Hi guys,
Thanks again for all the outstanding content on the site - even though I probably haven't contributed as much as I would've liked, I've spent countless hours reading and researching based on the contributions of the members here (so thank you).
Just thought I'd pop my head in and share a deal I've just gone unconditional on. As you're aware, I'm a young investor who purchased his first property mid 2013: http://somersoft.com/forums/showthread.php?p=1048574#post1048574. This deal is number 2:
The Property:
* 2 bedroom, double story brick veneer townhouse in the Logan Central district (Waterford West, QLD), 1 bathroom, and 1 car port parking within a complex of 10
* Sold for $210,000 in July 2009
* Built in 1990
* Floor size of 71 m2.
The Numbers:
* Purchase price: $165,000
* Currently untenanted but tenant lined up at $280pw post settlement (day one yield of 8.82%). There are also two in the same block tenanted for $280pw.
* 97% LVR inc LMI capitalised - total loan: $161,106.52 from Bankwest at 4.88% = $655.17 per month repayments or $151.19 pw. Interest only loan with 100% offset account
* Approx other expenses: Council/Water/Enviro rates (approx $2960pa = $56.92pw), strata fees (approx $1332pa = $25.62pw), Landlord insurance (approx $310pa = $5.96pw, property management (approx $1200.00pa = $23.08pw). Depreciation report to be sorted asap.
Total cash flow pre-tax:
Income: $280.00pw
Expenses at approx levels: $262.77pw
= + $17.23 per week
The property needs some minor cosmetic work prior to the tenant moving in: putting silicone on small leak under kitchen sink, remove OR strengthen IKEA cabinet in kitchen, replace cracked shower screen, replace fly-screen on back door due to old pet holes, and carpet on ground floor needs to be steam cleaned or replaced. Structurally, B&P came back very good from fire safety and structural perspective.
RP Data reports the property is worth approx $190,000 - and there is another property in the same block on sale for $195,000 through Re/Max Community. I think it positions me well for #3 and #4 later in the year, and keeps the cash-flow within the portfolio strong. I know seeing young investors like Nathan posts his deals inspired me to push harder, so I hope I can one day help others from my own experiences.
Pictures to follow during the week when I get my camera back from my gf
Happy investing,
Nixba
Thanks again for all the outstanding content on the site - even though I probably haven't contributed as much as I would've liked, I've spent countless hours reading and researching based on the contributions of the members here (so thank you).
Just thought I'd pop my head in and share a deal I've just gone unconditional on. As you're aware, I'm a young investor who purchased his first property mid 2013: http://somersoft.com/forums/showthread.php?p=1048574#post1048574. This deal is number 2:
The Property:
* 2 bedroom, double story brick veneer townhouse in the Logan Central district (Waterford West, QLD), 1 bathroom, and 1 car port parking within a complex of 10
* Sold for $210,000 in July 2009
* Built in 1990
* Floor size of 71 m2.
The Numbers:
* Purchase price: $165,000
* Currently untenanted but tenant lined up at $280pw post settlement (day one yield of 8.82%). There are also two in the same block tenanted for $280pw.
* 97% LVR inc LMI capitalised - total loan: $161,106.52 from Bankwest at 4.88% = $655.17 per month repayments or $151.19 pw. Interest only loan with 100% offset account
* Approx other expenses: Council/Water/Enviro rates (approx $2960pa = $56.92pw), strata fees (approx $1332pa = $25.62pw), Landlord insurance (approx $310pa = $5.96pw, property management (approx $1200.00pa = $23.08pw). Depreciation report to be sorted asap.
Total cash flow pre-tax:
Income: $280.00pw
Expenses at approx levels: $262.77pw
= + $17.23 per week
The property needs some minor cosmetic work prior to the tenant moving in: putting silicone on small leak under kitchen sink, remove OR strengthen IKEA cabinet in kitchen, replace cracked shower screen, replace fly-screen on back door due to old pet holes, and carpet on ground floor needs to be steam cleaned or replaced. Structurally, B&P came back very good from fire safety and structural perspective.
RP Data reports the property is worth approx $190,000 - and there is another property in the same block on sale for $195,000 through Re/Max Community. I think it positions me well for #3 and #4 later in the year, and keeps the cash-flow within the portfolio strong. I know seeing young investors like Nathan posts his deals inspired me to push harder, so I hope I can one day help others from my own experiences.
Pictures to follow during the week when I get my camera back from my gf
Happy investing,
Nixba