iajanus posted:

Hmmm.... what are these envelopes that were in my mailbox?



It's postal votes!

What to do, what to do...?



I guess I'll put that 1 in there, Ken.



Two fresh postal votes, from us to you! You're off the mark!

No loving democracy sausages in the envelopes, sadly.

Birdstrike posted:

you're supposed to number every box

I'm not surprised that you're as bad at election voting as you are at mafia voting

quote:

Growing up in housing commission with a single mum in the Mount Druitt area on Sydney’s outskirts, Edward Dilleen has bucked the trend and accrued a portfolio of six investment properties. And he’s only 24.

But it’s not wealthy parents or a high-paying job that has allowed him to leapfrog many other 20-somethings yet to even buy a first home. It’s property know-how and goal setting from an early age.

“I want to get to the stage where I’m able to purchase my dream house. Whether that’s acreage or whether it’s a beachfront, I’m not quite sure yet, but it’s something where I just want to have that security there,” Mr Dilleen said.

“I don’t want to have to be worried about money. Growing up I felt helpless and it’s something I never want to feel again.”

Working at McDonalds part-time for several years of high school, reading property investment books in his spare time, he managed to save about $20,000. This became his deposit and costs for a $138,000 apartment in Tuggerawong, NSW, which he bought at 19.

Two years later, living at home with his mum and continuing to save, he used some savings and some equity growth in the Tuggerawong property to purchase a townhouse in Elizabeth South, South Australia for under $150,000.

After a year-long break, he went on a buying spree. In 18 months from January 2015, he bought four properties, including three apartments in Queensland and another townhouse in South Australia.

Today, he has $1.17 million worth of real estate in his portfolio with a debt level of 69 per cent and a salary under $50,000 at a new job in customer service with property investment firm Binvested – though said he built his portfolio before joining the company.

“I want to have 10 [properties] before I’m 26,” he said, already planning to buy the seventh before the end of 2016.

When being paid a modest income, the trick to accruing many properties was making rental yield a strong focus, he said.

A rental return of 5.2 per cent is a rule of thumb when investing, which equates to $100 of weekly rent for every $100,000 of the property value. But he aims for gross rental yields in excess of 10 per cent.

Many of his sub-$150,000 purchases rent for in excess of $250 a week. This means the rent paid by the tenant covers not only the mortgage repayment, but also council fees, bills and necessary repairs.

His property portfolio returns $1500 a week, or about $200 a week in his pocket after costs. He uses this money to pay down the mortgages further, build a security buffer and save for future investments.

To reach his goal of owning 10 properties, he is considering taking on a second job as a bartender at a local pub to ramp up his income.

But investing and accumulating many properties at a young age with income limitations is a difficult prospect for many, Pass Go Home Loans managing director Jamie Moore said.

For others to invest in these circumstances, he recommended living at home with the parents and paying no rent or board, or renting somewhere cheap.

Young investors should also have “no other debt” and focus on positively-geared properties, “because lenders will only use 80 per cent of gross rental income – and some lenders will place a cap on the rental yield they’ll take into account”.

Lenders with a generous borrowing capacity calculator, careful planning of which lenders to use at certain points and a cash buffer to mitigate risk would also be crucial, he said.

Young investors should also embrace delayed gratification, Binvested buyer’s agent Nathan Birch said.

“Yes, the dream home in a dream suburb might be unachievable straight up but there are other suburbs that may be more affordable right now. All successful people started at the bottom and worked their way up,” Mr Birch said.

“Change your strategy, buy investment properties in affordable areas and then work your way up to a dream home.”

Young Australians could also consider maximising their income in the sharing economy, through sites such as Uber, Upwork and Airtasker, he said.

Mortgage Choice chief executive John Flavell recommended undertaking a significant amount of due diligence before buying a property – researching where provides the best yields.

“After researching the market, it is important for investors to consider what they want from their investment property,” Mr Flavell said.

“Many people make the error of believing property investment will make them millionaires overnight. This is simply not the case,” he said.

Lid posted:

Domain is this hilkarious little bubble that every now and then posts 21 year olds with 21 properties and you can do it too

also 21 million in debt

Paingod556 posted:

I was gonna say, wasn't this exact same story posted last year? "I want 10 properties by the time I'm 30, no I don't believe in investment bubbles, America's was a fluke"

tithin posted:

hawaiian_robot posted:

This has Young Labor fingerprints all over it, it's practically dripping with their tears

Skellybones posted:

Hey I just mentioned the time my ancestor ordered his troops to bayonet thousands of Americans while they slept.

LibertyCat posted:

you have the worst brain in all of auspol, and I include Anidav in that statement, and it's impossible for anyone to read your posts without becoming slightly dumber.

LibertyCat posted:

you have the worst brain in all of auspol, and I include Anidav in that statement, and it's impossible for anyone to read your posts without becoming slightly dumber.

WhiskeyWhiskers posted:

Doesn't this sort of contradict your earlier argument that weapons bans just couldn't work in the US and that it would take a huge amount of resources in order to be barely effectual?

LibertyCat posted:

you have the worst brain in all of auspol, and I include Anidav in that statement, and it's impossible for anyone to read your posts without becoming slightly dumber.

LibertyCat posted:

you have the worst brain in all of auspol, and I include Anidav in that statement, and it's impossible for anyone to read your posts without becoming slightly dumber.

Anidav posted:

Please don't include my username in your posts. The only username worth mentioning relating to your posts is your own as its often what people will need to type to add to their ignore lists.

LibertyCat posted:

I think if you had a magic wand making all pistols disappear would give better results than making all Rifles disappear.

Pickled Tink posted:

First Dog:



You don't deserve kittens today. You are all horrible.

Shunkymonky posted:

I love this article so much. It's like the type of thing that you get linked to AFTER a housing crash as evidence of how insane things got. They even plug loving Uber and Upwork as a way for young people to build up money!

http://www.domain.com.au/news/six-properties-at-24-from-housing-commission-to-property-investor-20160614-gpht77/


Like I grew up in Mt Druitt too so good on him I guess, but still, this can't be sustainable. Where do they even find these stories, is it from the quoted 'Pass Go Home Loans'?

Starshark posted:

img - whynotboth

LibertyCat posted:

because it's impossible - banning drugs was a huge failure and guns aren't consumables. It's a hypothetical situation.

WhiskeyWhiskers posted:

On the other hand, guns aren't addictive and don't give you a chemical high that alleviates your lovely and monotonous life. It's not really a 1:1 comparison.

Banning drugs didn't work, so why would banning hand grenades?

Starshark posted:

You sure give up easy you big wuss. I bet you haven't got a girlfriend.

Skellybones posted:

It is the right of every American and or Australian to own a drum fed grenade launcher filled with a mixture of fragmentation grenades and bomblet land mines. To say otherwise is tyranny.

Skellybones posted:

It is the right of every American and or Australian to own a drum fed grenade launcher filled with a mixture of fragmentation grenades and bomblet land mines. To say otherwise is tyranny.

WhiskeyWhiskers posted:

Banning drugs didn't work, so why would banning nuclear weapons?

Starshark posted:

You sure give up easy you big wuss. I bet you haven't got a girlfriend.