Number 4 (at long last)

[Puppeteer]

OK - I've managed to kick my self up the backside and gone and found #4. I found myself a large 3/2 in Busselton WA, less than 500m from a beach, fronting onto a park.

Just got to decide whether to furnish it as a holiday rental or not.

Waiting on finance and settlement, but don't anticipate any problems.

Does anyone else go through flat periods, where finding the motivation to go out and find properties, organize finance and put everything in place, just seems like an unscalable mountain.

How do you guys get back into the motivated zone, so to speak?

For me, I've known that I can, and should invest in another property for 6-9 months, but have found it difficult to get off my butt, and start looking. Fortunately, my mum has had a little too much time, and is a little low on liquidity (awaiting the sale of one of their houses), so has been bombarding me with properties for 6 or 8 weeks.

This one wasn't one she sent me, and I only looked at it, because the agency was opening it up for someone else to look, but I guess I owe her some thanks for getting me back to doing what I know I should.

Anyway, enough rambling...

Here's the house.

 

[DavidMc]

I know exactly where you are coming from. Maybe it's time to check out what a buyers agent can do for you?

I'm not a buyers agent nor have I used one in the past, but will consider using one in the future. I will only invest in a market that I have an intimate knowledge of, and as a result it's limited me to out SE Suburbs in Melbourne. I want to go inner next time but don't feel like sepnding the next 3-6 months of weekends driving around and talking to real estate agents.

I'd also recommened building a good relationship with a top gun finance specialist. I have one now (It took me 3 goes!) that I trust and feel confident in taking his recommendation without doing any intensive research myself. Still a lot of forms to fill out but I get a kick ass deal every time with minimal effort.

 

[kph]

Looks great Puppeteer,
Busselton is a great spot.
Do you mind disclosing what price you purchased for ?( if its not confidential, that is...)

And what is the anticipated rental for a long term tenant vs short stay/holiday rental?

kp

 

[Puppeteer]

Hi kph,

I'm happy to post the purchase info once settlement is complete. I'll post this info then.

Rents are likely to be $220 - $250 for long term tenant, though they do seem to be moving upwards at present, holiday could be as high as $1500/wk peak down to maybe $500/wk off peak. I've still got to do some more research here, but these indications seem to be ballpark from the info I've had to date.

 

[sandrandave]

Congrats on number 4.

We have just bought our 4th one too.

What keeps us motivated is getting the API magazine and reading the testimonials. That is the only reason we are renewing our subscription. Also reading this forum keeps us keen.

Sandra

 

[Lily House]

Congratulations Puppeteer - a nice looking property.

Domcc1 - would you care to share the name of your top finance specialist? He/she sounds great.
Thanks

Lily

 

[MichaelW]

Well done mate!

Must feel good to finally get out there and get another one after a flat period. I really like the look of it too, and that close to the beach you can't really go wrong I reckon.

Cheers,
Michael.

 

[redwing]

We just bought IP #4 as well (settled last week)..is 4 the new 3 ?

We finally overcame our obstacle of serviceability after refinancing and *jiggling* the loans about..Plus WA has had great CG..

REDWING

 

[Puppeteer]

hehe - I don't know. Technically it's number 3.5 for me (because one of the houses, I bought in a partnership).

Servicibility is pretty close for me as well, but I've managed to stay under the magic 80% LVR, which I'm happy about.

Anyway - here's a few more pics.

Yep, Michael, I like the location too. It's pretty much perfect for Busselton, with side access through the gate for a boat.

 

[DavidMc]

Domcc1 - would you care to share the name of your top finance specialist? He/she sounds great.

Sure. Here is a link to my testimonial on their website. They're not for everyone but if you qualify they are excellent.

http://www.prosolution.com.au/testimonials/testimonials.php?ref=98

There are also other mortgage brokers that do good work here on this forum. I haven't used any of these guys but I'm sure you could find them if you searched around.

 

[Simon]

Looks like a nice home.

You wont go wrong using Prosolution for your finance either.

Cheers,

 

[redwing]

Ip

great looking property puppeteer,

Here's our number 4..not far from lakes, shops etc.. we like it

 

[our obsession]

Antithesis

Puppeteer
Motivation is not a problem for me,... you are interesting, I found your thread and it was like walking into a huge hall, big party supposed to be going on, but no music....I could eat/sleep/think property every minute, every day... I want to buy everything that comes before me,[as long as it is the right deal for us, and has the right return ]... that gets on the radar....hey nice property you are buying by the way, luvit...for me it is like well you better calm down, try and focus, stop letting your tongue hang out, and get a grip on yourself before meeting with real estate agents...even when loans start getting tricky, or you just have to wait a bit while dust settles... that drives me crazy... [I mean crazier]!
Everyday I wake up and think what has snuck onto the market [while I slept], what is the next scheme ....I don't know you, but I think if you have some equity there in your properties, why don't you let me spend it for you?...[Only kidding..]...
Property is so much fun, there are a few other things I do for fun too.. but property has got me, I just can't wait for the next one...

 

[Puppeteer]

Hi Redwing.

Nice house. Which suburb is it in?

 

[Puppeteer]

Hi Obsession,

I used to be like that as well, and then went through a real slump, where I know I should be taking action, but that "zing" of excitement just wasn't there. Even with this property, it was very much going through the motions of doing the research, looking at a bunch of properties, getting VGO reports, looking some more, finding a good one, negotiating an offer and then engaging the people to take care of the deal. It was almost methodical, which is a good thing (from a Due Dilligence POV), but less exciting than flying on blind luck, when I bought the first two houses.

The rabid fanatiscism of a year ago just isn't there for me. My girlfriend was pretty damn excited though, and that definately made the exercise worthwhile.

It's like I've gone through the calm before the storm, and have been paralysed by inaction.

Maybe I need to broaden my horizons next time I look at a house. Perhaps look at units, maybe interstate, or maybe looking at doing a reno. I'm currently finishing the yard, and completing my PPOR (shortly to be an IP), and am really enjoying the challenge of fixing stuff up.

Actually, the support of you guys here on Somersoft in this thread, has really helped me start to get back into the zone, though I know that the next one will be a little way off. I've set somersoft to my homepage, to make sure I keep a presence around you guys here. The motivation and positivism of this place really is infectious.

 

[our obsession]

Hey Puppeteer
Sounds like the band is starting up! You still sound a bit sad though, make sure they go straight into rock and roll...skip the slow music for the minute I reckon.

 

[Puppeteer]

Hehe - the band is just tuning up the guitars, and getting ready for a stomping set

 

[knightm]

maybe its ok that you go through slumps. On the scale of investing holding ips long term is wayyy boring. I love property too, researching, finding, negotiating, rennoing etc , its all good fun but the core business is all about being patient through the years. If you need to add some varyation to keep yourself interested by all means do so. For me its looking at new locations. This then adds the travel element too. As I'm young and haven't seen anywhere near all of this country I love the thought that investing can give me a reason to get around. The trick is not to add too much varyation for the sake of it. You can end up in an overly risky situation because subconsciously you wanted some excitement.

As in all things its balance.

 

[Lily House]

Thanks domCC1 (and simon too).
Lily

 

[redwing]

This IP is in Ellenbrook (WA)..

1-3 are in various other locations in Perth.

REDWING

PS- How did you get the large photo's on the forum post??