Bought the books, did the work, made my own spreadsheet tools for quick answers, hit the pavement, and today bought two properties.
recently renovated, 2 bedroom, appear to be about 15% below market. Owner had to quit asap, bought 2 of 4 in block.
3 days of negotiation, but gross yield is approx 7%.
Is CF neutral, but should be CF+ in about 12 months. Suburb gaiing at 15% PA from all reports I can get.
Property is 2 mins from station, supermarkets, schools.
About 3 mins away, Aldi, Maxi Foods have invested in new supermarkets, and local shopping complex has received a fitout.Offer has been accepted, contracts tomorrow.
Wish me luck! We are on our way!.[biggrin]
Congratulations Peter
May you have many years of happy property investing ahead[biggrin]Dave
Good on you, how exciting.
Fern
Congrats Peter
Goes to show if you are looking, the IP’s worth buying are out thereCATA
Asset Protection Specialist
[email protected]Way to go Peter.
All the best for these and your future ventures.
Mark
Well Done
Wish you find many more like these for a wealthy life and an early retirement.
Cheers
AntonyCongrats mate!
That’s just the sort of deal im looking for after recently getting my first IP.
Im jealous!!
Steve (YI)
“Knowledge is Power”
Wow 15 p.a growth!?! Must be located in Western Australia!
Note that units have lower land components, and as a rule increase at much slower rates than conventional properties.
Good stuff anyway…you have to be in it, to win it!
Regards
Investor1313[jerry] … congratulations and the best of luck to you peter-reebok ….. I hope you power ahead now – the first one is suppose to be the hardest – so it should be easier for you from here on in …. well done and keep up the great work!! [specool]
Originally posted by Investor1313:Wow 15 p.a growth!?! Must be located in Western Australia!
Note that units have lower land components, and as a rule increase at much slower rates than conventional properties.
Good stuff anyway…you have to be in it, to win it!
Regards
Investor1313I Dont think it’s in WA Steve [trigger]
Great work Peter
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculatorgood job, well done
[biggrin]“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Answering my own posts? is that bad form?
When an observer (ie property reports) say that the area has a 15% PA growth, it is a simple calculation of what has been sold in that suburb. It may have no relevance to what I actually bought, as it only aplies to what was sold.
if only prime condition units or flats are sold tis year, then the amounts will always be high if previously only the poor condition ones were sold, , people fixed them up (us) and the resold them.Can only be used as a guide, not an investment plan!
And now I have taken possession!
Settled on Friday, tenants moved in on Saturday – at a rent above rent estimate
Quantity surveyor also had good news for me re depreciation schedules and what I can claim this year, so It is all Systems GO.Now where was the real estate section of yesterdays paper?
lets find the next one!The power of research, know your areas and markets and you cannot fail
Nigel Kibel
http://www.propertyknowhow.com.au
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Originally posted by peter-reebok:And now I have taken possession!
Settled on Friday, tenants moved in on Saturday – at a rent above rent estimate
Quantity surveyor also had good news for me re depreciation schedules and what I can claim this year, so It is all Systems GO.Congratulations Peter. Now that it has settled and you own the property would you be willing to tell us which suburb you bought in?
You have done very well!
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