Finally did it! first IP secured

Hi Guys,

Well I finally bought my first IP in Oz. It has taken me just over a yr of research/study, but I am happy!

Bought a house through a BA, in Eagleby, QLD. Very happy!!

3bed1bath on 1020sqm fro 250K, renting for $325pw, should be able to re-val to 280-300K.

Around July last yr I decided that property was going to be my vehicle to a secured future and so I started reading loads of books and spending a ridiculous amount of time on this forum reading old posts and studying peoples strategy's. I purposely decided to wait a year before buying, to allow all the info to sink in...

Well I have done it now and am hoping to re-trigger within the next 6 months.

I would like to say thanks to all the regulars on here, I have not got involved in the discussions much, but I do read ALOT of them and this forum has been INCREDIBLE! I initially looked at expensive courses & memberships, but always found SS to have most of the answers I needed. So Thankyou...
 
Congrats and kudos for taking the time to research.

1st one is usually the hardest emotionally after that long as you've bought well it's alot easier. Looks like you have purchased well, decent yield so not hurting the hip pocket and with CG potential makes for happy days.

My money is on you buying again before 6months :)
 
A special thanks to you Cherry Pro! thanks for your time on the phone earlier this year and for putting me onto the BA...
 
Depends on the circumstances I reckon. Talk to your broker and find out. We revalued one within 3 months. Actually revalued with another bank but the first bank was happy to match that valuation.
 
Congrats Dan - thats great news. Sounds like a pretty solid purchase too. Kudos for your research and planning before you bought - i think its the most effective way of buying.

Agree with Brady - all that planning should mean the next purchase is much easier. :)

Cheers,
Red
 
Thanks guys...

Yeh chomping at the bit to get back in there!!

How soon after buying can I revalue?

In most cases it's 3 months, less if change in the security like renovations.

But 3 months would be best bet. Watch the market, get some comparable sales together, hand them over to your banker/broker and request re-val and equity release and you're on your way.
 
@roy ...I was after something in Logan shire, Eagleby was not my first choice, but it has development potential (lots of t/houses there) and the sums made sense, so I went for it. Close to beenleigh station and basically equi-distance to brissy/gc. Also has gf potential.

@tmnt the BA cost an initial $500 to get on their mailing list, so every week I rcv info abt properties on their books. Then 7K when I purchase, subsequent properties will cost max 5K each

yes 3 months is what my broker indicated aswell...need to sit tight till then. Though the way the sydney market has gone nuts, very tempting to draw a bit more eq out of my ppor :rolleyes:
 
Congratulations!

And yes, the best resource is usually free on the internet, or very knowledgable friends.

I've never heard of one good "get rich" seminar in my life
 
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