All Topics / General Property / My First Investment Property

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  • Profile photo of NewbieInvestNewbieInvest
    Member
    @newbieinvest
    Join Date: 2010
    Post Count: 6

    Settled on my first IP on Friday. $255K for a brick and tile home. It is located in the NSW Hunter region.

    In light of the nature of the rental market in the area we decided to rent the property fully furnished. This cost just over $6000 to do. However because of this we are getting $550 per week for rent starting today. Normal market rent would have been about $300. We are told that in the area we bought the fully furnished market will be strong for at least 2 years and maybe as long as 5 years. Let hope this turns out to be true

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674

    Don't forget to claim depreciation on that furniture !

    Profile photo of NewbieInvestNewbieInvest
    Member
    @newbieinvest
    Join Date: 2010
    Post Count: 6

    That's my plan, but I'll leave that to the accountant. Not sure that all works.

    Profile photo of LalibellaLalibella
    Participant
    @lalibella
    Join Date: 2007
    Post Count: 116

    Any hints on the postcode? Mining town maybe? Come on the suspense is killing me…..

    Profile photo of sam2011sam2011
    Member
    @sam2011
    Join Date: 2010
    Post Count: 123

    with depreciation you are paying off the furniture in less than 2 years, thats a great return you have there for yourself!  well done

    and yes where in the hunter?  i was looking at branxton a few months ago

    Profile photo of NewbieInvestNewbieInvest
    Member
    @newbieinvest
    Join Date: 2010
    Post Count: 6

    Muswellbrook.

Viewing 6 posts - 1 through 6 (of 6 total)

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