Well four years in and we only have 2 x IP's Strategy is to go for long term growth, cash flow is almost neutral on one, not on the other.
1st IP 2 bed apartment in Kensington Vic renting at $320 per week, paid $418k in 2010, recently told if we sold it expect high 300's maybe low 400's, Was rented out when we bought at $345 had to drop recently with competition from new apartments
2nd IP bought August this year - 2 bed apartment in North Melbourne for $470k , rented out at $420 per week. Vendor had done full reno prior to us buying was rented out before reno at $385.
Have pretty much used our all our LOC for deposits and equity against our PPOR (approx. 1mill in Ivanhoe)
Have tried to focus on inner city areas close to all amenieties ie uni and hospitals etc with long term capital growth in ten years
Not sure what to do next I think something like a townhouse / duplex interstate ie Brisvegas or Adelaide would be good.
Kensington would prefer to hold as not keen on making a loss at this stage,
North Melbourne hoping will see some decent capital growth over the next few years.
Mistakes - 2 bed apartment in Hawthorn - bought for 246k sold for $280k to friends after 1.5 years rented out. Should have held it, but once again needed to finance next move for PPOR. Close to Swinburne and 1 minute walk to train station.
East Doncaster sold PPOR to finance Ivanhoe for $611k in 2007 wonder what it would be worth now - had to sell to do new build.
Wins - buy first house in East Donnie for $150k sold for $290k very minor cosmetic reno only, 2nd house in East Donnie above bought for $358k minor kitchen reno and floors, sold for $611k.
So have done OK with PPOR's and first investment property, now not so sure headed in right direction.
Kensington does seem to be picking up but a lot of new apartment builds still around there. North Melbourne I am hoping will become the new East Melbourne in the next five to ten year.
I work with reasonable salary and O/T wife works casual / part time.
No other income generation source. No other loans for cars etc.
I'd like to retire in ten years but can't see it happening at the moment. should we try and go for a mix of cash flow positive and growth? Have seen so many success stories such as Rixter on here.
1st IP 2 bed apartment in Kensington Vic renting at $320 per week, paid $418k in 2010, recently told if we sold it expect high 300's maybe low 400's, Was rented out when we bought at $345 had to drop recently with competition from new apartments
2nd IP bought August this year - 2 bed apartment in North Melbourne for $470k , rented out at $420 per week. Vendor had done full reno prior to us buying was rented out before reno at $385.
Have pretty much used our all our LOC for deposits and equity against our PPOR (approx. 1mill in Ivanhoe)
Have tried to focus on inner city areas close to all amenieties ie uni and hospitals etc with long term capital growth in ten years
Not sure what to do next I think something like a townhouse / duplex interstate ie Brisvegas or Adelaide would be good.
Kensington would prefer to hold as not keen on making a loss at this stage,
North Melbourne hoping will see some decent capital growth over the next few years.
Mistakes - 2 bed apartment in Hawthorn - bought for 246k sold for $280k to friends after 1.5 years rented out. Should have held it, but once again needed to finance next move for PPOR. Close to Swinburne and 1 minute walk to train station.
East Doncaster sold PPOR to finance Ivanhoe for $611k in 2007 wonder what it would be worth now - had to sell to do new build.
Wins - buy first house in East Donnie for $150k sold for $290k very minor cosmetic reno only, 2nd house in East Donnie above bought for $358k minor kitchen reno and floors, sold for $611k.
So have done OK with PPOR's and first investment property, now not so sure headed in right direction.
Kensington does seem to be picking up but a lot of new apartment builds still around there. North Melbourne I am hoping will become the new East Melbourne in the next five to ten year.
I work with reasonable salary and O/T wife works casual / part time.
No other income generation source. No other loans for cars etc.
I'd like to retire in ten years but can't see it happening at the moment. should we try and go for a mix of cash flow positive and growth? Have seen so many success stories such as Rixter on here.