Hi everyone,
Just thought I'd share my most recent purchase which has just settled 6/3/15. I'm a 24 and get a huge kick out of seeing other younger guys /girls posting on here with their success stories so thought id share, this was purchased by me this time i used a buyers agent for the first qld purchase but thought it took the fun out of investing! i am a hands on kind of guy and wasn't renoing so thought id do a few trips up to qld and get on the ground.
The Property:
http://ift.tt/1Nt43xB
* 3 /1/ 2 highest in Slacks Creek and it is legal height downstairs so will covert into a 4bd to increase rent.
Negotiating : property was listed for 289k when i inspected 31/1/15 it had been reduced to 279k agent said owner was open to any offers so offered 248500 vendor came back saying they wouldn't except anything lower then 252K
The Numbers:
* Purchase price: $252000 / median 305k
* just secured a tenant to move in 11/3/15 for 360p/w
* 90% LVR inc LMI capitalised - total loan: $226000 from choice lend at 4.80% = $904 per month repayments or $226 pw. Interest only loan
* Approx other expenses: Council/Water/Enviro rates (approx $3200pa = Landlord insurance $1250 = 29.70 p/w, property management (approx $1544pa = $29.7pw).
cash flow pre-tax:
Income: $360pw /$18720 -$1544 management - council 3200- insurance 1250
left after expenses $12726
yearly i.o repayments 10848
= 1878 p/y or (+36.10 p/w)
The property needs some minor work prior to the tenant moving in had everything quoted as soon as it went unconditional so everything could be done before tenant would move in.
*rear balustrade needs replacing work getting done 9/3/15 $1100
*7 trees around the property cut down work completed 6/3/15 $1200
*decking on rear deck getting replaced 9/3/15 $800
*room downstairs being tiled as it was an unlevel concrete surface completed 7/3/15 $1500
*bathroom is getting regrouted 9/3/15 $175
*fix hole in bedroom $150 9/3/15
This purchase was mainly about the yield as i needed cash-flow to help offset the holding costs with #4 at Kippa ring. portfolio is currently $9850 positive a year after tax. Seeing young investors like Micheal x , Nixba posts inspired me to push harder and work out how i can make it happen as well.
Plan is now to sit tight and start planning a big trip to Europe
Big thanks to Jamie Moore for getting finance done so quickly and being a genuinely good guy and Michael X for taking the time to write back to all my questions and lastly my amazing property manager .
ill get some pics up soon
happy hunting!
Just thought I'd share my most recent purchase which has just settled 6/3/15. I'm a 24 and get a huge kick out of seeing other younger guys /girls posting on here with their success stories so thought id share, this was purchased by me this time i used a buyers agent for the first qld purchase but thought it took the fun out of investing! i am a hands on kind of guy and wasn't renoing so thought id do a few trips up to qld and get on the ground.
The Property:
http://ift.tt/1Nt43xB
* 3 /1/ 2 highest in Slacks Creek and it is legal height downstairs so will covert into a 4bd to increase rent.
Negotiating : property was listed for 289k when i inspected 31/1/15 it had been reduced to 279k agent said owner was open to any offers so offered 248500 vendor came back saying they wouldn't except anything lower then 252K
The Numbers:
* Purchase price: $252000 / median 305k
* just secured a tenant to move in 11/3/15 for 360p/w
* 90% LVR inc LMI capitalised - total loan: $226000 from choice lend at 4.80% = $904 per month repayments or $226 pw. Interest only loan
* Approx other expenses: Council/Water/Enviro rates (approx $3200pa = Landlord insurance $1250 = 29.70 p/w, property management (approx $1544pa = $29.7pw).
cash flow pre-tax:
Income: $360pw /$18720 -$1544 management - council 3200- insurance 1250
left after expenses $12726
yearly i.o repayments 10848
= 1878 p/y or (+36.10 p/w)
The property needs some minor work prior to the tenant moving in had everything quoted as soon as it went unconditional so everything could be done before tenant would move in.
*rear balustrade needs replacing work getting done 9/3/15 $1100
*7 trees around the property cut down work completed 6/3/15 $1200
*decking on rear deck getting replaced 9/3/15 $800
*room downstairs being tiled as it was an unlevel concrete surface completed 7/3/15 $1500
*bathroom is getting regrouted 9/3/15 $175
*fix hole in bedroom $150 9/3/15
This purchase was mainly about the yield as i needed cash-flow to help offset the holding costs with #4 at Kippa ring. portfolio is currently $9850 positive a year after tax. Seeing young investors like Micheal x , Nixba posts inspired me to push harder and work out how i can make it happen as well.
Plan is now to sit tight and start planning a big trip to Europe
Big thanks to Jamie Moore for getting finance done so quickly and being a genuinely good guy and Michael X for taking the time to write back to all my questions and lastly my amazing property manager .
ill get some pics up soon
happy hunting!
Slacks Creek #5
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