My journey ............

[manuka]

What sort of job are you looking for? From what you reveal about your property portfolio, you don't really need to work.

What are your interests and your hobbies?

_____________________________

Rental income is enough for living and is passive and do not require a lot of attention, only when needed. On the face of it, I am asset rich but not with high cash flow.

I still see work ( be it self employed or otherwise) is necessary to challenge one's mind and with some human interactions and some extra income for holidays would be good. As I said before, I was an admin clerk working for gov't department earning average income of $42k p.a before I resigned. In my mind I always think that I am an eagle but have to behave like chicken in the midst of chickens....

 

[The_Hypocrite]

overextend = highly negative geared??

that also means that if land lords cant 'tong' they will sell, and price will drop. so wait a while can buy property cheaper...


That is why i dont see how prices can continue going up unless its sustained it by owner occupiers,,,why should i buy property for rent when rent is dropping? where the logic in that?

The lasttime we have such high vacancy rate is in 1995. I expect a lot of pain coming from inexperienced landlords who overextend.some of these people will be burned badly.

 

[Leongsam]

Rental income is enough for living and is passive and do not require a lot of attention, only when needed. On the face of it, I am asset rich but not with high cash flow.

I still see work ( be it self employed or otherwise) is necessary to challenge one's mind and with some human interactions and some extra income for holidays would be good. As I said before, I was an admin clerk working for gov't department earning average income of $42k p.a before I resigned. In my mind I always think that I am an eagle but have to behave like chicken in the midst of chickens....

So now's your time to soar like an Eagle. There are many things that you can do in Auckland. What would you like to do if you have a chance of running your own show?

 

[manuka]

If I can think of something I am good at would be property... so will probably expand ( be it sales or otherwsise) in this area to get started.

Hey Sam, over years you have mellowing down ( remembering the good old days in the other forum), life in Auckland must be treating you well !!!.

So now's your time to soar like an Eagle. There are many things that you can do in Auckland. What would you like to do if you have a chance of running your own show?

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[koala88]

overextend = highly negative geared??

that also means that if land lords cant 'tong' they will sell, and price will drop. so wait a while can buy property cheaper...


That is why i dont see how prices can continue going up unless its sustained it by owner occupiers,,,why should i buy property for rent when rent is dropping? where the logic in that?

Besides own occupation, some buy properties for short term rental yield.

Others buy for long term capital gain.

Still others buy out of kaisuism - fear of being priced out in the property market. They buy for themselves and/or their kids. This is prevalent in Sydney's eastern suburb particularly for foreigners who have PR and those foreign funds for new properties.

Finally, in Oz, some buy because of the Super structure. As of now, for those below 60 years old, the tax bracket is a flat 15%. It does not add on to the personal tax rates.

Above 60 years old, no tax on rental nor capital gain i.e. tax free - regardless if any mortgage take up.

There will always be people buying even as the rental continue to go soft.

In the Sydney's eastern suburb, there are alot of properties that will not be affected by mortgaga rates coz they were all fully paid or have little loan on it. Highly geared properties are not common. Only those that changed hands recently perhaps. During the GFC, few properties that were put on the market. For those that are in the market, if I remember correctly, about half are due to deceased estate i.e. tax reasons to avoid CGT.

So even if you want to buy, there are few on the market most of the time. The supply is limited.

The same cannot be said of the newer suburbs muchrooming all over in western and northwestern Sydney. These will be the areas that will be badly hit if the mortgage rates shot up and/or when the economy turns bad with growing unemployment and/or when the rental could not support the mortgage installments.

 

[manuka]

On reflection since my last post :-

1) Auckland property had soar since my last post, and seeing my portfolio value increased to near 5 million.
2) Career wise, I started in selling and was humbled in many ways. - At least, I learnt about humility and change of mind set, If I want to make something into sales.
Basically, just managed to sell 2 houses in 1 year and still making loses in terms of expenses.

I also learnt that selling and investing are 2 different things.
I learnt about myself on the way too....... I guess that is the greatest benefit out of the whole journey.


I am more energised in the next thing I want to do, nothing comes easy in any competitive environment, my mind set is more ready for the next challenge.

 

[manuka]

since my last post, that was February 2015.... I left my Sale job.

1) Auckland properties continue to soar, beyond belief and imagination. A humble suburd in glenfield north shore, full site property is now worth more than a million.

2) I went for some trainings on my previous profession and gained certification. I door knocked some companies and offered my free service ( internship) for 3 months in order to gain experience. One company accepted me and I gained my professional experience and after that they offered me a full time job. Because of my change of attitude towards life and things, they offered me a directorship in the Chinese department. I gratefully declined and told them I need more experience and they can bring up this matter again in future. When I put myself as a learner, buried my head, not complaining, free service, occasionally stay back, I do make an impression in the company.

3) My direction is clearer now, I think I know what I want in the next 2 years or so. That is gain as much experience as possible and training available from the professional body, and eventually open up my own firm or partnership.


Looking back, everything happened to me does have a purpose......going through the lowest point in my life does make me a stronger person.

 

[Leongsam]

Looking back, everything happened to me does have a purpose......going through the lowest point in my life does make me a stronger person.

You make your own purpose based on the decisions you make.

If I were you I wouldn't bother to work with a portfolio worth $5 million.

Life is short. Time to travel the length of breath of the country.

 

[manuka]

Hi Sam,

Time flies, I first wrote in your forum before I moved to Auckland, that was in 2004.

1) I need to have a career that I enjoy, I realised now it is not so much of income, but sense of purpose and belonging. I will like to devote 2-3 hours a week, using my skills to do community works / voluntary works as well.

2) i am in my late 40s, i still want to exert myself and not on retired mode. I still think my property portfolio can still grow, try to grow my capital in the next few yrs and invest some more in the next recession.

You make your own purpose based on the decisions you make.

If I were you I wouldn't bother to work with a portfolio worth $5 million.

Life is short. Time to travel the length of breath of the country.

 

[Leongsam]

Hi Sam,

Time flies, I first wrote in your forum before I moved to Auckland, that was in 2004.

1) I need to have a career that I enjoy, I realised now it is not so much of income, but sense of purpose and belonging. I will like to devote 2-3 hours a week, using my skills to do community works / voluntary works as well.

2) i am in my late 40s, i still want to exert myself and not on retired mode. I still think my property portfolio can still grow, try to grow my capital in the next few yrs and invest some more in the next recession.

Yeah time certainly flies. I've now been here for all almost 2 decades but it often feels like I just arrived yesterday. :p

I love Auckland despite the fact that traffic has got really bad over the last couple of years. Fortunately I don't have a job to go to so I can avoid the peak hours as much as possible.

Driving down to the city is pain though. I stick to the suburbs most days.

 

[neddy]

Hi Sam,

Time flies, I first wrote in your forum before I moved to Auckland, that was in 2004.

1) I need to have a career that I enjoy, I realised now it is not so much of income, but sense of purpose and belonging. I will like to devote 2-3 hours a week, using my skills to do community works / voluntary works as well.

2) i am in my late 40s, i still want to exert myself and not on retired mode. I still think my property portfolio can still grow, try to grow my capital in the next few yrs and invest some more in the next recession.

Fantastic.

With an open mind, the world is yours.
I stay away from Singaporeans who need season tickets to visit the island, so much so that the local airline manager give them VIP treatment. There are so much more to live for outside SG.

Best wishes to you.

 

[Ash007]

Pfft, I haven't been back to the island in the last 7 years already. How times flies when you are enjoying life. Unfortunately, due to family commitment, I might actually have to go back and stay there for a couple of years now.

Fantastic.

With an open mind, the world is yours.
I stay away from Singaporeans who need season tickets to visit the island, so much so that the local airline manager give them VIP treatment. There are so much more to live for outside SG.

Best wishes to you.

 

[da dick]

buy thai property with all your money. because property is always goes up rite?

 

[mysuccess101]

Sometimes we get through a time when we have so much good time that we forget there can be bad times as well, sometimes we just ignore the bad time and live in our dreams. But the fact is that life can be a dream but there is also reality and that we can not run away from. When reality strikes we turn to go down like a mountain, when we dream we turn to wish it was true, that is also just part of life. I have lived in a dream for a while and I have also lived in reality for a while, these two go hand in hand, they are just helpers of each other, one can't survive without the other.

 

[manuka]

This is January 2017.

I thought i will update some information on this forum.

1) My son is now near 7 years old since i wrote the thread in 2011, he was just 1 year old. Time flies.
He is now in state school near where we stay, it is a good school and he seems to mix well and enjoy himself. I draw comfort to see that.

2) my parents are not getting younger, we try to go back every year and spend some-times with them. This is always the saddest part for any immigrants and has to part with the loved ones at home.

3) The property value in Auckland continues to appreciate, on the face of it, it is great especially for immigrants like me who put everything into properties as the only source of investment. With new zoning happening in Auckland, there is a high chance that I will be able to subdivide one of the investment properties into 3 houses, that will increase the cash flow for the future.

4) On reflection, I am blessed in many ways, the journey was not easy, but I am very grateful for all the happenings that help me to see things in different perspective.
My career is not smooth sailing, but it provides me with an income stream (not much) while i dig into my development project and pay off my mortgage.

 

[manuka]

This is 2022. Time Flies. How are you Sam?

Just saw my last post was in 2017, 5 years have since gone.

On the property arena, I am building 2 duplexes (4 houses) on a property I acquired in 2012. The land costs are all paid off and I recently sold off a property, the fund is to be used for building costs + some bank loans. I do not intend to sell them, will continue to keep them as investment property.


In terms of career, I retired 3 years ago (in my 50s) and lived on my investment / rental income. If everything goes well with my housing development, i will have a handsome cash flow by then.

My ideal retirement plan will be to spend some time in Asia, such as Malaysia here, and there, splitting between NZ and Malaysia. If my son wants to go to Australia University, I am more than happy to explore Melbourne and Sydney for him.


Life is good in my 50s, I play 4 days of badminton to keep myself in shape.

 

[anom90908]

In terms of career, I retired 3 years ago (in my 50s) and lived on my investment / rental income. If everything goes well with my housing development, i will have a handsome cash flow by then.

Congrats on the early retirement. That is the dream.