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Forum » Just made $190k in 15 minutes AMA (pic) (reps)
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Thread: Just made $190k in 15 minutes AMA (pic) (reps)

post 1617054111 09-20-2020, 02:01 AM
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#91
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Do you have any friends that are in Real estate or is it just you?

Have you thought about mobile home investing?
"You can trai as had as you want to, but witout the right fel supporting your training and recovery, you will never see the resuts that you should."-ron Man

Oh by the wy...Size f*ckng matters, in everything. Don't believe the hype. Size f*ckin maters. Size DOESN'T matter to peope who dont have any size, that's why they'r like "oh size doesn't mater". SIZE, GIRTH, THICKNESS, EVERYTHING. Its a game of inches in life..add up all those inche, Victory muthaf*cker!-Gre Pitt
post 1617054121 09-20-2020, 02:01 AM
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#92
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Originally Posted By r32gojirra⏩
Did my time as a lawyer, then an economist and most recently an auditor. Grinded a few years doing controls And compliance testing but now most of my fees are from sitting on committees and boards.

That income was enough to get the money from the bank. Dream is to finance using my own funds.

Also I’m not young - age:40
And you enjoy doing auditing? I couldn't think of a worse job lol. I was a tax accountant and helped out on a few audits a few years ago, it just seemed like the most useless thing to be doing.

Brb checking someone else's financial statements, it just felt like you achieved absolutely nothing at the end of the day. Although I was only doing substantive testing... maybe it gets more interesting when you get up to the strategic level.
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post 1617054391 09-20-2020, 02:05 AM
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#93
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Originally Posted By r32gojirra⏩
Did my time as a lawyer, then an economist and most recently an auditor. Grinded a few years doing controls And compliance testing but now most of my fees are from sitting on committees and boards.

That income was enough to get the money from the bank. Dream is to finance using my own funds.

Also I’m not young - age:40
Cool, are you selling because you think prices will go down with the covid ****? in my country previsions are all housing prices will go down around 30% for the next years so everyone who is selling is lowering prices trying to sell as fast as possible
post 1617054671 09-20-2020, 02:15 AM
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#94
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Originally Posted By keels141⏩
And you enjoy doing auditing? I couldn't think of a worse job lol. I was a tax accountant and helped out on a few audits a few years ago, it just seemed like the most useless thing to be doing.

Brb checking someone else's financial statements, it just felt like you achieved absolutely nothing at the end of the day. Although I was only doing substantive testing... maybe it gets more interesting when you get up to the strategic level.
I don’t do financial statements audit I only do risk and compliance

Sometimes there’s overlap with aml and ctf but I don’t look at financial statements for the most part
Originally Posted By kopikum⏩
Cool, are you selling because you think prices will go down with the covid ****? in my country previsions are all housing prices will go down around 30% for the next years so everyone who is selling is lowering prices trying to sell as fast as possible
Prices are going nuts we got way more than we expected

I considered holding long term but rentals are too much hassle trying to get out of that game

Scared money don’t make money
post 1617054741 09-20-2020, 02:17 AM
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#95
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Originally Posted By r32gojirra⏩
Did my time as a lawyer, then an economist and most recently an auditor. Grinded a few years doing controls And compliance testing butnow most of my fees are from sitting on committees and boards.

That income was enough to get the money from the bank. Dream is to finance using my own funds.

Also I’m not young - age:40
Mirin. I’ll get my masters in law next year, and currently one of my dreams later in life is living of being a professional board member.

Not mirin misleading title, and OP it seems that is why people are hating.
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post 1617054831 09-20-2020, 02:21 AM
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#96
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Originally Posted By ErnieMccracken⏩
lol @ poorcels who think $200k in 15 minutes is a lot of money
yeah, it's hard to believe 15 minutes ago was $200k ago.
post 1617055351 09-20-2020, 02:40 AM
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#97
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Originally Posted By Casca⏩
That's not really making $190k in 15 minutes. Unless you bought it for whatever $$$ and then 15 minutes later turned around and sold it for $190k plus on top of what you paid for it 15 minutes ago. Besides the length of time, you bought it.What was the profit over what you paid to own it?

No hate, just saying you spent time and money owning the property.
Unrealised capital gains are not assets

Not an asset until money hits my account
Until then it’s a liability
Hence $190k profit in 15 mins

Profit = $190k = sale price minus all costs (land, construction, regulatory fees, holding costs, taxes, design fees, engineering and other consultants, etc etc)
post 1617055681 09-20-2020, 02:51 AM
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#98
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Originally Posted By FrankGrimes29⏩
Hey OP I was thinking though, why don't you just do this will vacant land?

Buy cash, flip at auction, profit with no hassles from a house. Find motivated sellers, then sell at market value. Was thinking about doing this eventually as a side hustle when I get extra cash.

Would think land, especially in Australia right now, would be pretty profitable.
Yes, they are very short of land in Australia.

Hardly any of it.
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post 1617055721 09-20-2020, 02:53 AM
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#99
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Originally Posted By Hammersia⏩
Yes, they are very short of land in Australia.

Hardly any of it.
Well it’s in short supply in places where people want to live

My model is buying into a premium location, subdividing and then selling that location 3 times over
post 1617055771 09-20-2020, 02:56 AM
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#100
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Spend it all on hookers and *******
post 1617056131 09-20-2020, 03:08 AM
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#101
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Originally Posted By Hammersia⏩
Yes, they are very short of land in Australia.

Hardly any of it.
I loled.

OP at this rate you're going to be a quadrillionaire by the time you take your first chit tomorrow. How do you feel about that man?
Virtue is its own reward.
post 1617056181 09-20-2020, 03:10 AM
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#102
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Originally Posted By r32gojirra⏩
Nope

Redeveloped a single property into a townhouse complex

15 minutes is how long it takes to turn a liability into an asset
Are you racist because you didn’t donate the property to a Disenfranchised black family?
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post 1617056301 09-20-2020, 03:13 AM
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#103
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I've got almost $50k saved up as part of a deposit for a rental property (my intended real estate entry point and stepping stone into property development). Do you think rentals are a waste of time for a newcomer...generally speaking? (Very open ended question with plenty of variables to consider, I know)
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post 1617056661 09-20-2020, 03:26 AM
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#104
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Originally Posted By BanjoBilly⏩
I've got almost $50k saved up as part of a deposit for a rental property (my intended real estate entry point and stepping stone into property development). Do you think rentals are a waste of time for a newcomer...generally speaking? (Very open ended question with plenty of variables to consider, I know)
Study the planning laws in detail and invest in a property that has potential to redevelop later

Pay your holding costs by renting it out and once you have the capital redevelop

Even if you can’t afford to redevelop you can get the plans and regulatory approvals and sell to a developer
post 1617056751 09-20-2020, 03:32 AM
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#105
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brb made 190k in 15mins

brb sold a house and thinks that's called 'making 190k'

pick one
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post 1617056911 09-20-2020, 03:39 AM
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#106
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Good strategy and good return.

How close were your total costs to your upfront estimates? Assume you had done a fair bit of due diligence before purchasing.

I’ve clearly been in Sydney too long, as the idea of finding that much land at that price in the inner city seems crazy, but your overall estimated sale price is still pretty high so it must be a strong market and/or you’ve built high quality townhouses.
post 1617057091 09-20-2020, 03:49 AM
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#107
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Originally Posted By smashedurgfx10⏩
brb made 190k in 15mins

brb sold a house and thinks that's called 'making 190k'

pick one
I pick option 1
post 1617058621 09-20-2020, 04:47 AM
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#108
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Originally Posted By bigdownunder⏩
Good strategy and good return.

How close were your total costs to your upfront estimates? Assume you had done a fair bit of due diligence before purchasing.

I’ve clearly been in Sydney too long, as the idea of finding that much land at that price in the inner city seems crazy, but your overall estimated sale price is still pretty high so it must be a strong market and/or you’ve built high quality townhouses.
Overshot our costs by a long way but the market overtook any of that

Also the interest rates being so low insulated us from the consequences of most of our mistakes

This time around we definitely learned from our mistakes though
post 1617065731 09-20-2020, 08:13 AM
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#109
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Originally Posted By r32gojirra⏩
This is an urban myth started by bitter millenials it’s illegal for foreigners to buy already-built houses in Australia



Until the auction it was just an expense line-item

15 minutes later it’s a current asset in my transaction acct

What part of that is difficult to understand?
Accounting must use totally different concepts in IFRS-land. Even the concept of time is different lmao!
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post 1617066301 09-20-2020, 08:28 AM
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#110
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Originally Posted By r32gojirra⏩
Did my time as a lawyer, then an economist and most recently an auditor. Grinded a few years doing controls And compliance testing but now most of my fees are from sitting on committees and boards.
Interesting journey. Law in Aus is an undergrad degree, right? Did you have to go back to school before working as an economist or get a CA ANZ?
post 1617066591 09-20-2020, 08:34 AM
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This is not what making $190k in 15 mins means. Why isn't OP red?
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post 1617069981 09-20-2020, 09:31 AM
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Misleading title, but still that's some serious cash so congrats! Good luck with your other units, big risk and big pressure deserves a big payoff when it goes right.
post 1617070701 09-20-2020, 09:42 AM
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#113
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Originally Posted By r32gojirra⏩
In Australia auctions are the way to get insane prices. Opening bid was $10k under reserve. Imagine if we’d underpriced it so low? Would have been a costly mistake



Because it’s a transaction account and the funds are cleared and available to be withdrawn? Guess it’s not real unless I count bills in my dads Camry



Whatever helps you sleep at night boyo
I'm not saying that you did I was just pointing out to the idiot that you could have.
post 1617080491 09-20-2020, 12:06 PM
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#114
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Good job boyo

One day it shall be mine turn as well
Originally Posted By M1nd0verMatter⏩
mirin. How did you learn the nuts and bolts of this stuff and did your work as a lawyer/economist/auditor help with it too?

You said "our" in a comment, so I guess you're doing this with another guy or more. Would working wit someone else, maybe more knowledgable, be recommended when starting ventures like that?
I was wondering this too - who is the “we” you keep referring to op?
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post 1617095761 09-20-2020, 03:32 PM
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#115
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Originally Posted By IlChosenOne⏩
I was wondering this too - who is the “we” you keep referring to op?
My wife - the whole thing was her idea.

Don’t know what colour pill that is lol

She does interior layout, finishes, decorating for sale and helps with site selection. I’m trying to convince her to get her agent’s license too
Originally Posted By M1nd0verMatter⏩
mirin. How did you learn the nuts and bolts of this stuff and did your work as a lawyer/economist/auditor help with it too?
Yep being a lawyer definitely helps with all the regulatory compliance and paperwork, and being a professional risk manager is also useful. Also knowing your way around a spreadsheet is important for forecasting and tracking expenses however first time out there were so many extra costs we didn’t know about and they added up over time.
Originally Posted By LordBroly⏩
Interesting journey. Law in Aus is an undergrad degree, right? Did you have to go back to school before working as an economist or get a CA ANZ?
Undergrad, then graduate degree in legal practice with unpaid internship, then admission to the law society
post 1617097101 09-20-2020, 03:47 PM
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#116
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Originally Posted By r32gojirra⏩
True

190k isn’t bad for 15 mins work though

Inb4 misc ceos



Sold one of my properties at auction. Was all over from go to whoah in 15 mins.
How much did you net after expenses (cost of property, maintenance and improvements, taxes)?
post 1617097961 09-20-2020, 03:57 PM
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#117
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Loan me 15k and I’ll pay you back 17k dead srs
post 1617099011 09-20-2020, 04:08 PM
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#118
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You deserve to be negged for pathetically misleading title
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post 1617099431 09-20-2020, 04:14 PM
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#119
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How fukkin old are you op? I get that you're excited, I would be too, but what a cringe thread.
post 1617099651 09-20-2020, 04:16 PM
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#120
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can somebody give me cliffs on this ****ty thread? will poverty rep
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