On Thursday the 29th i settle.
With hard work during university not only studying but earning enough and being disciplined enough to save whilst also being smart with my money i was able to save up enough for a deposit.
Then i came across this forum and started my search for property. I wasn't a high income earner with what i was doing at the time and was actually only a casual (albeit) doing 30 hours +
I knew i couldn't buy in City Beach, Cottesloe or Dalkeith and knew my first property like many would have some sort of reason it wasn't even close to one of these or anything alike but it was time to start.
I sensed a period in the market where people were turned off property (No competition) coincided with low rates. It seemed both characteristics had crossed.
I bought a 2 bedroom House in Midland. After some research i came across a bit of rejuvenation/redevelopment of the suburb and liked a few features. The area where i bought is just outside the MRA redevelopment http://www.mra.wa.gov.au/documents-...nd-master-plan-report_for-advertising_web.pdf
Along with the above the Midland train station was being moved straight down one road from my place and the LLOYD st railway link was a stone throw away.
The WA football oval was moving to Burswood and was just 14km straight down Great Eastern.
The new St John of God hospital 80% completed being built in Midland and the potential for a curtin university being put through in 2016 to work with the hospital.
I certainly know the downsides to the area, however am hoping like all these places the evolution happens.
The place i bought went on the market initially at 380k then went upto 400k and i got it for 80% of that. The property is 471 sqm, set back 3 streets from Midland central. Has a new patio and large shed at the back, split system aircon. Place is about 80sqm not including carport living area. The median price acc to REA is 388-395k for 2 bedroom houses. The kitchen, laundry, vanity have been renewed but nothing amazing, just looks like nice and clean.
It sort of suited my strategy of getting a loan <300k, with at least a 10% deposit to reduce LMI, now ill either be looking to Buy and Hold, reno/rejuvenate and potentially sell or redevelop/subdivide and build one at the back or knockdown and build 3.
On a variable rate i will be paying $270 per week IO. I have a tenant moving in on the day after settlement, the papers have already been signed and utilities being transferred. With this it will be +CF $60 per week including all cost (Not annually rates).
I have done a building and Pest inspection with Resirect which were very good. Also the help of newer Broker and somersoft guru Jess Peletier this has been the start of what i hope is a portfolio i can grow like many others who have inspired me on here. Have been in talks with BMT and looking for them to do a property report.
Im yet to work full time. Have my first place at 23.
Im unsure on my plans with this property. I am going to talk to council about potentially getting a 3.2m-3.3m driveway approved to build a place at the back, this would be ideal but i cant see it happening i believe they like 3.5m minimums. This is Plan A
Otherwise i will knock down when i have the serviceability for 3 small units/villas ~70-80 sqm each. 157sqm blocks once R60 zoning occurs and i have the funds. This is Plan B
I may even potentially look to do slight cosmetic work/reno work if subdivision isnt capable or doesn't look right money wise. (Fresh Paint), Fresh Doors, wooden outdoor deck, rendering the small bit that needs rendering with another colour, down lights and a roof tile clean and some brick paving - most of which i reckon i could do myself. This is Plan C
I know i probably couldve potentially done better and maybe got too excited to get into this too early, however its a start and hopefully i learn more along the way then what it cost me. Time will tell.
Thanks
Z6
With hard work during university not only studying but earning enough and being disciplined enough to save whilst also being smart with my money i was able to save up enough for a deposit.
Then i came across this forum and started my search for property. I wasn't a high income earner with what i was doing at the time and was actually only a casual (albeit) doing 30 hours +
I knew i couldn't buy in City Beach, Cottesloe or Dalkeith and knew my first property like many would have some sort of reason it wasn't even close to one of these or anything alike but it was time to start.
I sensed a period in the market where people were turned off property (No competition) coincided with low rates. It seemed both characteristics had crossed.
I bought a 2 bedroom House in Midland. After some research i came across a bit of rejuvenation/redevelopment of the suburb and liked a few features. The area where i bought is just outside the MRA redevelopment http://www.mra.wa.gov.au/documents-...nd-master-plan-report_for-advertising_web.pdf
Along with the above the Midland train station was being moved straight down one road from my place and the LLOYD st railway link was a stone throw away.
The WA football oval was moving to Burswood and was just 14km straight down Great Eastern.
The new St John of God hospital 80% completed being built in Midland and the potential for a curtin university being put through in 2016 to work with the hospital.
I certainly know the downsides to the area, however am hoping like all these places the evolution happens.
The place i bought went on the market initially at 380k then went upto 400k and i got it for 80% of that. The property is 471 sqm, set back 3 streets from Midland central. Has a new patio and large shed at the back, split system aircon. Place is about 80sqm not including carport living area. The median price acc to REA is 388-395k for 2 bedroom houses. The kitchen, laundry, vanity have been renewed but nothing amazing, just looks like nice and clean.
It sort of suited my strategy of getting a loan <300k, with at least a 10% deposit to reduce LMI, now ill either be looking to Buy and Hold, reno/rejuvenate and potentially sell or redevelop/subdivide and build one at the back or knockdown and build 3.
On a variable rate i will be paying $270 per week IO. I have a tenant moving in on the day after settlement, the papers have already been signed and utilities being transferred. With this it will be +CF $60 per week including all cost (Not annually rates).
I have done a building and Pest inspection with Resirect which were very good. Also the help of newer Broker and somersoft guru Jess Peletier this has been the start of what i hope is a portfolio i can grow like many others who have inspired me on here. Have been in talks with BMT and looking for them to do a property report.
Im yet to work full time. Have my first place at 23.
Im unsure on my plans with this property. I am going to talk to council about potentially getting a 3.2m-3.3m driveway approved to build a place at the back, this would be ideal but i cant see it happening i believe they like 3.5m minimums. This is Plan A
Otherwise i will knock down when i have the serviceability for 3 small units/villas ~70-80 sqm each. 157sqm blocks once R60 zoning occurs and i have the funds. This is Plan B
I may even potentially look to do slight cosmetic work/reno work if subdivision isnt capable or doesn't look right money wise. (Fresh Paint), Fresh Doors, wooden outdoor deck, rendering the small bit that needs rendering with another colour, down lights and a roof tile clean and some brick paving - most of which i reckon i could do myself. This is Plan C
I know i probably couldve potentially done better and maybe got too excited to get into this too early, however its a start and hopefully i learn more along the way then what it cost me. Time will tell.
Thanks
Z6
plenty of time for mistakes and plenty of time for success
