Nathan Birch first investment property

[Nathan]

Ok,

So its Friday and Nathan is sitting at the computer do some admin and decided to upload some pictures to facebook.

This is my first property I ever purchased at age 18.

I have attached a gallery of the renovation I did and the figures are below.

Asking Price $280k
Purchase price $248k
Rent $190pw

Renovation $7,000 rent $200 + $135pw flat.

Additional $30k reno for DA approval of Duplex.

Reval $380,000
Rent $310pw + $240pw = $550pw.

http://www.facebook.com/album.php?aid=164376&id=820929172&l=93e461cfca

This purchase was in 2003 (I bought at real bad time in sydney) now 2010 7 years later holding more properties then what I have spent years on earth and have gained a wealth of experiences with my range of investing.

When the first property was purchased I did every bit of the renovation down to the smallest thing you see and to the most structual pics you see. I was tight and needed to create "sweat equity".

Now days my investing has become more simplistic and less labour intensive.

Kind of an era has passed infront of me 7 years a property bust, and a boom. If I started again today I belive I could reconstruct 10 fold and a lot quicker.

Education is priceless, some pay for it with seminars and very expensive resources, some pay for it with hands on doing it experiences.

Enjoy, and take from this what you will as per usual.

Nathan Birch.

 

[aussierogue]

Excellent stuff as usual (except the bit where you refer to yourself in the 3rd person)

Aussierogue doesnt like that.

 

[Nathan]

Sorry, Nathan will take mental note not to do this in the future.

 

[craigb]

how great it is to look back and wonder . thanks nathen,

 

[Nathan]

Just interesting and when I looked this would have been about 7 years to the day that I settled on the property too! LOL.

I think the next 7 years are going to be more exciting!

 

[Luv2Travel]

I can't believe how much you've done in 7 years (from bits and pieces that I've read on here), let alone how young you are also. Good on you! It's more than most people accomplish in their life. For any young people who want to whinge about how tough it is these days re property, I suggest they take some notes from Nathan and do some hard work instead of expecting it all handed to them on a platter.

 

[yadreamin]

And Peter Spann reckons it takes 10 years
Good on you Nathan
cheers

 

[wobbycarly]

And Peter Spann reckons it takes 10 years
Good on you Nathan
cheers

Ha, ha. I wonder when the book comes out and the seminars start!

 

[jezza]

Well done Nath, it's people like yourself and Rob ( and a few others although don't feel like rolling off the list) that make this site what it is, whenever someone says you can't there is always someone else that show you can. I suppose you can't buy this type of experience ( although I am sure your broker/bank will show statements that show you can). Keep up the comments & examples as there always interesting.

Or start up a seminar/travelling circus etc and then I will start getting into you

Jezza

 

[wobbycarly]

Ha, ha. I wonder when the book comes out and the seminars start!

This was, of course, with tongue firmly in cheek!

Nathan, all due respect - and I enjoyed your recent youtube postings. Please keep it up - very motivating.

 

[AndrewT]

Got to agree with wobbycarly there too. Keep it up because it is motivating to see what you have achieved! Gives inspiration for people like me to keep ourselves focused on the end goal!

 

[redwing]

Just went through all the photo's, great work and a big effort if this was your first IP

*tagging* the photo's would be a bonus also to give more info

Great end result !

 

[travelbug]

Well done Nathan. I remember when you showed me that house last year. Very nice.
That's a LOT of photos. I'd hate to see your photo file if you take that many photos of ALL your houses.

 

[Nathan]

Thanks for the kind words guys.

I only have a 5 min access to net at present so not a long reply.

Have a good weekend.

Glad to see some get motivation from this, it was the most depressing exercise of my life doing that reno because i was forced too. It was do that or knock the place down due to illegal dwelling

 

[vincenzo]

Just buying your first at 18 is awesome, but that reno takes things up another couple of levels

Amazing stuff as usual!

 

[josko]

Fantastic nathan, love the pic too.

Regards, JO

 

[Peter Spann]

And Peter Spann reckons it takes 10 years

Dunno about that - reckon the title of my book had "in 7 years" in it.

Congratulations Nathan!

 

[tyger]

think he must have been referring to 'How you can build a $10Mil Property Portfolio in just 10 years'

Great book btw a good follow up to wealth magic!

Awesome work Nath! Esp in a tough market n for your age... slowing catching up

 

[JD86]

well done nathan

i draw inspiration from your posts on here

keep up the good work

 

[Nathan]

Thanks guys for your feedback.

Looking back it seems easy now, but it was a test to my mental toughness along the last few years.