Second IP

[mrsdawnrazor]

Just thought I would share this with you as you were really helpful over my ultimately failed attempted purchase of a unit recently. I bought my second IP yesterday.

Details - 3 bed very tidy low set weather board house in Toowoomba, currently renting for $230pw, paid $210k. Needs a new bathroom at some point which I will do and raise the rent. Has newish kitchen, air con in living area and master bedroom and all bedrooms have built ins. As an added bonus it has a 6x6 shed plus (absolutely necessary) 2 x 5000l water tanks that are full!!

I have only been looking at property since March this year and already have 2. IN buying these 2 I have formalised my strategy in terms of what I am looking for. I may become a bit more adventurous going forward but I am happy I can afford and fund the 2 I have plus probably have equity in the PPOR and the cash flow to fund about 3 more.

Hubby is slightly concerned we are going too fast but I will just bowl him over with my enthusiasm

Mrs DR

 

[sailor]

Good on yer MrsDR...well done. Tis a good feeling to add to the portfolio. Hubby will come around eventually. Love your enthusiasm.

 

[eggnog]

congrats on the purchase. I see that you live in brisbane but bought in toowoomba. As a brisbanite myself how did you go about purchasing in a different city - did you drive their every weekend to have a look, and how did you find a good rental manager. Where their any hurdles you encountered. Thanks and congrats again

 

[mrsdawnrazor]

Hi Cashflowplus

I had an idea of what I wanted to spend so did a fair amount of research on line. I had 2 areas I was looking in - Ipswich/Leichhardt and Toowoomba. I did look at the RPData to get a general feel on pricing and rental percentages.

I was lucky that I know some people in Toowoomba so they did the initial drive bys for me but I have only visited once. That was yesterday and I put an offer in following my viewing as it met my criteria

As for property managers - not sure yet. It is currently being managed by one agent, so I will have a chat with them, also the agent I purchased through manages 1300 properties in Toowoomba so I will talk to them too. When I picked my last one, it was mainly through gut feel as she was new to the area but she appeared very thorough and organised and was very open in terms of how she operated. So I guess it will be a similar process in with this one.

 

[eggnog]

Thanks. Wow, 1300 managed properties for just 1 person. wonder how she finds the time to thoroughly manage all of them. Thants 3-4 properties a day

 

[mrsdawnrazor]

Sorry I wasnt clear - the agency manages 1300 properteis, not the agent

Oops

 

[want2bewealthy]

Wow, 2 already!
thats great news, Im wanting to do the same and bought my first in May, Im just wondering if the banks are going to lend me the money, I have about $10,000 in the ban at the moment, have saved about 7k since starting in May so I hope they are feeling generous.

 

[Bantam Roosta]

Well done on your effort so far. It's great to see more people getting out there and buying up.

BR

 

[Quick Learner]

Toowoomba Purchase

Hey Mrs D,
Congrats on the purchase! The rain water tanks should def come in handy with any water shortage.

Was there any areas in Toowoomba that you found you should stay away from?
Was there any factors that drew you to Toowoomba besides entry price?

All the best

QL