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Ron Hoy Fong - Will The Next Boom Be The Boom Of All Booms?
4. sell half and pay off the remaining half
5. quit your day job, and live on the cashflow from the remaining mortgage free properties! Aka financial freedom
If you time the market right, ie start buying aggressively in 2009/2010, then you can achieve that by 2015, assuming you buy the number of properties you need within 12 months.
Awesome!
I bought two in 2010 and one in 2012.
So If I'm "Financially free" by 2015 I'll be rapt
But looking unlikely.....
If there are enough rich people in China who want property in Vancouver, prices can float out of reach of the people who actually live and work there. So just because prices look out of whack doesn’t necessarily mean there’s a bubble. Instead, wealthy foreigners are rationally overpaying, in order to protect themselves against risk at home. And the possibility of losing a little money if prices subside won’t deter them. Yan says, “If the choice is between losing ten to twenty per cent in Vancouver versus potentially losing a hundred per cent in Beijing or Tehran, then people are still going to be buying in Vancouver.
From that article. This is the exact same situation we have here I reckon.
The biggest factor we need to address is our priorities as a city. Building a new bike lane isn’t a problem — who cares.
The number oneconcern for our city should be to invest in the right kind of people for the future
Immigration is the number one contributor in most countries to new jobs. In America, around 50% of all founders/CEO’s of the Fortune 500 are immigrants.
40-50% of all new jobs created are by small businesses run by immigrants. It’s a beautiful thing. When people move to a new country or city, and want to contribute to that place, amazing things happen.
They sacrifice their immediate term pleasures for the long-term betterment of their lives and the community around them.
When they are successful, they then turn around and help those who are just starting out.
We need to foster an immigration system that rewards people who want to be here to build a better life
Still too many ratbags out there, and a woefully underfunded inspection and enforcement department
Tougher penalties for bosses who exploit migrant labour
The government is cracking down on employers who exploit migrant workers, with the threat of deportation for some employers who are themselves immigrants. It’s also aiming to make it easier for victims to report exploitation without penalty.
“Many of those have the privilege of being recent immigrants to New Zealand, and they are abusing that privilege by exploiting workers, often from their own home country,” Mr Woodhouse said.
Yep I started in March 2010 with 225k and now I have a portfolio value of 1.95m
That's not bad Orpheus1s
You into the October 2012 with only $225k and now have $1.95m in equity.
Just imagine what your outcome will be when go into next boom with $1.9$m instead
I have also used the increased equity over that period to start 2 business's.
So if i include that is closer to 2.5m.
Debt up to my eyeballs however...
Working now on reducing my offset to zero over the next 2 years so I have a buffer if sh!t hits the fan.
In that time I "hope" my property value's increase.
Id be happy with 5%...
O
And if, as has happen, they go down by 15%?.....
Maybe the better question to ask and example to follow is where/how did those Chinese and other investors get their money - some through dubious dealings no doubt, but surely not all?
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