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Maximum rent for a 2 bedder is around $185/week, but probably less in this part of town. I haven't personally inspected this property, but it's heading towards the part of town (around Elizabeth St) where nobody wants to rent, and those who do want to rent there aren't the tenants you would want...

Quick update: I took the 4.25 hour drive to Wellington last week and inspected my property plus took a look at a smattering of others in the town. My one needs maintenance again (it's almost been 5 years), including paint internally and some proper garden and landscaping out the back. Otherwise...

95% with LMI. :)

Thanks! There are many other stories littered throughout these forums. Direct; I highly recommend a mortgage broker when you start out, as everyone's situation is different. You mean my property manager? Yeah, she handles the tenant. I handle the PM. I'd love to visit this property more...

Westpac will only lend up to 70%; other lenders can go up to 95% without issue (I'm revaluing right now with one to draw out the most equity to go again).

Well, the rents for Dubbo are making people move out to Wellington, where it's cheaper, and that demand is pushing rents up, so it's hard to find a 3 bedroom house in reasonable condition for less than $200/week. The houses that need a complete makeover are asking $70k upwards, so it's hard...

Last update for now; valuation just came back at $105k. Now to shop around to find a lender who will lend more than 70% LVR. :)

Latest update - just inherited a new property manager and after a short discussion, my property is under market rent, so an increase to $200/week has been sent out and will be in effect in 60 days + 4 days postage time. A valuer went out today, so it'll be interesting what value comes out from...

Here's the post renovation pictures again:

An update on this investment Hi all! 4 years later, I figured I should post an update. I'll reupload the renovated photos soon. We hit our serviceability wall after this reno, which means I couldn't get it revalued, so I've left things ticking over. This property was valued today at...

Hey Matto, Since then, my net position has improved with interest rate drops, rent increases, some hard bargaining on variable rates with my lenders and my wife going back to work. ;) I still need a couple more Wellington-type properties to be in neutral territory, however. CG - not sure...

Cashflow is great; just factor in about 6 weeks of vacancy per year to all calculations. I bring my tradies in from Sydney to do renovations, but there are local handymen in Wellington who are more than capable for odd jobs. Any maintenance is done through them. If a trade has to travel from...

Hi all, Figured it was time for a bit of an update, since it's been 20 months since I posted here. Wellington is a tough suburb to rent a house in. If you can find a tenant that is decent, hold onto them with dear life. There are *plenty* of riff raff that want to rent, but can't, because...

Where did you get $76 from? It costs $118/week in expenses per week, and earns $160/week in rent.

I meant non-working in the eyes of the lender. :) Baby #2 is already well on the way (due end of the year). :D

Yeah, can't help that. ;)

Cheers Bill. I will consider this with child #2. :) It won't help if they ask for my Medicare card though... :/

Hi Ethann, The $118 weekly cost includes the mortgage. Tricky. I don't service with most of the large lenders due to my portfolio size, my income, my one dependent and my non-working wife. Baby two on the way isn't going to make that any easier... so I decided that cashflow was the way...

Hi Jim, Finance. I only could borrow $70k, plus at the time, there were only a handful of houses to rent, so the rental situation was tight. However, some agencies in Wellington don't advertise on the Internet - only in their shop window, which makes ascertaining the true vacancy figure a tad hard.

The numbers can be tweaked and re-tweaked, then we could put in depreciation and tax benefits, and then analyse them and tweak them again, so I don't harp on too much about the gross/net yields. :rolleyes: However - thanks for sharing! I'll factor in about 4 weeks vacancy + repairs to my...