We did it.:)

[chickenrittle]

Hello to all you wonderful folk in forum land. Thanks to all your invaluable information we have been able to buy our first IP. A nice blonde brick 50's number in Ballarat. It pretty much ticks all the boxes so we're pretty happy. So now onto the next phase. I need to get house insurance and rental insurance?? can anyone recommend a policy. Also any trust worthy trades people in Ballarat. Yah the journey has begun.
cheers Chickenrittle

 

[jaycee]

Congratulations on purchasing your first investment property !

Yes, get both building and landlord's insurance.

 

[InveSTAR]

Well done.

 

[Bigtone]

Hello to all you wonderful folk in forum land. Thanks to all your invaluable information we have been able to buy our first IP. A nice blonde brick 50's number in Ballarat. It pretty much ticks all the boxes so we're pretty happy. So now onto the next phase. I need to get house insurance and rental insurance?? can anyone recommend a policy. Also any trust worthy trades people in Ballarat. Yah the journey has begun.
cheers Chickenrittle

congrats, onwards and upwards

 

[The Donners]

Congrats Chickenrittle!

 

[FormerLurker]

Congratulations

Congratulations - I hope this is the 1st step on a long and profitable journey for you.

 

[wish-ga]

Well done!
On getting,
Number 1.

...... Bet it feels great.

 

[kissfan]

Good for you chickenrittle.

Let the dust settle, then start thinking about IP 2.

Regards
Marty

 

[Xenia]

Yay! The first is always the hardest so well done.

 

[travelbug]

Congrats!!!. It's all very exciting isn't it!!!

 

[Roadrunner]

Well done chickenrittle! May there be many more to come.

Yes, if you haven't done so already you should take out building and landlord's insurance ASAP.

 

[BayView]

Well done!

That is the hardest one to buy.

Now you will have no (much less) fear.

Can I suggest you only look at properties built after 1987 in future.

These have 40 year depreciation deduction on the building and will really improve your tax returns/cashflow from your IP's.

50's numbers maybe cheap, but you're not maximising all your possibilities.