Hi Guys
Guess what!! My wife and I are proud owners of……… an investment property (huh! who thought we were going to say something else!!)
Details you ask?? Well I’ve been a big reader/fan of this forum but mostly a lurker over the past couple of years and we’ve finally taken that leap from the lily pad after deciding to jump ages ago. Well technically, we signed a contract in 2003 but with red tape and buying off the plan being what it is, we only settled last month but it’s a wonderful feeling knowing that it’s all worked out well.
For those of you who may be interested, here’s a snapshot of the last 3-4 years…. (I hope to be able to get along to an upcoming dinner to meet and swap more ideas).
First half of 2001 - retired big sister pesters me to address my super payments and warns me what piddly amount I may end up with in retirement if I don’t!!
Second half of 2001 – to get my sis off my back I increase super payment to 10% from 3% (Canberra public servant for those who haven’t guessed – apologies, I hope you still find me interesting enough to wanna keep reading
) and am impressed with projected figures after attending seminar!! At same time get handed brochures galore about wealth creation as part of a first introduction to property investment.
August – Sept 2001 – research, research & buy “Jan’s book” and get even more impressed with different set of projected figures!! Attend seminars x 4 or 5 and go close to buying house in Brissy, but get cold feet with events of 9/11 and advised by relly that one is better off going with nearer CBD than somewhere like Ormiston or Manly!! Ring a bell
April 2002 – revisit project and fly to Brissy with wife and look at various off-the-plan opportunities. Nearly commit to Margaret on 212 or Devine project but end up not doing.
May 2002 – finally commit on paper to a 2 bedroom unit in an upcoming complex to be built next to O’Connor shops here in Cbr. Told that it will commence Nov 2002 and take 12 months.
Jan-April 2003 – visit site numerous times to see big clump of dirt, advised of delays due to red tape, now going to be June 2003 commencement.
July 2003 – visit site to see big hole in ground and couple of bulldozers but not much sign of life!! Advised of further delays.
October 2003 – we have lift-off!! Few more visits and even some bricks appear!! Advised Sept-Oct 2004 completion.
April 2004 – show visiting family/friends progress at site. Tell them Sept-Oct 2004 completion.
Sept-Nov 2004 – friends and family bug me about completion!! Advised that it will now most likely be early 2005 completion (bear with me – this does have a happy ending
Feb 2005 – nearing completion, am contacted by an interested tenant who liked what he saw and enquired on site re renting and completion. Am advised that settlement will be shortly and tenant agrees to move in and pay $420 a week – too good to be true I thought, and it was!
March 2005 – tenant falls through as he has to have somewhere in Cbr to hit the ground running immed with work.
May 2005 – FINALLY, settlement!! AND we secure tenants shortly after at $410 a week.
I think this will return a yield of 5+ per cent on our 2003 price of $360K so all in all that’s a pleasing outcome to what’s been an eventful journey.
We went with a mortgage broker from the start (and would again) so they have definitely earnt their commission after two years of paperwork, meetings, phone calls etc, not to mention due diligence.
This has taken a while to tell but believe me – this is just a snapshot. Would we go off-the-plan again, not sure. But after being inspired by a lot of your stories that you’ve all shared in this forum I just wanted to share our story with you and hope you found it interesting. For any Canberrans, the apartment is part of the catchy VION complex in between City Edge and the O’Connor restaurant scene – top little spot.
Cheers
Rudi
P.S. One more thing, that’s got nothing to do with prop investing but my wife and I ARE expecting - our first child later this year and are we excited!! First invest property and first-time Mum and Dad in the same year!!!
Guess what!! My wife and I are proud owners of……… an investment property (huh! who thought we were going to say something else!!)
Details you ask?? Well I’ve been a big reader/fan of this forum but mostly a lurker over the past couple of years and we’ve finally taken that leap from the lily pad after deciding to jump ages ago. Well technically, we signed a contract in 2003 but with red tape and buying off the plan being what it is, we only settled last month but it’s a wonderful feeling knowing that it’s all worked out well.
For those of you who may be interested, here’s a snapshot of the last 3-4 years…. (I hope to be able to get along to an upcoming dinner to meet and swap more ideas).
First half of 2001 - retired big sister pesters me to address my super payments and warns me what piddly amount I may end up with in retirement if I don’t!!
Second half of 2001 – to get my sis off my back I increase super payment to 10% from 3% (Canberra public servant for those who haven’t guessed – apologies, I hope you still find me interesting enough to wanna keep reading
) and am impressed with projected figures after attending seminar!! At same time get handed brochures galore about wealth creation as part of a first introduction to property investment.August – Sept 2001 – research, research & buy “Jan’s book” and get even more impressed with different set of projected figures!! Attend seminars x 4 or 5 and go close to buying house in Brissy, but get cold feet with events of 9/11 and advised by relly that one is better off going with nearer CBD than somewhere like Ormiston or Manly!! Ring a bell
April 2002 – revisit project and fly to Brissy with wife and look at various off-the-plan opportunities. Nearly commit to Margaret on 212 or Devine project but end up not doing.
May 2002 – finally commit on paper to a 2 bedroom unit in an upcoming complex to be built next to O’Connor shops here in Cbr. Told that it will commence Nov 2002 and take 12 months.
Jan-April 2003 – visit site numerous times to see big clump of dirt, advised of delays due to red tape, now going to be June 2003 commencement.
July 2003 – visit site to see big hole in ground and couple of bulldozers but not much sign of life!! Advised of further delays.
October 2003 – we have lift-off!! Few more visits and even some bricks appear!! Advised Sept-Oct 2004 completion.
April 2004 – show visiting family/friends progress at site. Tell them Sept-Oct 2004 completion.
Sept-Nov 2004 – friends and family bug me about completion!! Advised that it will now most likely be early 2005 completion (bear with me – this does have a happy ending
Feb 2005 – nearing completion, am contacted by an interested tenant who liked what he saw and enquired on site re renting and completion. Am advised that settlement will be shortly and tenant agrees to move in and pay $420 a week – too good to be true I thought, and it was!
March 2005 – tenant falls through as he has to have somewhere in Cbr to hit the ground running immed with work.
May 2005 – FINALLY, settlement!! AND we secure tenants shortly after at $410 a week.
I think this will return a yield of 5+ per cent on our 2003 price of $360K so all in all that’s a pleasing outcome to what’s been an eventful journey.
We went with a mortgage broker from the start (and would again) so they have definitely earnt their commission after two years of paperwork, meetings, phone calls etc, not to mention due diligence.
This has taken a while to tell but believe me – this is just a snapshot. Would we go off-the-plan again, not sure. But after being inspired by a lot of your stories that you’ve all shared in this forum I just wanted to share our story with you and hope you found it interesting. For any Canberrans, the apartment is part of the catchy VION complex in between City Edge and the O’Connor restaurant scene – top little spot.
Cheers
Rudi
P.S. One more thing, that’s got nothing to do with prop investing but my wife and I ARE expecting - our first child later this year and are we excited!! First invest property and first-time Mum and Dad in the same year!!!
