Yes that is correct. The house is almost paid off with an excellent rental return.
That is extremely good for 23 years old. Very Impressive!
If you dont mind me asking, did you get help with the purchase of the property(financially) or you purchased on your own?
About 80% of my properties I have bought at 9%+ gross yield and they are slightly +vely geared. So I am wondering how you get there? Did you use a large deposit?
I purchased my IP on my own. I had a massive deposit. I know alot of people on this forum would have spread the money i had as an deposit over 3 or 4 properties but i chose not to and im happy with what i went with as you can see i wouldn't be in this fantastic position if i did otherwise.
Did you end up buying in a mining town if you don't mid me asking?
who cares what the majority think you bought and could basically live off the rent tommorow I see your goals are 5 ips well you still have the huge deposit as equity to buy more as I see it pretty good move although many may disagree
Nah i didn't buy in an mining town, I brought in sydney. Yes the equity is good, although i don't think ill being using it to make my next IP purchase as i have another large deposit ready to go. Might use it on IP number three or four. Will see what happens i can't make up my mind atm.
No i don't run any kind of business, im on an average wage - He He. I pretty much saved evey single cent possible from an young age and put the money into an savings account which i was earing a few k intrest on per year, to me EVERY cent counts! I purchased my IP (house) just over 1.5 years ago now at that time the market was down, the owner had to sell and i put in a low ball offer which eventually got accepted. Last 1.5 years i have continued to saved every cent possible, working pretty much 6-7 days a week by choice obviously so i can purchase my next IP with the same strategy in mind..... Off to work now.