23 properties in 5 years

[kissfan]

Hi Karina.

Hope you're not getting sick of all the praise by now, lol, it's nice to have a swollen ego every now and then.

Thanks for sharing you're truly inspiring story with us.

Somehow, I feel that this is only the beginning for you. Please keep us informed of the continuing saga.

Regards
Marty

 

[Melbear]

Hi Karina

Thanks for your story. Certainly is a kick up the backside for those of us (me) who seem to be getting bogged down by the relationship breakup, rather than getting on and improving life.

 

[quoll]

Thanks Karina

I'm envious!!!!

You found some great deals and times when I was looking and places I looked at but was unable to find the deals, I'm sad, well done.

You must have put in heaps of time searching for those gems.

Would you mind sharing with us your search methods?

Cheers
quoll

 

[Melbear]

Hi Mustang,

Good question , yes I have a preference to buy a full block of units or full duplex as that way you control the land as aposed to just a unit.
Karina

Hiya Monopoly

Did this not answer Mustang's question? From this I gathered that Karina will buy a full block of units as in that instance you also get the whole of the land - and presumably no body corp etc. as not strata titled. This way you get the multiple rents of multiple dwellings, but own the land underneath also...

 

[Twitch]

Wow, your story is a great read. You certainly showed a fantastic commitment to take action, even with the negative feedback you got along the way.

 

[Monopoly]

Hiya Monopoly

Did this not answer Mustang's question? From this I gathered that Karina will buy a full block of units as in that instance you also get the whole of the land - and presumably no body corp etc. as not strata titled. This way you get the multiple rents of multiple dwellings, but own the land underneath also...

Hey there Melbear,

No not really. All it says to me is that Karina has a "preference" to buy a FULL block of units...GREAT!!! And I hope she does exactly that, repeatedly even!!!

There's nothing I like better than seeing women conquer the emotional and financial battles such as Karina (and sorry to hear you too Mel) have to contend with. Maybe that's why I am so "fuzzy" atm, having old wounds re-opened for a second time!!!

My apologies Karina if I sound vague or snappy, I just need to get a clear picture in my head on exactly what you are saying, and not what I (or anyone else) THINK you are saying!!!

I guess I will just assume on this occasion then, that you bought 4 x 2 (obviously strata titled) units IN A BLOCK of 8, 10, 12, 100???

Hell, I bought 2 penthouse apartments in Melbourne's CBD years ago, I don't ever remember saying I bought the complex!!!

Jo

 

[karina]

Thanks for your responses,

Monopoly,
I thought I had answered Mustang's question. Yes I have bought blocks of units and full duplexes. I see these differently to buying an individual unit as I end up owning the land. So I guess what I mean is I prefer to buy houses/full blocks of units/full duplexes as aposed to individual units.

Jen,
In answer to your question I have never been to geraldton. When I started investing I used to travel to see every purchase however having a fulltime job and constantly adding to my portfolio has meant that I don't have time to jump on a plane everytime I buy a house so I have done it all remotly through photographs and pest/building inspections etc. I also make a point of speaking to property managers to understand what market rents are currently.

Ralph,
Yes still plan to buy more in 2005. My latest purchase was only a week ago in Cairns - a duplex block for 200k , renting for 250 per week, under rented, Current market rent for the property with a lick of paint and new floor coverings would be $160+ per side so that is $320.00. I made a cash offer of $200k with a 10k deposit, they came back at 210k and I said no, 15 minutes later they accepted the 200k. Cash offers are good for negotiating so its handy to have a LOC (line of credit) that you can access in case you need to pay cash for something and then organise to finance the deal later. My lender is excellent I pretty much have an aprooval within 24 hours subject to valuation. Of course it was subject to a pest and building inspection to my satisfaction and viewing of internal photographs to my satisfaction within 7 days. (that would have been a get out clause if I needed it or could not have got the finance- got the unconditional within the 7 days though)

http://www.realestate.com.au/cgi-bi...&f=0&p=10&t=res&ty=&snf=&ag=&cu=&fmt=&header=

I figured most units in Cairns sell for 100k + for a 2 bedder so if I buy a duplex pair I own the land (the land was valued at 130k on the valuation). Although I have not been looking at Cairns for very long I am pretty satisfied that I got this for a little below market value. Please correct me Cairns forumites if I am incorrect here. Would value your opinions.

Also with duplexes when rents rise they rise by 2! so the property can become positive cashflow in less time.

Sonic,
Good luck with your offer, hope it all goes to plan.

karina

 

[Monopoly]

Thanks for your responses,

Monopoly,
I thought I had answered Mustang's question. Yes I have bought blocks of units and full duplexes. I see these differently to buying an individual unit as I end up owning the land. So I guess what I mean is I prefer to buy houses/full blocks of units/full duplexes as aposed to individual units.

karina

Thanks Karina,

And sorry but you most certainly did not answer Mustang's question adequately, because if you had, both Skater and Melbear would not have obviously misinterpreted what you actually meant!!!

Skater to Mustang:

Mustang, I think what Karina was referring to is that she will buy a BLOCK of units but not a single unit in a development. If you buy the whole block you have a lot more control.

Melbear to me:

Did this not answer Mustang's question? From this I gathered that Karina will buy a full block of units as in that instance you also get the whole of the land - and presumably no body corp etc. as not strata titled. This way you get the multiple rents of multiple dwellings, but own the land underneath also...

Cheers,

Jo

 

[karina]

Monopoly,

Just to clarify the block of units was 4 x 2 bedroom on 1 title not strata titled. The duplex pair in Cairns is also on 1 title.

Quoll,
As for my search methods, I mainly use the internet , realestate.com.au, domain.com.au and all the individual real estate sites like raywhite.com.au, ljhooker.com.au etc etc. I don't have a certain criteria in what I am looking for or location for that matter, I believe good deals can be found anywhere. I prefer larger towns 20,000 plus but wouldn't rule out a coastal village with less. I speak to lots of agents and property managers (have a capped plan on my home phone!) and dedicate some time everyday to searching for deals.

Getting agents to send you the local paper is a good starting point also as it has all the real estate listings including properties for rent and local maps can be handy as well.

 

[Monopoly]

Monopoly,

Just to clarify the block of units was 4 x 2 bedroom on 1 title not strata titled. The duplex pair in Cairns is also on 1 title.

Figured as much.....Onya girlfriend!!!
There you go Mustang, the answer to your question, a simple YES I DID would have done it hey??!!! Too easy!!!

 

[G&G]

Thank you so much for sharing Karina. What an awesome post!!!

Cheers
Glen

 

[quoll]

and dedicate some time everyday to searching for deals.

That's a lot of time, I've been looking at Gero for a while as it's a good windy place, kitesurfing and windsurfing, but I haven't come across the deals you have so I'm not looking often enough and I'm not looking hard enough.

I'm impressed, you must have spent ages searching the net and a lot of time talking to agents.

Way to go.

Cheers
quoll

 

[Sultan of Swing]

Hi Karina

An Awesome achievement, well done!!

I love these sorts of threads.

Cheers and kudos

 

[quoll]

G'day Karina

Just phoned an agent in Gero about a couple of places. I didn't realise Point Moore was leased land.

Out of interest the ex housing trust properties you purchased, where abouts are they?

Cheers
quoll

 

[karina]

Hi Quoll,

Yes Point Moore is lease land as is some of Drummond Cove I believe. The x housing homes I bought are in Beachlands, rangeway, spalding, karloo and wagrgakine so all over really.

The last one I bought was in spalding for 100k(it was the dearest) prior to that I paid 63k,63,73,73.5,79.79,81,88 I can't remember the rest but they all ranged between 63 - 88k except for the last one.

The better suburbs along the coast (beresford, mount tarcoola, mahomets etc) were more expensive , I went for the better returns in the outer suburbs as I could buy more of them that way and I figured they were below replacement value as you couldn't build them for that much. Bonus was that they sold them off fully renovated , new carpets , paint, some have new kitchens and bathrooms.

The cheapest x-dept of housing home available in brick/tile at the moment is in spalding for 115,500.

Good luck in your search. If you are always looking you are more likely to find a bargain.

 

[yadreamin]

Hi Karina.
Thanks so much for taking the time to post this great story.
Well done.
Must have been pretty exciting at times especially the mutiple purchases in Geralton.
You will have to shout yourself an around Aus plane trip to inspect your properties all tax deductable of coarse!!

I have a couple of questions if l may?
Are your loans cross collaterized?
Do you purchase through a trust?
Your salary income must be at least 60k plus?
Are all you ip,s cash flow positive?
Do you ever put a cash deposit towards your ip purchase?
I know l am being a bit nosey here but l,d rather ask someone whose done it?Always something to learn.
cheers yadreamin
p.s please to hear you have recovered some of the missing 32 weeks rent.

 

[DD1]

API mag should read this.

Karina if they havent already called ou for an article soon, call Lisa Southgate at the API magazine and Im sure you will get a nice glossy spread in the mag.

Wel done and I agree, listen to yourself first second and third and others a dim 4th.

My wife and I have also done well, but recently sold down from 23 to 15 to pay down our new home to a sustainable level. Six months later we are back up to 17 and climbing.

Gee its fun isnt it.

DD1

 

[Peter Parker]

Karina if they havent already called ou for an article soon, call Lisa Southgate at the API magazine and Im sure you will get a nice glossy spread in the mag.

Depends on the extent to which Karina wants the publicity and if she wanted to go into property spruiking/buyers 'advocacy'

Forget the waiting game (buy & hope) or trying to tee up renos with unreliable tradespeople; holding a good rabble-rousing seminar is surely the best way to add value in today's market.

A house bought for $80k, now worth $140k should still be a bargain to seminar attendees at just $199k. Especially if it's under 3km from the beach, as is anything in Geraldton. And you could even mention the dreaded L-word - 'lifestyle'.

The best prop you could get is a map of Australia showing how Gero is the same latitude as the Gold Coast to which people flock in their hundreds of thousands. And it lacks GC's summer humidity as the high winds just blow it away. And one could spruik that average prices in Gero are probably still $50-100k less than on 'the other side' so are still undervalued if you get in quick!

Rgds, Peter

 

[Brenda Irwin]

Well done Karina, a very inspiring post.

 

[agent 86]

Karina if they havent already called ou for an article soon, call Lisa Southgate at the API magazine and Im sure you will get a nice glossy spread in the mag.

Wel done and I agree, listen to yourself first second and third and others a dim 4th.

My wife and I have also done well, but recently sold down from 23 to 15 to pay down our new home to a sustainable level. Six months later we are back up to 17 and climbing.

Gee its fun isnt it.

DD1

DD1,

Did your feature in API become a positive for you and your wife ?
I think I remember GeoffW saying there was a small neg for him.

( DD1 was I think issue May? Coffs Harbour)

A86