Second IP

Discussion in 'Property Investment - Other' started by mrsdawnrazor, 15th Jul, 2007.

  1. mrsdawnrazor

    mrsdawnrazor Member

    Joined:
    22nd Jun, 2007
    Messages:
    413
    Location:
    Australia
    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:D

    Mrs DR
     
  2. sailor

    sailor Member

    Joined:
    23rd Jun, 2006
    Messages:
    2,979
    Media:
    1
    Location:
    Cairns...Heaven-on-a-stick!
    Good on yer MrsDR...well done. Tis a good feeling to add to the portfolio. Hubby will come around eventually. Love your enthusiasm.:D
     
  3. eggnog

    eggnog Member

    Joined:
    4th Jun, 2006
    Messages:
    1,177
    Media:
    7
    Location:
    Somersoft
    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 :D
     
  4. mrsdawnrazor

    mrsdawnrazor Member

    Joined:
    22nd Jun, 2007
    Messages:
    413
    Location:
    Australia
    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.
     
  5. eggnog

    eggnog Member

    Joined:
    4th Jun, 2006
    Messages:
    1,177
    Media:
    7
    Location:
    Somersoft
    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
     
  6. mrsdawnrazor

    mrsdawnrazor Member

    Joined:
    22nd Jun, 2007
    Messages:
    413
    Location:
    Australia
    Sorry I wasnt clear - the agency manages 1300 properteis, not the agent

    Oops
     
  7. want2bewealthy

    want2bewealthy Getting wealthier

    Joined:
    4th Apr, 2007
    Messages:
    1,611
    Location:
    Buying time.
    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.
     
  8. Bantam Roosta

    Bantam Roosta Member

    Joined:
    13th Oct, 2005
    Messages:
    529
    Media:
    2
    Location:
    QLD
    Well done on your effort so far. It's great to see more people getting out there and buying up.

    BR
     
  9. Quick Learner

    Quick Learner Member

    Joined:
    12th Oct, 2004
    Messages:
    169
    Media:
    22
    Location:
    Perth, WA
    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