Getting Started

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From: Mike .


Thanks, IP first of many.
From: Crystal
Date: 8/4/00
Time: 7:59:02 PM

I would like to thank all the regular contributors of this forum for all their help and advice. With your help I was able to: Make an offer, exchange contracts, insure and settle on my first IP. (I do not own my own home.)

I then proceeded to renovate my property: From a 2 bedroom house with garage to: A 3 bedroom house with a 2 bedroom self contained cabin. Rented at $190 and $130 respectively. A special thanks to my Dad who helped me build and renovate!!!!

The tenants move in tomorrow - and it is positively geared. Once again, thanks to all those who helped me with those difficult decisions along the way. I was motivated by your encouragement, enthusiasm and knowledge. Crystal
 
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Gee Cee

Reply: 1
From: Mike .


Re: Thanks, IP first of many.
From: Gee Cee
Date: 8/5/00
Time: 6:07:58 PM

Great to hear successful start up scenarios.

It gives beginners & well seasoned investors a shot of inspiration.

Keep us posted on how you progress.

Happy investing, Gee Cee
 
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Les

Reply: 1.1
From: Mike .


Re: Thanks, IP first of many.
From: Les
Date: 8/5/00
Time: 3:39:58 PM

G'day Crystal,

My hat's off to you !!! Didn't anyone ever tell you to take small steps - you know, like buy one property, rent it, make a bit, read a bit more, get enthused, look for another one, etc. You certainly chose a big, bold move for your first step (horrors !!!) - but it sounds like it went off well.

Well done,

Regards, Les
 
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Geoff1

Reply: 1.1.1
From: Mike .


Re: Thanks, IP first of many.
From: Geoff1-Well done +ve on your 1st IP
Date: 8/5/00
Time: 12:20:01 AM

Hey Crystal,

Well done,

let this be a lesson to other IP investors...can you get +ve gearing ...yes if you have the control...these days I talk about B.A.M.!!

Buy well... ]

Add value and ...

Management ...

get the property management and the financial management right...

and one more ...control... be the one that controls the property...not the body corp or the unit manager or the neighbouring unit ...its you...that can add value ...its you that selects the tenants ...its you that makes the mistakes and learns..

What a fantastic start...hey now don't get too creative...go out there and do it again...use the cookie cutter method and bake another one just like the other one...

Geoff1

ps

who said you cant talk to the valuer!!!

come on you are paying for it...

don't we live in a free speech country...

hey... be there to open up the property and sell the valuation like crazy.ok...

its very satisfying when the valuation comes in at the value you "suggested" to the valuer...just do your home work though.
 
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Crystal

Reply: 1.1.1.1
From: Mike .


Re: Thanks, IP first of many.
From: Crystal
Date: 8/7/00
Time: 10:11:02 PM

Hi Geoff1, RESI won't let me speak to the valuer. See the post on this matter "Immediate Equity" 3rd July. I tried to organise to be there for the valuer before my tenants moved in, but to no avail. I have left copies of my research with the tenants and the property manager to ensure that the valuer receives it. If the valuer uses my research as a guide it'll be time to bake more cookies - Yeh!!!
 
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Robert

Reply: 1.1.1.1.1
From: Mike .


Re: Thanks, IP first of many.
From: Robert
Date: 8/4/00
Time: 8:16:48 PM

Great to hear you've taken the step into IP's. Good work on converting a small house into a larger one with double rent giving positive gearing. Especially for your first first IP. You should be commended.

How long till the next one comes along???

Robert
 
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Crystal

Reply: 1.1.1.1.1.1
From: Mike .


Re: Thanks, IP first of many.
From: Crystal
Date: 8/4/00
Time: 8:41:07 PM

Hi Robert, I have paid for a valuation through my lender, to be carried out next week to establish the new market value. I am aiming to borrow???/refinance??? against the increased equity to purchase my next IP.

My understanding of this next step is hazy, but intend to take one step at a time. I've done research into recent comparable sales in the area and have organised for either the tenant or my property manager to give him/her this information (as I am not allowed to speak to the valuer!). If the valuer returns a favourable valuation, I will take this ammunition with me to the accountant and as many lenders and mortgage brokers I can find. Then I will be searching for a discounted property in Sydney!?!
 
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