Except for the actual $$$cost$$$ of the house!Ausprop said:
BF
23 properties in 5 years
- Thread starter karina
- Start date
BF
Thanks Agent for putting on the article location
Sorry to all that tried to get some info as I have now "been there and done that" for the kingston reno.
Yes the article was API May page 48 for my wife and I and also in the same edition they quoted 4 of my renos in the"50 ways to increase your rental yield" cover story.
Nice to have another investor in Melbourne, myself and the reno kings as sources for this article and Depreciation advice on each tip from Paul Bennion a director of Deppro, who I get to do mine as well. Yes that was a coincidence and not a setup.
Isnt it great that we have a reference now people can look at rather than retelling our stories over and over. If anyone wants to read oiur article they can email me at [email protected] and I can send them our article as unfortunately I never got an emailed copy of the cover story.
Congrats on your sucesses guys. Its an honour to be in such great company.
DD1
Sorry to all that tried to get some info as I have now "been there and done that" for the kingston reno.
Yes the article was API May page 48 for my wife and I and also in the same edition they quoted 4 of my renos in the"50 ways to increase your rental yield" cover story.
Nice to have another investor in Melbourne, myself and the reno kings as sources for this article and Depreciation advice on each tip from Paul Bennion a director of Deppro, who I get to do mine as well. Yes that was a coincidence and not a setup.
Isnt it great that we have a reference now people can look at rather than retelling our stories over and over. If anyone wants to read oiur article they can email me at [email protected] and I can send them our article as unfortunately I never got an emailed copy of the cover story.
Congrats on your sucesses guys. Its an honour to be in such great company.
DD1
Hi Redwing,
How time flies!
I have had a good year luckily. The WA market has exceeded all of my expectations. Those 60,70,80k properties in geraldton have jumped again and are now around the 200k mark although valuers are struggling to value up to contract prices in geraldton at the moment (I think a year ago they were low 100's). The beachlands properties purchased for around 70-80k are now over 250k fast approaching 300k! unbelieveable.
I sold 2 houses a few months ago, one in geraldton paid 81k sold for 155k (would now be worth closer to the 200k) so the buyer has done well. The other sale was the kalgoorlie property purchased 1 year ago for 83k sold for 137k , exactly a year after purchasing. (rented at $180.00 the whole time)
Rents for the cairns duplex I purchased last year for 200k have risen to $155.00 per side , so now getting 310 a week and agents tell me the duplex would be worth close to the 300k mark so that turned out to be a great deal.
Got a little side tracked from the investing and splurged on a fantastic home on sydneys northern beaches. ruined my cashflow but am in the process of taking some profits in geraldton to pay down the debt on this one. Its lovely has beautiful ocean views. (so cashflow problem should only be temporary)
Have been thinking about selling down some IP's to pay out all of my debt and live of rent, but then would have a massive CGT bill and tax to pay on income so still undecided about that.
That's pretty much where I am at this point in time sitting on 24 properties with some geraldton stock on the market for sale. 2 properties under contract but are subject to finance. Contract price on the first one is 300% of purchase price, contract price on the second one is 280% of purchase price.
The window of opportunity for buying x dept of housing stock in geraldton has closed as they only sell to owner occupiers and use a ballott system to be fair to all interested parties , they have also started using auctions, particularly on the beachlands properties.
I think most of this year will be selling down for me (in WA) and probably start buying back into the capital cities again once I have improved cashflow.
Will hold some WA stock for the longterm.
How time flies!
I have had a good year luckily. The WA market has exceeded all of my expectations. Those 60,70,80k properties in geraldton have jumped again and are now around the 200k mark although valuers are struggling to value up to contract prices in geraldton at the moment (I think a year ago they were low 100's). The beachlands properties purchased for around 70-80k are now over 250k fast approaching 300k! unbelieveable.
I sold 2 houses a few months ago, one in geraldton paid 81k sold for 155k (would now be worth closer to the 200k) so the buyer has done well. The other sale was the kalgoorlie property purchased 1 year ago for 83k sold for 137k , exactly a year after purchasing. (rented at $180.00 the whole time)
Rents for the cairns duplex I purchased last year for 200k have risen to $155.00 per side , so now getting 310 a week and agents tell me the duplex would be worth close to the 300k mark so that turned out to be a great deal.
Got a little side tracked from the investing and splurged on a fantastic home on sydneys northern beaches. ruined my cashflow but am in the process of taking some profits in geraldton to pay down the debt on this one. Its lovely has beautiful ocean views. (so cashflow problem should only be temporary)
Have been thinking about selling down some IP's to pay out all of my debt and live of rent, but then would have a massive CGT bill and tax to pay on income so still undecided about that.
That's pretty much where I am at this point in time sitting on 24 properties with some geraldton stock on the market for sale. 2 properties under contract but are subject to finance. Contract price on the first one is 300% of purchase price, contract price on the second one is 280% of purchase price.
The window of opportunity for buying x dept of housing stock in geraldton has closed as they only sell to owner occupiers and use a ballott system to be fair to all interested parties , they have also started using auctions, particularly on the beachlands properties.
I think most of this year will be selling down for me (in WA) and probably start buying back into the capital cities again once I have improved cashflow.
Will hold some WA stock for the longterm.
enjoy that home on the north side karina - you deserve it after taking those risks and sticking to your strategy.
Fantastic thread.
Interesting point raised here. I mean, how many times have we had THAT discussion on somersoft.
"I want to invest but my partner isnt interested"
RJ
I thought I would post an update on that 63k cheapie I purchased in geraldton in 2004, the one the agent told me not to buy.......
"One night whilst searching for deals on the web I came across a house for 63k in geraldton WA (brick and tile, about 20 years old fully renovated) I rang the agent (this was Jan 2004) and he told me that there was nothing wrong with the house that it was the cheapest brick house in town but that it was in the worst street in town , there was a family fueding there. He said that he couldn't guarantee that I would get a good tenant but that in 12 months the area would improve as the dept of housing sold off houses in the street. He offered me another home he had for sale that was also renovated but fibro at the same price but in a better part of town so I bought that one along with 4 others in the 70,000 range, rents were 125 - 150 per week.
Having another chat with the agent about the house in the bad street I told him that I knew I would kick myself in 12 months if I didn't buy it now so I asked him to send me a contract and asked if the vendor (it was the dept of housing) would allow me to have a 6 month settlement. Somehow they just signed my offer without paying much attention to the settlment date and by the time they had it was too late it was all signed. I have an excellent tenant there and the value has increased to around the 115k mark if not more. (a fibro has just sold for 120k in that street, so I am being conservative)"
I settled on the property today. It sold for 190k! Sometimes the "problem" properties offer the best gains.
"One night whilst searching for deals on the web I came across a house for 63k in geraldton WA (brick and tile, about 20 years old fully renovated) I rang the agent (this was Jan 2004) and he told me that there was nothing wrong with the house that it was the cheapest brick house in town but that it was in the worst street in town , there was a family fueding there. He said that he couldn't guarantee that I would get a good tenant but that in 12 months the area would improve as the dept of housing sold off houses in the street. He offered me another home he had for sale that was also renovated but fibro at the same price but in a better part of town so I bought that one along with 4 others in the 70,000 range, rents were 125 - 150 per week.
Having another chat with the agent about the house in the bad street I told him that I knew I would kick myself in 12 months if I didn't buy it now so I asked him to send me a contract and asked if the vendor (it was the dept of housing) would allow me to have a 6 month settlement. Somehow they just signed my offer without paying much attention to the settlment date and by the time they had it was too late it was all signed. I have an excellent tenant there and the value has increased to around the 115k mark if not more. (a fibro has just sold for 120k in that street, so I am being conservative)"
I settled on the property today. It sold for 190k! Sometimes the "problem" properties offer the best gains.
Great work Karina, that sounds so much fun, I just love property investing and all the great quirky stuff!
Good for you
I agree - well done
Funny how those problem ones seem to have the greatest capacity for growth. A lot of work if you want to bring it up to its best, but someone else always seems to be willing to pay you lots of money and give it a go. Good news Karina.
Thanks Karina
Hi Karina
You rock! Thanks for sharing your story. I am new to this game and it is an absolute inspiration to see others doing this.
How did you finance your initial properties? Were you working full-time?
Have you ever directly managed a property yourself, or do you always have PMs?
Hi Karina
You rock! Thanks for sharing your story. I am new to this game and it is an absolute inspiration to see others doing this.
How did you finance your initial properties? Were you working full-time?
Have you ever directly managed a property yourself, or do you always have PMs?
Hi Alia,
How did I finance initial properties? I had a small deposit and went direct to the bank to finance my first 3 properties. I didn't shop around for finance. It may be worthwhile using a broker if you are starting out. There are some good one's on this site.
Yes I have always worked full time and no I don't manage my own properties. I have property managers doing that but I try as much as possible to manage my property managers. Call them every now and then to see how my tenants are doing, and check on the rental market to ensure we are getting market rent for the property. I have come across some not so great property managers in the past so now I make an effort to "interview" them before I give them my rental rather than just go with the agency that I am buying through. If they are responsive helpful and can offer some good ideas I'll give them my property as a rental. If I find a property manager not doing a good job I'll switch agencies.
How did I finance initial properties? I had a small deposit and went direct to the bank to finance my first 3 properties. I didn't shop around for finance. It may be worthwhile using a broker if you are starting out. There are some good one's on this site.
Yes I have always worked full time and no I don't manage my own properties. I have property managers doing that but I try as much as possible to manage my property managers. Call them every now and then to see how my tenants are doing, and check on the rental market to ensure we are getting market rent for the property. I have come across some not so great property managers in the past so now I make an effort to "interview" them before I give them my rental rather than just go with the agency that I am buying through. If they are responsive helpful and can offer some good ideas I'll give them my property as a rental. If I find a property manager not doing a good job I'll switch agencies.
Please advise Katrina,
Hi Katrina,
I have just joined somersoft today and I made my first post. I went to a Positive Investor seminar and before I attended I already new I wanted to accumulate 20 to 30 properties in the next 10years.
My question is I noticed you mentioned John's name "7 simple steps" did you join their organisation? If so why or why not? Would you recommend any others? Did you research these groups?
I just don't want to spend $9000 on an organisation when that could be going towards my next property?
Your story is great too!
Thankyou in advance!!!
Hi Katrina,
I have just joined somersoft today and I made my first post. I went to a Positive Investor seminar and before I attended I already new I wanted to accumulate 20 to 30 properties in the next 10years.
My question is I noticed you mentioned John's name "7 simple steps" did you join their organisation? If so why or why not? Would you recommend any others? Did you research these groups?
I just don't want to spend $9000 on an organisation when that could be going towards my next property?
Your story is great too!
Thankyou in advance!!!
