I have been reading the forum for a while & thought it time I actually registered.
I always find it interesting to here how others started, so thought I'd start it off.
1998 Finished uni and using (every cent I had ($7000) bought a very run down Queenslander for my PPOR in Coorparoo (BNE) for $105,000.
Spent the next 18 months painting & polishing floors - did all the work myself & renovated as quickly as my first year out teachers wage would allow. Revalued $135,000
June 2000 Bought a bigger and much neater QLDer with City Views in Annerley for $169,000. Has leadlights, panelling and archways but also carpet and 80's kitchen and bathroom. Painted bathroom & rented out for $240 p/w.
March 2001 Revalued Coorparoo and Annerley- increased to $145,000 & $200,000 repsectively. Bought a 4 bedroom 2 bathroom big house in leafy area of Indooroopilly for $165,000. Previous tenants had kicked holes in the walls, had animals inside and left in absolute pigsty -include clothes with maggots in them. Spent 2 weeks of holidays ,6 weeks afternoons and weekends and $6000 patching holes, painting, polishing the floors and landscaping. -Rented $300 p/w
September 2001- Revalued Indooroopilly -$235,000. Bought a 1 Bedroom fibro shack in Taringa on 253 sqm for $110,000. Opposite a park 2 minutes drive from University of Queensland, Towong shopping centre. Excellent location but a dump. Currently rented for $120. 2 months later tenants moved out. I polished the floors and built some timber cupboards for the kitchen. Rented for $150 p/w
Easter -September 2002 demolished the back landing of my PPOR in Coorparoo and added a dining room and deck, new kitchen, removed internal wall and made open plan with 8 french doors to deck.
November 2002 -Revalued Coorparoo, Annerley, Indooroopilly & Taringa at $200,000, $220,000, $235,000 and $150,000 respectively. (These valuations were prerformed by the bank by a very conservative valuer). As prices increased and yields fell started to adjust my strategy. Previously bought innercity property concentrating on capital growth, did some research and decided on a mix of growth and cashflow properties. Bought a block of 5 strata titled units in Eagleby for $275,000. New paint and new carpets throughout but vacant. Rented out for $585 p/w
April 2002 - Revalued Coorparoo, Annerley and Indooroopilly at $275,000, $250,000 and $300,000 respectively. Unmortgaged Taringa.
Currently:
1. Demolishing existing shack and put a removal QLD er on the block. Will completely renovate inside and out and build in under to be 5 bedroom 3 bathroom house. Will then rent to students.
2. Taking a different direction. Setup a company and buy projects to renovate and sell. Will still continue to buy and hold with other side but use the projects from this company to provide weekly income.
2004- Give up the day job !!!! Buy as many cashflow properties as I can find.
Well that's how I started and where I'm at. Looking forward to here from others out there.
Darryl
I always find it interesting to here how others started, so thought I'd start it off.
1998 Finished uni and using (every cent I had ($7000) bought a very run down Queenslander for my PPOR in Coorparoo (BNE) for $105,000.
Spent the next 18 months painting & polishing floors - did all the work myself & renovated as quickly as my first year out teachers wage would allow. Revalued $135,000
June 2000 Bought a bigger and much neater QLDer with City Views in Annerley for $169,000. Has leadlights, panelling and archways but also carpet and 80's kitchen and bathroom. Painted bathroom & rented out for $240 p/w.
March 2001 Revalued Coorparoo and Annerley- increased to $145,000 & $200,000 repsectively. Bought a 4 bedroom 2 bathroom big house in leafy area of Indooroopilly for $165,000. Previous tenants had kicked holes in the walls, had animals inside and left in absolute pigsty -include clothes with maggots in them. Spent 2 weeks of holidays ,6 weeks afternoons and weekends and $6000 patching holes, painting, polishing the floors and landscaping. -Rented $300 p/w
September 2001- Revalued Indooroopilly -$235,000. Bought a 1 Bedroom fibro shack in Taringa on 253 sqm for $110,000. Opposite a park 2 minutes drive from University of Queensland, Towong shopping centre. Excellent location but a dump. Currently rented for $120. 2 months later tenants moved out. I polished the floors and built some timber cupboards for the kitchen. Rented for $150 p/w
Easter -September 2002 demolished the back landing of my PPOR in Coorparoo and added a dining room and deck, new kitchen, removed internal wall and made open plan with 8 french doors to deck.
November 2002 -Revalued Coorparoo, Annerley, Indooroopilly & Taringa at $200,000, $220,000, $235,000 and $150,000 respectively. (These valuations were prerformed by the bank by a very conservative valuer). As prices increased and yields fell started to adjust my strategy. Previously bought innercity property concentrating on capital growth, did some research and decided on a mix of growth and cashflow properties. Bought a block of 5 strata titled units in Eagleby for $275,000. New paint and new carpets throughout but vacant. Rented out for $585 p/w
April 2002 - Revalued Coorparoo, Annerley and Indooroopilly at $275,000, $250,000 and $300,000 respectively. Unmortgaged Taringa.
Currently:
1. Demolishing existing shack and put a removal QLD er on the block. Will completely renovate inside and out and build in under to be 5 bedroom 3 bathroom house. Will then rent to students.
2. Taking a different direction. Setup a company and buy projects to renovate and sell. Will still continue to buy and hold with other side but use the projects from this company to provide weekly income.
2004- Give up the day job !!!! Buy as many cashflow properties as I can find.
Well that's how I started and where I'm at. Looking forward to here from others out there.
Darryl