What a week!

B

Belu

Hello one and all!

Well, it has been quite a week over here. I will keep it nice and short for all.

I bought my first IP! It is a small 2 bedroom apartment in Glenroy (about 58sqm) and I got it on Monday last week (has just gone unconditional). It went for auction the weekend before the one just gone and was passed in at $180k. I saw it on the Monday morning and had signed by 8pm that night for $185k. I made sure I got my conditions, finance, 90 day settlement and access to it in 45 days (it is vacant at the moment) so I can paint the cornices, bathroom and European laundry and steam clean the carpet (that is all that is needed). Should rent for around $220 pw so works out to 6.18% gross.

Second bit of the week was getting a new job! I just handed my notice in today, so I start the new one at Telstra on the 28th of July. It will cost me a bit to leave my current employment as I owe them $10k due to a cadetship but I will hopefully be able to make that back in 3 months from savings and from the increase in after tax pay in 6 months, so it is a case of short-term pain for long term gain (and a job I hope to enjoy more!)

So there you have it, it has been a long long week and I am going to jump into bed.

Would also like to say thanks to everyone for their words of advice and knowledge over the years I have been here. I was amazed that when I was buying it was such an easy process because I knew all the rules, what clauses I wanted, what needed to be included, etc etc.

Once again, thank-you all and good night!

Cheers

Ben

P.S here is the link: http://www.realestateview.com.au/cg...chPage=/&Bkmk=_&OFI=&OFIDays=&BS=10&Thu=&Qui=
 
Hiya,

Congrats, mate! That's awesome news on both counts.

I know how keen you were to make both happen. Brilliant stuff to see it all become a reality.

So, when is IP#2 happening, then...? ;)

Have a good one mate. I know you'll make it so.

Cheers

James.

PS - Happy new year, one accountant to another (for the next four weeks, anyway :p)
 
Wow!

Hey Ben,

We've met briefly, hope to see you at the next MIG!

CONGRATS!

Glad to see your story working out - I have followed your progress and have no doubt this is the first of many!

Cheers,
David
 
Congratulations Ben Belu,

You have done the right thing. You have become one of the very few who actually DO something about getting a secure future and retirement.

Is it around 10% of the population who do something to really help themselves? That puts you in a pretty exclusive club already.

6.18% will be good if the direction of CG is upwards.

Congratulations.:)
 
Well done mate!

Awesome work on both fronts. With that yield, she'll be CF+ before you know it. Give it a couple more rent rises and a softening economy and some RBA relief and she'll be putting cash in your pocket.

Good luck with the new job too!!

Cheers,
Michael
 
Haha already have here Pete, so all three are there!

Thanks for the well-wishes all. It has been a really good week, albiet stressful!

I guess the plan is to now get myself settled and try and save a bit before Christmas. I will be paying out $10k to work, $18k in deposit and a couple more in costs so if I can get some savings under my belt before christmas it will be good. The idea is to get a 2nd around this time next year which is possible, and then hopefully by the year after that I can buy a 3rd with savings and FHOG and a 4th with the hopeful appreciation of this one (gives it 2 years to go from a conservative $185k to a hopeful $220k).

So, whilst one is done there are more on the planning stage, probably mid-outer suburbs with land content in the $200-300k range, something that will have some dev potential in 5-10 years time.

I know I missed out on last night's MIG but hopefully I can bring some photos to the first MIG of the new year! (as James pointed out, it is the accountants new years day today :) )

Cheers

Ben
 
PT_Bear said:
Ben these things always happen in threes. If you haven't already, you'll probably meet the girl of your dreams this weekend.

Well done.
Click to expand...



haha if ben hadnt replied to that i would have said that i was mighty concerned about him meeting other girls on the weekend!! :p
 
haha for everyone else Kate is my better half that has had to put up with my constant mumblings and thoughts about property and the new job over the last however long...
 
Hi there first congrat to your first step which I still havn't managed to achieve yet(only 12K:( saved).

I notice that your deposit is 10% so I assume it means that your mortgage will be the remaining 90%, do you have any difficulty in getting it given the current credit situation? is it a low or no doc?

Regards
Vince
 
actually i bought at 95% +LMI Capitalised, the costs were ~$9k for deposit and rest for costs.

no problem getting it as my servicability is higher then that not even taking into account rental income.

Kate is a few years off from an IP, but she wants to buy at some point in the not too distant future :)
 
i feel physically sick from the kind of returns you get from Glenroy Melb.

i saw this house for sale, checke dout the likely rental return ($250 pw) and came up with 6.5% yield!

okay, the garden needs work, and could do with a nice side fence but for $200k with land it looks to be in physical good condition.

i know the depreciation has all but left the building, but still, 6.5% yield and only 14km to the CBD!
 
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