It's hard for me to tell you my exact goals for the next 5 years as I personally work better on having short term goals and long term milestones instead. Its great to say "I'll have 30 properties, $10mil portfolio in 5 years and retired with $100k net passive income" but the reality...
Thanks for all the thanks all, especially from some of the more senior members of the forum - means a lot considering I was reading and learning from your posts years ago :)
Technically I can probably quit today and generate a minimum wage through passive income in the current...
Mainly cleaner, electrician, plumber, painter, and general tradesperson.
Your property manager will be a good place to start as they will have likely sourced some fairly good value/quality ones. Their trades can often refer other trades and so on.
Otherwise, do a search on the forums of...
CMV has been calculated through a combo of most recent comparables through Pricefinder and what the banks have recently valued them at.
For many of my purchases, they have been bought significantly cheaper than what they could have sold for had they been on the market or have...
Yes it is definitely something I am considering at the moment and will impact me strategically in the near future. As for now, the best I can do is sort out the next 90 days through preapprovals and go from there as well as keeping a close eye on what each bank is doing.
I am choosing not to...
Great meeting you that night as well.
You raise some excellent points and I do have a fairly decent cash buffer in place in case things go sideways. I have most of my current debt with WBC and CBA and have just touched on Mac and NAB.
Some of my purchases have been 20% but...
Last time I pulled equity over a year ago from Blacktown was when it was valued at $600k from memory so still a bit left in that. I'd like to keep it that way as I may look at selling it in the short term and its currently a good little earner cashflow wise.
All of my properties...
Most properties are built from early to late 90's which is the bulk of the stock in the Logan area.
Hard to say how much below asking price purchases were as many didn't have asking prices but they have been around 20% below market value at time of purchase. You do get luckier...
Finding distressed sales for me has been through my own research in the beginning and slowly getting to know agents and each area quite well. There is no real shortcut to this and you will recognize good deals will come to you naturally over time.
All my properties in QLD have...
I actually think the QLD land tax/trust regulations work quite well for me. For the cost of setting up and maintaining a trust, I can have up to $350k land tax on each which, if I buy the right properties, is a small cost of doing business in my opinion.
Logan properties in the following suburbs;
Woodridge, Beenleigh, Eagleby, Loganlea, Berrinba, Crestmead
Yes I am very happy with the Redcliffe unit and came across it by chance! 1 street away from the water also :)
Since the Somersoft meetup in Sydney a few weeks ago, there have been many questions and requests from other members regarding my property journey so I thought it might be worth doing a post and "give back" to this priceless information source where I have learned and gained so...
For example, In my experience the steel footings are prone to rusting out at the joints connected to the ground. Also, any external stairs and railings are prone to wood rot, decay and general wear and tear
Biggest advantage would be potential to renovate bottom as a separate living area and increase value/rent.
Other than that, less affected by flood? capture views?
Highsets also can require more maintenance in the long term