Have you been succesful in property investment?

Question

Interested in your story.

Answer 1

have been buying homes and land for years

i like to bye land on a major road then sit in it and some times will install a home on it.

look into the homes that is the cheapest things to get 10,000.00 and down and fix it up and make it look good and do what needs done and resell it and move to the next one.

Answer 2

My parents built their net worth through real estate during the boom. Originaly we started with oceanfront land in Florida, as well as pre-construction condos, then we moved into rental apartments and have been buying them until recently. Overall a very good experience and portfolio booster but in the future we are looking to gradually phase out real estate as the market improves and rollover into the stock market because its a lot less of a hassle.

Answer 3

Personally no, but I know two people who have.

My brother moved to Queensland about ten years ago, and trained as a real estate agent. His first job once he got his licence was with a property developer who was buying up thousands of acres and turning them into housing developments.

My brother has never done anything on that big a scale, but he has applied many of the principles so that now he and his wife own four houses outright, one of which they are currently subdividing to build blocks of units.

It has been a lot of hard work, but it has paid off for them.

He is 10 year younger than me, and is well on the way to being extremely rich, and his children financially secure.

The other people I know are a couple which began with each owning a small property back in the 1980s. They got mortgages on those properties, bought another property, did it up, sold it, and bought a more expensive one, up until now they own quite a number of properties in Sydney plus several parcels of land in rural and country areas.

They have had to make many sacrifices, including their time and effort ~ no social life because every weekend has been about renovations and making things work, but their goal was always the future.

The one thing however, was that my brother and this couple began their investing at a time when property was MUCH cheaper (relative to income and standard of living).

People wanting to invest in Sydney property these days would need quite a lot more money and resources than my friends started with!

Cheers :-)