Just thought id start a collection of everyones most recent deal with their figures and plans/returns, for deal.
location, price, when, etc… just to see what every1 is getting up2 out there.
Regards NathanJust bought property next door to our ppor, settles on Friday. Lowset 3 bedroom brick and tile with 1 carport and 1 L/U garage on 774 m2 block in Logan City south of Brisbane. Paid 130k, needs about 20k spending on it, should value at around 190k when finished. Will be rented for $185 per week.
Foston
Life is a series of new beginnings
Bought my first property, settlement is next week. Artarmon (Lower North Shore, NSW), studio apartment, pool, gym, sauna, tennis court, spa. Cost 165k. Currently tenanted at 185/week. Will move in in a little under a year. Plan then would be to rejuvenate a bit cosmetically, then rent it out – should go for about 200 a week or maybe slightly more by then.
BTW, I’m 25, so starting a bit late, but have to start somewhere/sometime.
Cheers all!
EDIT: Another studio apartment in the same lot currently on the rental market for $215/week.
Sold a 2 bed unit in July 2004. Made a $70k profit.
Now sitting on my bum consolidating what I have. Got deposits for 3 more houses in surburban Melbourne (built from increased equity). But I am not happy about rents and servicing issues and prices too high.
Oil prices and other inputs are on the rise. This will feul some inflation and I expect there to be a further rate rise in the next 12 months. Will look at buying then.
It’s not a done deal as yet, but my step-grandmother passed away recently, leaving her house (which is on a double block in North Melbourne) to my step-father. It’s on the verge of falling down, but has street access at the front and lane access at the back… it’s a big block and would comfortably fit 4 townhouses on it… of my family however, I’m the only that can get finance, so I’ll probably do a joint venture with my step dad, meaning he can dramatically increase his inheritance, while I make a quid as well (win/win).
I’m thinking 4 X 3 br over 3 levels with with a double car garage on the bottom and living/bedrooms on the other 2 levels, then a rooftop entertaining area…
Anyway, it’s a work in progress and in the very earliest stage (just investigating all options/heritage planning issues), but if we get the all clear that will take most of my time (not to mention money)… I’m basically aiming to have one of the townhouses for myself and my wife at the end of it all, totally paid for, and worth in the vicinity of $500-$550k, which I can then dip into to finance other deals down the track.
Cheers
rHey guys,
Interesting deals, Congratulations on all your efforts. Congratulations Andy for ur 1st IP. Look forward to hearing from more success stories of recent.BTW, I’m 25, so starting a bit late, but have to start somewhere/sometime.
Hi Andyw,
I wish i had started when i was 25, i’m 47 and have just started investing in property this year, bought our first ip in June, a 2 bed townhouse,the house next door is our 2nd.It’s never too late.
FostonLife is a series of new beginnings
I have just bought my first IP, a 1 bedroom apartment in the Brisbane CBD. Paid $130,000, currently tenanted at $230 a week. Doing a rejuv in January which should see it get $250 a week. Was valued at $140K when i bought it, so with a rejuv it will hopefully be valued in the $150K’s.
Am looking at another property at the moment and would appreciate some opinions…..
1 bedroom apartment in Brisbane CBD, fully renovated and furnished. 14th floor river and city views…$199,000. The vendor is guaranteeing $320 per week rent for 2 years, which on quick calculations with tax benefits is positively geared. I checked the contract and the current tenant is paying $280 a week rent, so the vendor is putting in $40 a week out of his pocket (to entice a sale i would guess?) for 2 years.
Is this a good investment? My concern is when the 2 years is up, will the rent have grown from 280 to 320? Current trends suggest it could, any feedback is welcome as i have the contract sitting on my desk.
I’m 26 and trying to learn as much as i can.
I bought a house and land package for $230,000 in Bundaberg 3 months ago. The brand new 4 bedroom house with double garage will be complete in 2 weeks. A tenant is signed up to pay $270.00 per week and the bank has revalued the house for $270,000. Plus I receive tax benefits of $10,000 for the first 3 years. Not bad.
Regards
Michelle
Precise RealtyMichelle Foley
Director
Precise Realty
m 0419 018 885
e [email protected]
http://www.preciserealty.com.auWe seem to be moving in the opposite direction to others
We settle next week om a sale. Purchased in Launceston for 94k in Dec 2002 and just sold for full asking price of 195k inside 3 weeks of listing.
ANUBIS
I did the same. My last deal was a sale.
Hi Yack,
We have 5 more sales in the pipeline – 1 pending some cosmetic work and another pending subdivision of a large block.
We will be using funds to build on three vacant blocks we have overlooking the water in Hobart before selling those too.
G’day all,
Bought my 3rd IP in August for $185k Merriwa, Perth…have been spending many late nights, and weekends, renovating this place by myself.[cigar]
Even though it’s been challenging working fulltime whilst trying to meet reno deadlines, and trying to keep to the budget, I’m learning heaps and hope to have it all finished and rented out before Xmas!
I’m hoping to get $210 p/w rent, and hope to have the house valued at around $225-$230k (should have spent about 12k doing it up).
At the age of 23yrs, i’m pretty happy with my progress to date – though I just hope the market keeps going the way it has to allow me to continue growing my portfolio!
Should I even ask what people think is going to happen to the Perth market?
Do you think Perth will continue it’s growth for at least 1-2 more years?Cheers
Wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)hi guys,
please excuse my ignorance as i am new to this game of PI and am still in the researching stages (looking for my first CF+ IP). my question is that when applying steven’s 11 second solution none of the properties appear to be positively geared – is there something i’m missing?
bizibee
welcome bizibee,
These properties dont need 2 fit 11 second rule, they may have capital growth or some aspects associated with them.Hi Bizibee,
Yes you are correct, my IP, with the figures i gave isn’t quite cf+, but because it is my first IP i had to have a 20% deposit. So with the small rejuv i will give it the figures will be loan of 104K receiving $250 per week rent. It works out (minus costs) to be cf+ by a small $10 a week, not much but i have to start somewhere. I guess i case could be made that to factor in the 26K deposit over the course of the loan it would be negatively geared ($15 a week or so) but i am hoping the capital growth and rent rises will negate that cost over 10 years. I hope to not have to fork out that sort of money for each deposit, and will be implementing the “leap frogging” strategy from now on.. I, like you, am finding it hard to find “true” cash flow properties in good growth areas, negative geared (by around 30 a week) unrenovated properties with potential to add value to increase rent seem to be my best option at the moment.
Originally posted by eezy:Hi Bizibee,
Yes you are correct, my IP, with the figures i gave isn’t quite cf+, but because it is my first IP i had to have a 20% deposit. So with the small rejuv i will give it the figures will be loan of 104K receiving $250 per week rent. It works out (minus costs) to be cf+ by a small $10 a week, not much but i have to start somewhere. I guess i case could be made that to factor in the 26K deposit over the course of the loan it would be negatively geared ($15 a week or so) but i am hoping the capital growth and rent rises will negate that cost over 10 years. I hope to not have to fork out that sort of money for each deposit, and will be implementing the “leap frogging” strategy from now on.. I, like you, am finding it hard to find “true” cash flow properties in good growth areas, negative geared (by around 30 a week) unrenovated properties with potential to add value to increase rent seem to be my best option at the moment.
Sounds like Peter Spann’s technique – that’s the one I hope to use.
i have an Ip, currently rented at 175 a week.
just got body corp approval to put in 6 lock up garages, (and the body corp is paying for it)
once completed intend selling off to increase equity, i have my eye on 6 x 2 beddy units.
asking price is 420k, currently rented at 30k a year. intend renovating, strata titleing then sell to investors at 8% yeilds.
cheers all
shaunLead, Follow or get out of the bloody way
thank you Nathan_b and eezy for your responses. makes sense now.
sooo much to learn
Hi all
Purchased begining of October a 3×2 bedroom block of brick units close to centre of town for $236000.00. Spending about $30000.00 renovating now and hoping to get between $180 to $190 each a week. Very pleased with our purchase.
Regards
SPT
Do you think Perth will continue it’s growth for at least 1-2 more years?
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