Hi jingo, mostly we have told everybody, in dribs n drabs, what there is of our story. But as someone who is happy talking the legs off a chair, here it is in full.
Go Big, or go home
Cant go Home, Aus is too long a flight, so we are going big.
Capital gains are slower here than in Aus.
Incomes from properties are huge in comparison.
We bought the worst property in OK neighbourhoods, not the best neighbourhoods, but bordering them, renovation, both real and cosmetic that makes them the best property in an ok neighbourhod. Demand for good rentals is high, so there are never vacancies.
Nova Scotia is a collection of small cities, of 20000+ population, who mostly never move far from the town they were born in.
Our First property a single home, for our daughter, because there was not a reliable landlord in our small town, Daughter started work and wanted to be independent. (picthure the upstairs apartment's toilet flushing through the ceiling into the bath tub)
Then the bug hit, it seemed like a good idea,
Second was an eleven unit (6*2bed 5*3bed) brick apartment building on 1 acre of land. on the edge of the archetypical small town. the owner had not maintained the property, and it had only 5/11 occupied.
Purchase price of $310K, which would probably cost 2 million+ in geelong or ballarat, low in Aus, and low even here.
spent 30000 on repairs 20000 on renovations, revalued at 450k in 3 months, draw out new equity buy something else
Income 82500/year
costs ~37000/year
3000+ use to fuel further purchase
have become known as honest landlords, something of value here where nearly everyone rents for 3-5 years, and people call to ask what we have, if we dont have any advertisements in the paper, they ask our tenants if they are moving out, when they are moving in
part 2 to follow soon
Go Big, or go home
Cant go Home, Aus is too long a flight, so we are going big.
Capital gains are slower here than in Aus.
Incomes from properties are huge in comparison.
We bought the worst property in OK neighbourhoods, not the best neighbourhoods, but bordering them, renovation, both real and cosmetic that makes them the best property in an ok neighbourhod. Demand for good rentals is high, so there are never vacancies.
Nova Scotia is a collection of small cities, of 20000+ population, who mostly never move far from the town they were born in.
Our First property a single home, for our daughter, because there was not a reliable landlord in our small town, Daughter started work and wanted to be independent. (picthure the upstairs apartment's toilet flushing through the ceiling into the bath tub)
Then the bug hit, it seemed like a good idea,
Second was an eleven unit (6*2bed 5*3bed) brick apartment building on 1 acre of land. on the edge of the archetypical small town. the owner had not maintained the property, and it had only 5/11 occupied.
Purchase price of $310K, which would probably cost 2 million+ in geelong or ballarat, low in Aus, and low even here.
spent 30000 on repairs 20000 on renovations, revalued at 450k in 3 months, draw out new equity buy something else
Income 82500/year
costs ~37000/year
3000+ use to fuel further purchase
have become known as honest landlords, something of value here where nearly everyone rents for 3-5 years, and people call to ask what we have, if we dont have any advertisements in the paper, they ask our tenants if they are moving out, when they are moving in
part 2 to follow soon
