Hey guys, just thought id share my experience with my Gladstone property so far. This is my first Investment property, one of many hopefully
I Purchased a 3 bed, 1 bath highset in kin kora in July 2011. I paid $375,000. The tennants that were in there were only paying $295 a week. By the time i settled i had new tennants paying $500 a week.
6 months later, just before i was going to re-sign the tennants for another 6 months i had a problem with the bathroom. It was leaking from the shower base that hadnt been waterproofed properly and into the downstairs area through a light
Tennants ended up moving out, so decided i would drive up to Gladstone (im from Brissy) and spruce the place up abit. Got the bathroom fixed, updated the kitchen, polished floorboards, installed new blinds, painted throughout, put in new bar tops downstairs, general tidy up and de-clutter outside. All up spent about 15k.
Recently had it re-valued at $440,000 and receiving $550 a week in rent.
Now on the hunt for property number 2, not sure where just yet, possibly brisbane.