All Topics / General Property / What made you buy your first property?

Viewing 16 posts - 1 through 16 (of 16 total)
  • Profile photo of PurpleKissPurpleKiss
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    @purplekiss
    Join Date: 2003
    Post Count: 580

    a) Whether your first porperty was a PPOR or an IP,
    b) What made you think about buying a first property and
    c)When you found the one you bought, why do that one suit?
    d) Was the first purchase emotive or done under proper due diligence.

    First my answers:
    a) My first property was a PPOR, that turned into a IP later.
    b) I was 19 and wanted to move out of home and didn’t like the thought of giving my money away to someone else. ( I can’t believe it was 15 years ago, time flys).
    c) I bought a 2×1 unit, mainly because that’s all I could afford on a 19 year old’s clerks income.
    d) I’d say the purchase was emotive, wanting to have my own place, but was confined by the income I had. Due Diligence didn’t play a part, unfortunately! Oh, the lessons we learn. Still, I did learn the lessons and are now doing well, so perhaps that purchase wasn’t in vain.

    So, who else is up for telling us about your first? Property that is… [blush2]

    PK

    Profile photo of redwingredwing
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    @redwing
    Join Date: 2003
    Post Count: 2,733

    HI PK
    a) Whether your first porperty was a PPOR or an IP,
    IP

    b) What made you think about buying a first property and
    Read Noel Whittakers Books and was in the 47.25 Tax bracket from memory, negative Gearing and achieving CG seemed good- forced savings, or i would’ve blown it

    c)When you found the one you bought, why do that one suit?
    Great condition, free standing, large yard, 2×1 Unit,recently released to public by a corporation that owned a large number of rentals, good area, close to river,shops, schools , bus stop and trains

    d) Was the first purchase emotive or done under proper due diligence.
    hmmmm i’ll go with emotive , as its still a learning curve re Due diligence

    [grad]Still learning

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of MiniMogulMiniMogul
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    @minimogul
    Join Date: 2002
    Post Count: 1,414

    > a) Whether your first porperty was a PPOR or an IP,

    IP

    > b) What made you think about buying a first property and

    Had 80 k burning a hole in my pocket. Knew term deposit wasn’t the answer. Tried learning shares but a chore, not for me. was already building businesses. Realised property was the best (for me) as far as risk profile, long term, tangible asset with intrinsic value, income stream etc
    Learned the ropes from a couple of Steve seminars

    > c)When you found the one you bought, why do that one suit?
    27,300 rents for 110 per week = 20.9 percent return
    Pretty house, corner section, can subdivide later, no renovation or maintenance required. High rental demand. Street appeal. Seaside town.

    > d) Was the first purchase emotive or done under proper due diligence.
    Not really any emotion, other than ‘it’s cute and if I were a tenant I’d want to rent it’.
    Didn’t inspect the property in person, and a year later have still never been there. Due diligence was builder’s report, electrical and plumbing, talking to rental agents and ascertaining demand, ‘we’re screaming out for more rental properties in this area! good tenants on our books waiting!’ finding out the street was OK, that was about it.
    wasn’t looking for capital gain, was told ‘wouldn’t get it there’ but was happy with 20 percent return and minimal CG i.e. 5 percent a year. Actually had about 50 percent growth at least in the last year.

    joy to the world

    Profile photo of mistymisty
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    @misty
    Join Date: 2004
    Post Count: 72

    First property was PPOR, bought when I was 17. Did not like idea of renting.
    Was a single parent so was lucky to be renting a large UK Council house when council decided to sell them. Got great deal. No choice came into it, but I liked the house. 2 storey, 3 bedroom, huge block (about 1500sqm. I build an additional bed and bath and really trussed it up.

    Profile photo of Still in SchoolStill in School
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    @still-in-school
    Join Date: 2003
    Post Count: 1,844

    Hi PurpleKiss,

    Answers in blue…

    Originally posted by PurpleKiss:

    a) Whether your first porperty was a PPOR or an IP,

    IP

    b) What made you think about buying a first property and

    capital gains…

    c)When you found the one you bought, why do that one suit?

    Its a number game, and it fitted the criteria.

    d) Was the first purchase emotive or done under proper due diligence.

    done under a thorough due dilligence… besides, there are no emotions, for me, when investing…

    Cheers,
    sis

    People 4get that by saving just $3 a day & investing it sensibly
    over a working life, you’ll end up with around $1 million

    Profile photo of MonopolyMonopoly
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    @monopoly
    Join Date: 2004
    Post Count: 1,612
    Originally posted by PurpleKiss:

    a) Whether your first porperty was a PPOR or an IP

    PPOR

    b) What made you think about buying a first property

    I’d moved out of home, was paying rent, and wanted to pay my own mortgage off instead of someone else’s

    c)When you found the one you bought, why do that one suit?

    It was close to my parents place, it had heaps of space (big house) great area and I saw it had real “potential”. Oh, and the most important factor….it was a bargain!!!

    d) Was the first purchase emotive or done under proper due diligence

    Bit of both, wanted to be near my folks, it was on a good size block, near all the right amenities (i.e. schools, shops, public transport, parks)

    Profile photo of ScullyScully
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    @scully
    Join Date: 2003
    Post Count: 48

    My first property was a PPOR bought when I was 21 and just about to be married.

    We only bought a house because we had been brought up to think that renting was bad, and you should buy your own home ASAP.

    We bought in an area we didn’t really want to live in, but was all that we could afford. Could have bought a unit where we wanted to, but thought units were bad as well. How sad, thinking back.

    House was definately bought on emotion. No due diligence whatsoever. It was a nice house, though. Typical Masterton project, but really neat and tidy.

    House was also sold on emotion 3 years later when we split up![angry2]

    Cheers,
    Karen[biggrin]

    Profile photo of luckyoneluckyone
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    @luckyone
    Join Date: 2003
    Post Count: 148

    a) Whether your first porperty was a PPOR or an IP,
    PPOR to get the $14,000 first home owner’s grant. Has since been turned into an IP

    b) What made you think about buying a first property and
    My husband and I were getting married. We were sick of renting. The $14,000 first home owner’s grant came up. Too good an opportunity to pass up.

    c)When you found the one you bought, why do that one suit?
    It is close to the city, has great mountain views, something we could easily live in for the planned year and something that would easily rent out as well.

    d) Was the first purchase emotive or done under proper due diligence.
    Part emotion, almost full due diligence. We thoroughly researched the area to make sure that we’d like living there and so would others, however we didn’t check what other developments were due to go up in the next couple of years. There are now a heap of similar units in the area so hopefully our tenants won’t move out anytime soon.

    I won’t buy a unit again though, cause body corporate fees are a rip off.

    Thanks,
    Luckyone

    Profile photo of ANUBISANUBIS
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    @anubis
    Join Date: 2003
    Post Count: 559

    1. IP
    2. Build wealth, interest in RE
    3. Big house in v.g street for low price.
    4. No emotion – it’s investing. Closest I come to emotional involvement is excitement when i can see potential for the future.

    Profile photo of WallFlowerWallFlower
    Member
    @wallflower
    Join Date: 2004
    Post Count: 205

    ) Whether your first porperty was a PPOR or an IP,
    PPOR BIG BLOCK, lived in caravan while building house
    b) What made you think about buying a first property
    could afford the land outright, then as we earnt we built the house without a morgage
    c)When you found the one you bought, why do that one suit?
    Liked the lifestyle the town offered, far enough out but not too far from the big smoke
    d) Was the first purchase emotive or done under proper due diligence.
    Umemotional coz we never had 50,000 to spend on anything and we didn’t want to piss it away. We wanted BANG 4 our BUCK

    [shades]

    Profile photo of PurpleKissPurpleKiss
    Participant
    @purplekiss
    Join Date: 2003
    Post Count: 580

    Intersting that the first purchase for the majority of above was emotive, and ususally involved a PPOR so I guess that’s understandable. Looking at some of the comments if seems we’ve all learnt a lot, and many we’re young when starting, so we’ve learnt enough when living at home to get started (well, get started on a PPOR anyway)? But still learning more to get ourselves further ahead?

    Thanks for sharing everyone, hope to see a few more yet….

    PK

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    ]
    a) Whether your first porperty was a PPOR or an IP,
    IP, then I lived in it (before I owned it), then always been IP

    b) What made you think about buying a first property and
    My grandad was dumping my grandma, and wanted his half share. Grandma was sick, and I didn’t want them to have to sell the house – it was a nice little 2 bed townhouse

    c)When you found the one you bought, why do that one suit?
    I liked the house, plus choice didn’t really come into it much

    d) Was the first purchase emotive or done under proper due diligence.
    Pure emotion – I knew NOTHING[blush2] (what’s changed?[withstupid][lmao])

    Cheers
    Mel

    Profile photo of yackyack
    Member
    @yack
    Join Date: 2003
    Post Count: 1,206

    a) Whether your first porperty was a PPOR or an IP,
    PPOR
    b) What made you think about buying a first property?
    Did not like paying rent and paying off their loan.
    c)When you found the one you bought, why do that one suit?
    The loan was under control. 2 bed unit accross the road from beach and walking distance to station. Wish I still had it but needed to update to a house.
    d) Was the first purchase emotive or done under proper due diligence.
    Probably emotive. I did not do a great deal of research. It seemed ok at the time.

    Profile photo of ezy.home.loans23320ezy.home.loans23320
    Member
    @ezy.home.loans23320
    Join Date: 2003
    Post Count: 144

    I was 17 and thought why not..
    Hubby 18 took 3 jobs me one job and a baby
    Thought every one done it [ buy a house that is]
    3% interest in NZ that was 41 yrs ago
    thought it was EZy then Still Ezy to day
    I was too stupid to know any better.[buz2][confused2]

    Profile photo of kay henrykay henry
    Member
    @kay-henry
    Join Date: 2003
    Post Count: 2,737

    a) Whether your first porperty was a PPOR or an IP,

    Investment property

    b) What made you think about buying a first property

    Somers’ book, plus my father had a passion for RE as did my grandfather

    c)When you found the one you bought, why do that one suit?

    It wea the cheapest me and my ex could find :)

    d) Was the first purchase emotive or done under proper due diligence.

    Emotion (absolute excitement!) We also had some savvy about location and kept an eye on the market. As to the property, we were as clueless as Mel – hehe, Mel :)

    kay henry

    Profile photo of THEWIZARDTHEWIZARD
    Member
    @thewizard
    Join Date: 2003
    Post Count: 32

    a) Whether your first property was a PPOR or an IP

    IP

    b) What made you think about buying a first property and

    Needed to start investing and accumulating assets.
    Needed capital growth and something to live off in retirement.

    c)When you found the one you bought, why do that one suit?

    Reasonable price, good location near the river, beach, shops, schools, transport, structually sound, demand for rent.

    d) Was the first purchase emotive or done under proper due diligence

    Both done on emotion and under due diligence

Viewing 16 posts - 1 through 16 (of 16 total)

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