G'day all,
Well after lots of reading of posts and a couple of replies here and there I thought I'd post our little story. In the next month we will be going from none to 2 IPs.
This is occurring as we have just gone unconditional (settles on 10 Aug) on a new IP in Chermside and we are moving out of our PPOR to head overseas for a year!
We originally bought our PPOR in Brisbane in early 2004 and our plan was to buy a new PPOR every 3-4 years when we move cities for our work. ie. we would buy a PPOR in our new work location and rent out the old one. In this way we would slowly accumulate properties without too much stress. Then the overseas opportunity came up out of the blue and our plans had to change quite quickly. As we both believed that now is a very good time to buy in Brisbane, we decided that we'd try and get another IP before we left. We got in to our research very quickly and became quite excited about property investing. Somersoft certainly helped!
After much reading, research, and many spreadsheets we have recently bought a 2BR townhouse in chermside for $285k. Hopefully we haven't rushed too much and overpaid but we really felt that now was a great time to be buying in Brisbane and we didn't want to wait another 12 months. The owner is going to rent it back for initially up to 3 months (at a reduced rate). We've gone in without a finance clause so our last risk on the purchase is that the bank valuation comes in too low. Fingers crossed on that one or it could get very hectic late next week. Had some minor issues with the building inspection but we've satisfied ourselves that they're not showstoppers.
Still have to find a good PM for the place. Any suggestions? Can we expect a reduced 'letting fee' for the first term if the tenant is already in the property?
Anyway, plenty going on in our lives right now. What with buying an IP, renting out our PPOR and trying to move overseas.... Hopefully we haven't over stretched ourselves, especially financially. We've done all the sums but it's difficult estimating living expenses in an overseas country. As long as the AUD keeps going up we should be fine!
Thanks for listening to my little rant and thanks for all your help so far!
Well after lots of reading of posts and a couple of replies here and there I thought I'd post our little story. In the next month we will be going from none to 2 IPs.
This is occurring as we have just gone unconditional (settles on 10 Aug) on a new IP in Chermside and we are moving out of our PPOR to head overseas for a year! We originally bought our PPOR in Brisbane in early 2004 and our plan was to buy a new PPOR every 3-4 years when we move cities for our work. ie. we would buy a PPOR in our new work location and rent out the old one. In this way we would slowly accumulate properties without too much stress. Then the overseas opportunity came up out of the blue and our plans had to change quite quickly. As we both believed that now is a very good time to buy in Brisbane, we decided that we'd try and get another IP before we left. We got in to our research very quickly and became quite excited about property investing. Somersoft certainly helped!
After much reading, research, and many spreadsheets we have recently bought a 2BR townhouse in chermside for $285k. Hopefully we haven't rushed too much and overpaid but we really felt that now was a great time to be buying in Brisbane and we didn't want to wait another 12 months. The owner is going to rent it back for initially up to 3 months (at a reduced rate). We've gone in without a finance clause so our last risk on the purchase is that the bank valuation comes in too low. Fingers crossed on that one or it could get very hectic late next week. Had some minor issues with the building inspection but we've satisfied ourselves that they're not showstoppers.
Still have to find a good PM for the place. Any suggestions? Can we expect a reduced 'letting fee' for the first term if the tenant is already in the property?
Anyway, plenty going on in our lives right now. What with buying an IP, renting out our PPOR and trying to move overseas.... Hopefully we haven't over stretched ourselves, especially financially. We've done all the sums but it's difficult estimating living expenses in an overseas country. As long as the AUD keeps going up we should be fine!
Thanks for listening to my little rant and thanks for all your help so far!
