An interview with Lizzie

Nice One!

Wow, that development loss must have hurt. Amazing you picked yourself up and kept going.

Well done. I love these interviews.:D
 
Thank you to Lizzie. I think your story is something anyone can relate to and learn from. Many people had the ‘luck’ to kick start their empire. You did it with pure hard work and determination.
 
Very inspiring reading, thanks to both of you. Goes to show it is possible to pick up and move on even when life takes a turn for the financial (or emotional) worse. Thanks for sharing Lizzie.
 
Hi Lizzie,

Great interview. I like your strategy of buying 70's units as they are so well constructed with well laid out floor plans. They can be remodeled internally to reflect current trends - and I think they will always be in demand!

Are you planning to pay the properties down over time, or will you sell some to retire the debt?

Regards Jason.
 
Yes, I thoroughly enjoy these interviews too. I also learn from them.
It is inspiring to read how you continue on your journey through such adverse circumstance but I suppose we learn from the bad or good circumstances.
Most people would quit after your experiences and yet you persevere, good on you Lizzie!
Michael Yardney is one on my mentors too and I like his approaches and he has wealth of knowledge. Having a team on board makes things easier as I had found the hard way in my case.
Thank you for sharing your story.... And yes, I too had to change to dream BIG!:)
 
Firstly - any spelling mistakes are my own. I've spotted three, and everyone knows I am a spelling Nazi ... so sorry

jingo said:
Are you planning to pay the properties down over time, or will you sell some to retire the debt?
Click to expand...

The plan is to keep buying while hubby is on a mine income ... and sell down upon/leading into retirement.
 
Thanks Lizzie

I enjoyed the read also

I wasn't sure what you meant with the below

Lizzie said:
We were early wrappers so didn't have a twilight clause in the vendor finance loans – and I'm still waiting for one to finally pay out
Click to expand...

I recall another person who got into wraps and had several saying he lost out on a lot of Capital Growth when the market took off also

Thanks also to Y-Man for keeping the interview section alive
 
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Thanks Lizzie. An interesting read. I noted your emphasis on having a long term plan and a clear path to transition to retirement. We are lacking one at the moment.

Trusts seem to be tricky. Looked into it a few years ago, then decided it was too complicated and not really essential for us. Sometimes simpler is better.
 
Thanks!

Hi Lizzie

Thanks for the input...your honesty is refreshing and you have told it as it is...the IP journey is not all roses...

All the best and i am sure you'll get there:)
 
Good onya Lizzie - thanks for sharing.

Your strategy sounds extremely scary to me, inheriting swags of residential Tenants. I would need to buy myself a very thick pair of earmuffs.

Good to see the warts and all, no-one ever succeeds in this game without stumbling a few times. Your story sounds real.

Hope your poor hubby reads it !! Does he know now how close it came ??
 
redwing said:
I wasn't sure what you meant with the below
Click to expand...

Nowadays the vendor finance folk put in a clause saying that the property needs to be paid out/refinanced within a certain period of time. Usually 5 years so that the investor gets their money back within that period.

We didn't have the clause - hence one of our purchasers are still paying their monthly installment (never been behind) 10 years later, and refuses to refinance to pay us out.
 
Dazz said:
Hope your poor hubby reads it !! Does he know now how close it came ??
Click to expand...

he does know we lost money - just not the extent. But he also knows, over the years, property has made us lots of money - again, just not the extend.

As said, he's not interested in the investing as long as we make money overall and there is money on hand to do whatever he wants to do.
 
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Thanks guys ... and thanks for the kudos too.

There were a lot of things I didn't include that have happened along the way - like tenants bolting (albeit the bond covered their departure) ... or the Pasha Bulka flood that went thru one of my other IP's and ended up with $10k payout from insurance - and cost me only 1 weeks work and $2,000 to repair/repaint/recarpet ... but everything is just a case of "deal with it" and keep positive. Everything happens for a reason.

I am sure all your stories are just as inspirational - and look forward to hearing them all one day.
 
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