Property No.7

Gentle_Chief

Gentle_Chief

fellow somersofters,
Wish to share some good news.
I have just done my 7th purchase today - a corner block in a nice young suburb of western sydney (more specific details after the cooling off period)!

A 4 bed brick house sits on it, built around the mid 80s, so not much depreciation there. Purchased for 295,000. Will need a bit of a reno - paint, floor covering and kitchen - 10K approx. Block size is 620 sqm, so plenty of room at the rear to swing a cat. :D

Planning on a granny flat with a seperate side entrance.
As is, the Rental assessment is between 340-350pwk. And I guess could increase that by another 200 pwk with a dual occupancy....hopefully!
 
congrats

I hope will be able to make the same post as you have one day :)

If granny flats were fashion you would right up there with the latest !

stuart
 
Good on ya Chief.........nothing gentle about your way of thinking ;)

Nice strategy....will be keen to hear of how your GF project goes. :)
 
hey gentle chief,

Just wondering what suburb?

I just purchsed at Hassle Grove.

3 bedder on 600sqm with new kitchen and bathroom for $320K.

A little more but its in a nice cul de sac close to the schools and in realy good condition. Should get about $370 rent
 
Be good to hear your strategy too Chief. i.e. How did you get to 7 properties, how long have been investing, what do you buy, how do you buy etc etc.

Always good to see how everyone is doing it.

Thanks,
Gooram
 
daniel cunningh said:
hey gentle chief,

Just wondering what suburb?

I just purchsed at Hassle Grove.

3 bedder on 600sqm with new kitchen and bathroom for $320K.

A little more but its in a nice cul de sac close to the schools and in realy good condition. Should get about $370 rent
Click to expand...

Hi daniel, you meant Hassall Grove right :D
 
Thanks everyone, kind words of encouragement indeed!

Hi Gooram,

Thanks for your query - but well honestly, I don't feel very accomplished to share my story **as yet **. I am still a 'Learner' here...:)
But on summary, yeah, I have been buying regularly, as soon as I spot a bargain (about 5-7% below recent sales data). With this purchase I have 4 in Sydney, 1 in regional VIC and 2 in regional QLD (in Moranbah). Of the 7, six loans are with Westpac and one with ING. Westpac have been very supportive (though I was upset for their out-of-line IR increase recently, but they have counter balanced it with a sizeable discount off the SVR) and serviceability of the loans has been smooth, as my portfolio is Positive, and will be positive until the rates go up by another 1.8%, and then, it will be neutral. My income from my job would then have to kick in, but I guess by then, my rents would have gone up by 5-10% for it to remain CF Neutral.

Currently my plan is to keep buying and holding for the long term and let the CPI Inflation do the rest on the portfolio....even a 7% compounding factor would be great. The biggest plus is that wifey is now a strong supporter of the plans & does most of the admin work. She was a reluctant rabbit earlier.... but I guess she could not beat me, so she joined me :rolleyes:

Cheers,
GC
 
Sounds like a good safe strategy... do you buy positive or have your props become positive over time?

I found CBA to be quite supportive when we had all our loans with them, latest purchase involved a refi and moving one loan away from them and over to westpac. Lets just say they're no longer supportive.
 
Congratulations to you and your wife, Gentle Chief ! 7 is a magic number.

Congratulations to you, Daniel on your purchase at Hassal Grove.

Sydney certainly seems ripe for the picking !
 
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