We've done it! IP number 1!

Since some of you have helped with our journey thus far I thought I'd share the good news that we have now settled and signed up a tenant (had a choice of 3 applications, so needn't have stressed) for our first IP! Where? Well, if you've been paying attention I wouldn't need to tell you that it's an apartment in Docklands (yes that place ;)).

What a ride to get to this point!

I would like to publically thank Steve a.k.a. Bradsdad (hope this is allowed) for ALL his help! It wasn't easy but it was made a hell of a lot easier with Steve batting for us every step of the way. :):):)

Also thanks to all the Somersofters that helped too (many of you would be unaware of it!)
 
What a ride to get to this point!

I would like to publically thank Steve a.k.a. Bradsdad (hope this is allowed) for ALL his help! It wasn't easy but it was made a hell of a lot easier with Steve batting for us every step of the way. :):):)

Also thanks to all the Somersofters that helped too (many of you would be unaware of it!)

Congrats casserole.. well done enjoy the journey...
 
Nice one! Well done.
I love Docklands. I go to Melbourne a few times a year and looked seriously at an apartment there about 4 years ago.
They say you can't go wrong buying near water or CBD. Docklands gives you proximity to both.
Glad you rented it so easily, too. That helps make IP #1 a good experience.
Now you can start thinking about number 2 :)
 
Nice one! Well done.
I love Docklands. I go to Melbourne a few times a year and looked seriously at an apartment there about 4 years ago.
They say you can't go wrong buying near water or CBD. Docklands gives you proximity to both.
Glad you rented it so easily, too. That helps make IP #1 a good experience.
Now you can start thinking about number 2 :)

Yes, what said x 2. Let's get the next one going.
 
Congratulations!

It takes me back to my first purchase, was a fun time.
I'm very happy for you :)

EDIT, I might add that when I bought, I'd missed the boom and was buying at a time where everyone was telling me I'd made a bad move. I was shitting myself!

I've seen excellent growth for the whole time I've held all my properties.
Some say luck isn't something you just run into, luck is made by the decisions you make, and the actions you take today.
 
Well done, Casserole Dish on taking that first step and welcome to the world of a Property Investor.

Keep the focus and it won't be long till 2 is under your belt.

Enjoy the journey.
 
Aww thanks all, I'm feelin the love!

Really appreciate everyone's good wishes and from all the forum 'greats' too!

We were umming and ahhhing about Docklands only AFTER soaking up experts advice that you shouldn't buy a unit, never an apartment and never in Docklands! Then I dug a little deeper and got back to square one which is that for OUR situation and investment style/personalities etc etc an apartment in Docklands would be just right. Maybe IP2 will be a house and land, but I suspect probably not simply because we are doing things a little differently to what those 'experts' are advising.


Yes already thinking about IP 2 and aiming at about 3 years tops to get it. All going well that is.

:)
 
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Lol, I suspect you'll jump in wayyy before then, your growth will astound you and allow you to be much farther ahead than you would have dreamed of, if you so wish.. ;)

Congrats again.
 
Sorry for being lazy-just wonderig the yields there? Never hear much good about docklands so you may have bought well?
 
Sorry for being lazy-just wonderig the yields there? Never hear much good about docklands so you may have bought well?
Yesterday 02:07 PM

Hi Dunno, to answer you in a round about way the yields aren't great because body corp etc is pretty high. BUT for that we get good SANF that the building is in good nick and will continue to be for our tenants, and us, into the future. From my research and DD I feel we paid market value - it wasn't a bargain by any stretch, pretty much the asking price but we got great furniture in the deal too (which has helped the rent price ofcourse). We will be getting $520 a week, and that's not too bad for a one bedder.

You don't hear a heap of good about Docklands but that wasn't going to stop us. It seems a bit love it or hate it at the moment but personally I think it would be a great lifestyle if you were single and worked in the city. I'm part of Gen X but i'm pretty close to Gen Y too and thought they might like the lifestyle. What I'm seeing each time I'm in Docklands though, is older couples walking their dog (so I'm guessing they live there) enjoying a fun retirement(? guessing ofcourse). It does depend on where and what you are looking at in Docklands, we quickly worked out which part we wanted and which building we definately didn't want. Our building is in Yarras Edge so close to South Wharf and all the new developement there.

Anyway I could waffle on all day but I wouldn't be too quick to write off Docklands yet, like I said by digging a bit deeper we decided it was the way to go for us.
 
ThanksCasserole dish. The area is something I have often thought about, and on paper should be a gold mine. I suppose it will just take time to reach its true potential, but I agree its a great area-on the water, restaurants, walking distance to the CBD and footy....what more could you want!!
 
Hi, Casserole Dish

Congratulations on IP No. 1.

I am around your age category (Born Gen X but really close to the Gen Y era). My wife is Gen Y. We too bought our first IP, but it's in an inner-city suburb instead.

Got our first tenant in just 2 wks back. I know that excitement that comes from going through all the steps.

As you said before, onwards to IP No. 2 in 3 yrs time too for us. :)

Cheers
Daniel Lee
 
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