Hi everyone, not sure this is the right place to post this, but my offer for my 1st IP has just been accepted! ( I know it's not official yet, I could be gazumped in the last minute etc, however I just could resist sharing this exciting ( for me at least, being a first timer) news with you all. I have been reading posts on this forum and getting some very useful info and tips, I think I should introduce myself to this wonderful community.
1) about me - an overseas student came here by myself 8 years ago (20), followed the usual route to get my degree and job, then worked my a$$ off to build and pay off my first home last year, married and just had a baby..
Always interested in wealth building, and wish I could've started earlier, however didn't really start until Feb this year when I had my first meeting with the broker to talk about the investment oppertunity. ( I am bit slow I admit, I don't action until I know what I am getting into and what do I need to do achieve my goals etc ). I am a project manager by trade, so I even did a cost model for my first investment detailing all costs that I could come up with through talking to agents, city council, builder, town planner, friends, neighbours of the property I am buying. Again, I am slow.. but dedicated, have been up till 3AM just to do my homework ( couldn't do much at work, boss sitting behind me. lol )
2) about the property - it's a 2 bedroom house on a 640sqm land in Bell Park, Geelong, a typical development site. The exisiting house is in a very good condition, the PM I spoke to told me it could be rented out for $280 PCW easily without any work done to it, with the purchase price and some of my savings, this is a postive geared IP as is. I have started discussing the development plan with a builder/architect to build a 3 bedroom /double garage at the back, it could be rented for $340 pcw once done.
3) furture plan - I am planning to hold onto these two properties (being my 1st and 2nd IP's, hmmmm, am I getting emoitonally attached now ? lol) and my future purchases provided they are positively geared I am not a big fan of selling, I want to buy, build/hold and refinace the equity for furture purchases, more than happy to be corrected on my strategy.
4) here comes the question.. you can see I am still new lol. I haven't signed the contract yet, waiting it to be checked by my convencyer, however it will take a while due to the long weekend. Is it Ok that I pay the depsoit now just to show that I am serious ? or the deposit is not paied until the contract is signed ?
Again, thanks for reading this long post, exciting time ahead, I am looking forward to make friends here and learn from eveybody. Have a great easter weekend!
1) about me - an overseas student came here by myself 8 years ago (20), followed the usual route to get my degree and job, then worked my a$$ off to build and pay off my first home last year, married and just had a baby..
Always interested in wealth building, and wish I could've started earlier, however didn't really start until Feb this year when I had my first meeting with the broker to talk about the investment oppertunity. ( I am bit slow I admit, I don't action until I know what I am getting into and what do I need to do achieve my goals etc ). I am a project manager by trade, so I even did a cost model for my first investment detailing all costs that I could come up with through talking to agents, city council, builder, town planner, friends, neighbours of the property I am buying. Again, I am slow.. but dedicated, have been up till 3AM just to do my homework ( couldn't do much at work, boss sitting behind me. lol )2) about the property - it's a 2 bedroom house on a 640sqm land in Bell Park, Geelong, a typical development site. The exisiting house is in a very good condition, the PM I spoke to told me it could be rented out for $280 PCW easily without any work done to it, with the purchase price and some of my savings, this is a postive geared IP as is. I have started discussing the development plan with a builder/architect to build a 3 bedroom /double garage at the back, it could be rented for $340 pcw once done.
3) furture plan - I am planning to hold onto these two properties (being my 1st and 2nd IP's, hmmmm, am I getting emoitonally attached now ? lol) and my future purchases provided they are positively geared I am not a big fan of selling, I want to buy, build/hold and refinace the equity for furture purchases, more than happy to be corrected on my strategy.
4) here comes the question.. you can see I am still new lol. I haven't signed the contract yet, waiting it to be checked by my convencyer, however it will take a while due to the long weekend. Is it Ok that I pay the depsoit now just to show that I am serious ? or the deposit is not paied until the contract is signed ?
Again, thanks for reading this long post, exciting time ahead, I am looking forward to make friends here and learn from eveybody. Have a great easter weekend!
