AMA - pay off you home in 7-10 yrs

[glmlost]

Following yesterdays post thought I’d follow up. I’m all in on property, but confident given current Aussie landscape.

Bought PPOR 5 years ago, 860k, now valued 1.4M. Adelaide. 2 income household, 200 and 120k gross.

Investment 1: 2 bed 2 bath apartment, paid $595, now valued $740k. Short term lease returns 60k/year after all costs. Hope island.

Investment 2: 2 bed 2 bath apartment. Contract cost 930k, but only 10% deposit down, settles late 2025. Chevron island. Can’t buy into the building now for less than 1.25M. Conservative value 1.15M.

About to make investment 3. 3 bed 2 bath, 1.4M. Again 10% down, settles late 2026. Riverside Brisbane central.

Debt:
1.07M P&I 6.1%
685k Interest only 7.2%
About to rejig to increase interest only by another 140k for investment 3 deposit.

Cash in offset: 120k.

AMA.

 

[periosehperi]

@glmlost Nobody wants to ask you anything, go brag at a homeless shelter

 

[amoskaeg]

@periosehperi Does raise a good question though, where does one go to brag? I’ve wanted to brag in the past because I’m proud of what I’ve accomplished, but you can’t really do it to anyone, even friends… sometimes you just want to get it off your chest that you’re happy with yourself, you know?

 

[minsc]

@amoskaeg you have to find other like minded friends/people. Successful small business people is usually your best bet I've found.

They are usually terrified of talking about money because of the usual reactions they get and they are usually super supportive and interested in other people who have busted a nut to get ahead

ironically my brother in laws father in law is the best one for me lol

 

[glmlost]

@amoskaeg This more response to yesterday’s post saying all the “pay off in 7-10 by leverage are a scam.” Yes, can see the brag element in hindsight, was not intended that way, just interested in what people thought.

 

[brendin]

@glmlost 40M in the bank, renting. AMA

 

[kohen]

@glmlost What’s the point of the post? I don’t get it.

 

[seekingtruechurch]

@kohen They want to brag.

 

[glmlost]

@kohen Check other comments.

 

[curiouschristian101]

@glmlost What did you have for dinner?

 

[cravenjack]

@glmlost " 2 income household, 200k and 120k 320k yearly all up"

Stopped reading right there. the key is to be rich.

 

[belondon]

@cravenjack . Go study... improve your skills.. learn to interview... and you can be on large income...

Jealousy is gross. He is rich because he worked for it. You aren't rich because you think you're entitled to it.

 

[cravenjack]

@belondon hahaha so far off the mark. I just criticized because he's trying to give advice from a rich persons perspective.

But for what its worth i already own my own and if i want i can go into the bank on Monday and pay the entire thing off, but atm im just using it for a line of credit to clear some stuff off.

 

[belondon]

@cravenjack TIL everyone is born rich or poor, you only have one perspective and view point. No one knows what it is really like.

Thanks for the great knowledge.

 

[cravenjack]

@belondon mate again your so far off the mark it's hilarious.

More people agree with me than you hence why op has gotten flogged on the downvotes.

 

[belondon]

@cravenjack Keep playing thr victim in an unfair world. Enjoy poverty.

 

[cravenjack]

@belondon Huh? I already own my home and can pay it off tomorrow and i'm not broke like many others my age.

But whatever your coping mechanism is you do you.

 

[belondon]

@cravenjack So you are just rich, you're so out of touch. Wow.

Why are you giving advice/comments?

 

[antiquarian]

@glmlost Ever heard of diversification?

 

[glmlost]

@antiquarian Yes. But property is hot right now. And lenders will give you 100% of what you need. You can’t do this with other assets.