Hi all,
Long time reader, first time poster. This is such a great site for young investors such as myself, so thank you all so much for your contributions and wisdom.
In terms of a brief background on myself, I just turned 23 and after 2 yrs of saving hard, reading, planning and developing networks with as many property investors as I could, I have finally taken the plunge and signed contracts for my first investment property in St Marys, NSW. What an exhilarating experience!
The Property:
* 2 bedroom, double brick unit, 1 bathroom, 1 lock up garage within a complex of 12
* Located 1.5km from St Marys station, in between Westfield Mt Druitt and Westfield Penrith and approx 600m walk to Aldi
* Internal laundry and balcony
* Plenty of street parking
The Numbers:
* Purchase price: $205,000
* Currently leased until end of November 2013 at $280pw
* 97% LVR inc LMI capitalised - total loan: $198,850 from ING Direct at 5.59% = $926.31 per month repayments or $213.76 pw. Interest only loan with 100% offset account
* Approx other expenses: Council rates (approx $800pa = $15.38pw), strata fees (approx $1320pa = $25.38pw), water rates (approx $480pa = $9.23pw), landlord insurance (approx $310pa = $5.96pw, property management (approx $1073.80pa = $20.65pw)
Total cash flow pre-tax:
Income: $280.00pw at current levels - rent will be raised to $290pw sometime early in 2014
Expenses at approx levels: $290.36pw
= - $10.36pw pre tax
I'm really happy with the purchase as it gets me into the Sydney market which has been a concern of mine given the movement in the market over the past 6 months. Furthermore, the strategy behind it matches my risk profiling as naturally I'm quite conservative.
Once I get some more time I will post pictures up over the weekend. Thank you all once again for all your contributions to the site and I look forward to contributing and providing value wherever I can. I've learnt that no matter how old you are, there will always people who say it can't be done or its 'too risky'. In my experiences with this property, stick with your plan/strategy, trust your gut, focus on the numbers and surround yourself with people who have achieved what you want to long term. I've very excited for what the future holds as I have set myself some lofty ambitions and I really look forward to sharing my journey and hopefully one day inspiring other young investors to do the same.
Bring on #2 and thanks again for all your input.
Kind regards,
Nixba
Long time reader, first time poster. This is such a great site for young investors such as myself, so thank you all so much for your contributions and wisdom.
In terms of a brief background on myself, I just turned 23 and after 2 yrs of saving hard, reading, planning and developing networks with as many property investors as I could, I have finally taken the plunge and signed contracts for my first investment property in St Marys, NSW. What an exhilarating experience!
The Property:
* 2 bedroom, double brick unit, 1 bathroom, 1 lock up garage within a complex of 12
* Located 1.5km from St Marys station, in between Westfield Mt Druitt and Westfield Penrith and approx 600m walk to Aldi
* Internal laundry and balcony
* Plenty of street parking
The Numbers:
* Purchase price: $205,000
* Currently leased until end of November 2013 at $280pw
* 97% LVR inc LMI capitalised - total loan: $198,850 from ING Direct at 5.59% = $926.31 per month repayments or $213.76 pw. Interest only loan with 100% offset account
* Approx other expenses: Council rates (approx $800pa = $15.38pw), strata fees (approx $1320pa = $25.38pw), water rates (approx $480pa = $9.23pw), landlord insurance (approx $310pa = $5.96pw, property management (approx $1073.80pa = $20.65pw)
Total cash flow pre-tax:
Income: $280.00pw at current levels - rent will be raised to $290pw sometime early in 2014
Expenses at approx levels: $290.36pw
= - $10.36pw pre tax
I'm really happy with the purchase as it gets me into the Sydney market which has been a concern of mine given the movement in the market over the past 6 months. Furthermore, the strategy behind it matches my risk profiling as naturally I'm quite conservative.
Once I get some more time I will post pictures up over the weekend. Thank you all once again for all your contributions to the site and I look forward to contributing and providing value wherever I can. I've learnt that no matter how old you are, there will always people who say it can't be done or its 'too risky'. In my experiences with this property, stick with your plan/strategy, trust your gut, focus on the numbers and surround yourself with people who have achieved what you want to long term. I've very excited for what the future holds as I have set myself some lofty ambitions and I really look forward to sharing my journey and hopefully one day inspiring other young investors to do the same.
Bring on #2 and thanks again for all your input.
Kind regards,
Nixba
