Settled on 2nd IP in Logan!

Settled today on http://www.onthehouse.com.au/report...00/24_Outlook_Street_WATERFORD_WEST_QLD_4133/ bringing our grand small total of properties to 3.

Place needs a small amount of work but thought it was a great deal for $305k ($320k asking)and tenants in place renting for $380/pw.

Terry Waugh helped us through the extremely bumpy ride (due to CBA red tape policies) of financing through our LOC instead of using cash assets. Would highly recommend Terry who has been a great support and was chasing CBA for most days over the past week because LOC funds didn't appear till yesterday noon...:eek:

Also big shoutout to Beanie Girl who has been an amazing mentor during search and inspection process!

Now to move on to the 3rd IP...any suggestions people? ;)

-Justin
 
CONGRATS! ZOMG

I should be getting my top up through in the next week. I'm going for a big grand total hahaha it will be IP number 2:)
 
Congratulations! It is always such a wonderful feeling when one adds another asset to the portfolio to build wealth and bring financial independence one step closer...
 
Settled today on http://www.onthehouse.com.au/report...00/24_Outlook_Street_WATERFORD_WEST_QLD_4133/ bringing our grand small total of properties to 3.

Place needs a small amount of work but thought it was a great deal for $305k ($320k asking)and tenants in place renting for $380/pw.

Now to move on to the 3rd IP...any suggestions people? ;)

-Justin


Congratulations Justin! I feel like I'm in a similar situation like you. I've got one property in Sydney and now moving onto the 2nd one and looking in QLD as well.

Great to hear you purchased your property under market value and that's instant equity! Just wondering, what were your criterias in purchasing this property? Did you go up and have a look before purchasing?

In your opinion what is Waterford West like?

I'm looking into Logan Central, Marsden, Woodridge and Slacks Creek at the moment from the recommendation of MichaelX. Looks like there is still potential in those suburbs..

Thanks
-Tyrone
 
Congratulations Justin! I feel like I'm in a similar situation like you. I've got one property in Sydney and now moving onto the 2nd one and looking in QLD as well.

Great to hear you purchased your property under market value and that's instant equity! Just wondering, what were your criterias in purchasing this property? Did you go up and have a look before purchasing?

In your opinion what is Waterford West like?

I'm looking into Logan Central, Marsden, Woodridge and Slacks Creek at the moment from the recommendation of MichaelX. Looks like there is still potential in those suburbs..

Thanks
-Tyrone

Hey Tyrone

I was looking for something that had a good yield and room to improve CG and cashflow in the future via a minor reno. Whilst it's not legal dual living, there is additional room downstairs for 1 larger family to move in hence I opted looking for IPs with the possibility of 2 living areas.
The numbers worked and when I flew up I looked at this one and several other ones, but decided this was my best option given the location and the flat rectangle block it was on. There's also a nice park next door which I felt was great side perk that would attract families with children, who I would imagine would stay longer.

My advice would be to fly up there, hire a car and drive around the suburbs you're interested in to get a feel for the area. Driving around also gives you some idea of the activity in the area, distance to shops, what the people are like etc. You can also tell some of the streets have more run down homes and I tended to avoid those areas.

I would say Waterford West has a nice "feel" to it compared to Loganlea. I would rate it in the same category as Marsden. I don't really remember Slacks Creek so can't comment on that area.

Best of luck in your search, I'm sure you'll find something great- the people on this forum are really helpful and knowledgeable so don't be shy to ask them for their opinion :)
 
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