CGT provisioning and legals should net out about $190k

    Overall that’s put me up about $380k for this financial year just on the property side of things

    I don’t mind admitting that’s significantly more than I’ll earn in fees and other employment income

    Makes me wonder sometimes why I get up for my office job

    Thread on the first sale here:

    https://forum.bodybuilding.com/showt...9000431&page=1

    Cliffs:
    -sold another property, doing well, feeling good

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  21. #51
    Registered boomer r32gojirra's Avatar
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    Originally Posted by MattyMiscer View Post
    ceo/$1k a day, mirin


    How long did you own the houses you sold? If it's less than a year you have to pay a crazy capital gains tax, like 50%, right?
    Kind of

    Every dollar of income a person earns over $180k is taxed at a marginal rate of 47 per cent

    Capital gains are simply added to your income

    HOWEVER if you hold the place as an investment property for long enough you are only subject to tax on 50% of the profit

    So effectively 23.5%

    If you hold the place as your principle place of residence any capital gain is tax free

    However there are general anti-avoidance rules which also affect the operation of these

    I held these longer than I wanted because we tried to go to the market in early 2020 and then open homes were banned due to Covid

    So we waited until things opened up again
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    What's going on mate, Not seeing the double and triple appreciation on my primary residence since I didn't build it but roughly appreciated 10k per redfin not sure if you have that down under or how accurate that is but any advice...?! Going to make double payments so in 10 years it's paid off and I can borrow against the equity like you was thinking about getting an apartment building but seriously considering using it to invest into business or sell current business and use money for a better business to earn more money and get a better property later the way I look at it right now is business counts as an asset and can get business credit to finance deals if need be but I got personal cash / equity I can put up but like you said renting in the long run seems like a pain in the ass due to maintenance costs and dealing with tents brb 30k for a new parking like 30k for a new roof and return on investment after putting a joocy down payment down is next to nothing but you're building equity which can be leveraged not to mention after a joocy downpayment if you have to renovate or whatever too just seems like breaking even or making a profit is tough but you clearly are so curious on advice you could give to me it seems better to sell current business and buy a better one with the money and wait until I can get a cheap hotel or a multi building apartment complex or look at investing in different states but lower cost of living will mean less returns despite cheaper property plus management cost I feel like for less money I make more with business and that can help me better later on but don't wanna neglect propertymaxxxing.

    Not sure if you have this down under but look into 1031 exchange or similar basically sell property and use money to get another one within 3 months and zero taxes.
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