How we bought 20 IP's in 5yrs
- Thread starter Brenda Irwin
- Start date
So sorry Robyne I didn't get back to replying on the reno's cost question.
In 2001 hubby & I saved up & attended Geoff Doige & Paul Eslick's 'Reno Kings' all day seminar. It was inspirational for us as we didn't have any idea whatsoever on doing reno's.
Discovered that not all reno's have to cost squillions but that a basic good scrub up and paint, maybe a fence & carport, or get that leaking toilet replaced & get the holes in the walls fixed could add spectacular dollars in the form of revalued equity & increased rental return.
So instead of shying away from the grubby, garden overgrown, leaking toilet deals, we found these types very negotiable & we had a whole new facet of the market to checkout.
Oh yeah, that is me on the 'Reno Queens' story on the Current Affairs program. Geoff & Paul wanted to show that their course didn't only help men but an increasing number of women were getting in to the reno's market.
Cheers Brenda
In 2001 hubby & I saved up & attended Geoff Doige & Paul Eslick's 'Reno Kings' all day seminar. It was inspirational for us as we didn't have any idea whatsoever on doing reno's.
Discovered that not all reno's have to cost squillions but that a basic good scrub up and paint, maybe a fence & carport, or get that leaking toilet replaced & get the holes in the walls fixed could add spectacular dollars in the form of revalued equity & increased rental return.
So instead of shying away from the grubby, garden overgrown, leaking toilet deals, we found these types very negotiable & we had a whole new facet of the market to checkout.
Oh yeah, that is me on the 'Reno Queens' story on the Current Affairs program. Geoff & Paul wanted to show that their course didn't only help men but an increasing number of women were getting in to the reno's market.
Cheers Brenda
Just wanted to add my voice to the thanks for those of you who are willing to share details of property investment - it makes it so much more inspirational to see how someones done it rather than just a grand end result.
Gives me hope! Although I still spin out at the thought of $50k properties (I come from England - thats about 2 pints of beer I think)
Cheers
Zamaz
Gives me hope! Although I still spin out at the thought of $50k properties (I come from England - thats about 2 pints of beer I think)
Cheers
Zamaz
Thanks Brenda. You are a star! Does that mean you did all the renovations yourself?
Also just wondering if you have been to any of the Peter Span seminars since you seem to to be following his prescibed methods. Perhaps he follows your prescribed methods? He is the reason I got involved in property investment.
Have you ever looked at Warwick for investment? What do you think?
Robyne
Also just wondering if you have been to any of the Peter Span seminars since you seem to to be following his prescibed methods. Perhaps he follows your prescribed methods? He is the reason I got involved in property investment.
Have you ever looked at Warwick for investment? What do you think?
Robyne
Hi Robyne, Yes I did or co-ordinated the reno's myself after doing the 'Reno Kings' seminar.
Have never seen Peter Spann, would like to tho, have his books.
Also have Dolf de Roos book '101 Ways to massively increase the value of your Real Estate without Spending too much money.
There are lots of books you can order at the back of Property Investor magazine as well as checking out lots of bookshops.
I have looked at Warwick to invest but as the ripple effect of growth starts in the city and works it's way out, I decided Warwick was a lot further out to wait than lots of closer towns.
Hope this helps.
Have never seen Peter Spann, would like to tho, have his books.
Also have Dolf de Roos book '101 Ways to massively increase the value of your Real Estate without Spending too much money.
There are lots of books you can order at the back of Property Investor magazine as well as checking out lots of bookshops.
I have looked at Warwick to invest but as the ripple effect of growth starts in the city and works it's way out, I decided Warwick was a lot further out to wait than lots of closer towns.
Hope this helps.
Brenda,
There's a one day event in Brisbane- it's a new format seminar- http://www.freemanfox.com.au/seminars/page3c1.asp
It will cost $498, so it's up to you to decide if you think it's good value.
I spent $3000 3 years ago for 5 days- and I don't regret a single cent. I've had $200K equity increase in the last year on $1.5M a property portfolio- $3K seems peanuts. (Though a big part of the value for me was pointing my head in the right direction, as well as slapping me across the face to say "you fool! Property is good!". You've already got that).
There might be an early bird discount of $100. And it may give you the right to get a "graduates discount" for further events- the cost for me for this event was $98.
Thanks GeoffW for the web site on the next Peter Spann Seminar in Brissy. Unfortunately, I will be busy that day at the Brissy Ekka with my dog defending his Best of Breed title.
Have booked the Somersoft seminar on 31st August tho. Missed that one last year. Seem to be playing 'catch up'. Sorry Peter, maybe next year
Have booked the Somersoft seminar on 31st August tho. Missed that one last year. Seem to be playing 'catch up'. Sorry Peter, maybe next year
Brenda,
As a one income family, how did you convince the bank to approve the loans for each property? How did you cover the servicability issues? This seems to be where I'm having the most problems with the banks at the moment.
We think we'll actually sell our PPOR to access that equity for investing, which should also increase our serviceability.
As a one income family, how did you convince the bank to approve the loans for each property? How did you cover the servicability issues? This seems to be where I'm having the most problems with the banks at the moment.
We think we'll actually sell our PPOR to access that equity for investing, which should also increase our serviceability.
Hi Kylie,
Have you looked at Steve Navra's cashbond? It might be a suitable strategy for you to solve serviceability issues.
If you are interested what it is go to www.navra.com.au and have a look at http://www.navra.com.au/articles/real_time_mkt.html
which gives a brief explanation of it.
It might be a better idea that selling (RE fees, solicitor fees, bank fees) which are basically lost money for you.
Tibor
Have you looked at Steve Navra's cashbond? It might be a suitable strategy for you to solve serviceability issues.
If you are interested what it is go to www.navra.com.au and have a look at http://www.navra.com.au/articles/real_time_mkt.html
which gives a brief explanation of it.
It might be a better idea that selling (RE fees, solicitor fees, bank fees) which are basically lost money for you.
Tibor
Brenda,
Thank you SOOO much for sharing everything with us. Numbers, position reasons and everything. WONDERFUL stuff. I am very happy to have read your IP history and wish you luck. I would love to have a chat with you one day.
Thank you again.
Wrote this after page one of yr msg. Now read last page. Suspect you would be bored whitless with Mr Spann's presentation. Save the crap, and the day! and buy the video/DVD? for $48. Get the same, but you have the benefit of a Cue button.
You'll thank me for that, but it is worth looking at.
Thank you SOOO much for sharing everything with us. Numbers, position reasons and everything. WONDERFUL stuff. I am very happy to have read your IP history and wish you luck. I would love to have a chat with you one day.
Thank you again.
Wrote this after page one of yr msg. Now read last page. Suspect you would be bored whitless with Mr Spann's presentation. Save the crap, and the day! and buy the video/DVD? for $48. Get the same, but you have the benefit of a Cue button.
You'll thank me for that, but it is worth looking at.
Update to 20 ips, sold neg geared ip for profit & paid out loan on PPOR & one ip. Had various reasons for selling so won't bore you all with it.
Bought 3 more ips with one loan at $52k, $52k & $53k, rents are $110k, $115k & $110k (one was already renovated). Then portfolio became 22ips & 1PPOR.
Sold the $35k ip bought last year for $80k. Had major maintenance coming up including restumping so let it go. Paid out the loan & also an existing loan on other ip.
So now the portfolio is at 21ips, 1PPOR. PPOR fully owned as well as 2ips. The idea is if hubby loses his job then at least there is a little rent money coming in & if he keep working, well we can pay off debts all the faster.
Average yield is now at 12%.
Cheers Brenda
Bought 3 more ips with one loan at $52k, $52k & $53k, rents are $110k, $115k & $110k (one was already renovated). Then portfolio became 22ips & 1PPOR.
Sold the $35k ip bought last year for $80k. Had major maintenance coming up including restumping so let it go. Paid out the loan & also an existing loan on other ip.
So now the portfolio is at 21ips, 1PPOR. PPOR fully owned as well as 2ips. The idea is if hubby loses his job then at least there is a little rent money coming in & if he keep working, well we can pay off debts all the faster.
Average yield is now at 12%.
Cheers Brenda
Wow, my head is spinning from reading all this.
We are just about to invest in property (made the decision about a month ago when we paid off our home), and it looks like we should have started years ago. You guys are so inspirational that it makes me feel like forgetting the research and just get out there and buy.
We are just about to invest in property (made the decision about a month ago when we paid off our home), and it looks like we should have started years ago. You guys are so inspirational that it makes me feel like forgetting the research and just get out there and buy.
