Real estate reps. Sold one for $60k net and sold my wife’s for $288k net profit this year.

Kangaroodollars


Reps. Good job op

This, I want to learn

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 read a book from one of those *******s 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?

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

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.

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 srsLMFAO 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)

Good thing I cashed out then innit

Literally dumped it straight into the next project

Didn’t even let it hit my transaction account lol

All that matters is the ratio of average repayments to average incomes and that is totally in the long term average range right now.

Congrats OP, keep hustling!

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

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

Happy for you m8
Maybe I’ll be there someday

Congrats!

Ty men

Out of rapes but will rape every one of you ITT when I get the chance

The ironing is delicious

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

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.