Proud Owner of my First IP!!

I am so very excited!! My property settled today. :)


I have been itching to create a “I have bought my 1st IP thread” and now that its settled I am so happy.

I want to say thank you for all your support and help. Especially in the threads below.

Help URGENT Offer - Waiting to hear from RA

Before Settlement – Questions

Pulling Out of Contract & Finance Clause

I bought my first property which is my PPOR in November 2008, and now I have bought my first IP in December 2009.

So now that it has settled I can tell you a bit about the unit.

Unit in Dianella

Got it for just under the asking price at $210 K
1 Bed unit 6 km from the CBD in Dianella
Kitchen Renovated
Quite Street
Close to shops and transport on Walter Road and Grand Prom

Here are some photos




The first viewing is December 3.
Asking $240 per week.
Repayments $220 per week

PM Fees $42 per week
Strata, Rates, Water, Landlord Insurance $60 a week

$80 a week ncf before tax - But After tax its $56 a week ncf
Depreciation (not sure yet)

Will cost around $2688 to hold it pa on current IR.
Are you sure about the PM fees being $42 a week?
That seems close to 20% of $240 rent?
Maybe you are including the letting fees in that figure, which would make it more feasible.
That double what l am paying.:eek: Here in WA
Jeez , l am sure you shopped around ?

oh and CONGRATULATIONS on your first ip. [feels like SS has given birth]

thanks :)

The 17.5% includes everything. Basically everything gets averaged out over the month including off the top of my head the letting fees, leasing fees, ad fees, reports, postage, inspections, and other things pm's charge you for. Rather than paying the 7.35% and then lump sums for the other fees it is averaged into an amount you pay each month. Hope this is clearer for people

Well done, Kim on your first purchase. I have friends living in Dianella and I think it's the nice end of town. To your continued success !