Property

[Hornet]

I bought my 1st place in Townsville when I was living over there. Cost me around mid $90k in late 2003. Just heard of a unit in the same complex selling for $180k. Cost me bugger all as I was eligible for the 1st home buyers (FH and QLD has the lowest fees when you're a FHB.
Borrowed against that one just on 12 months ago to get a 2nd property. Cost me nothing. Used the equity in the 1st one to get it. Was bought at $200k. No idea what it's worth, but should be around $250/260k.

I have made up a simple Excel spreadsheet to see how much they cost, if I get tax relief, rent, body corp, rates, etc. So far, they pretty much break even/pay for themselves while their values have been riding the real estate boom.

I was wondering if anyone had any info they were willing to share, tips, hints, good accountants in Perth, etc. Or even brag about what gains they've made.

[FJ Steve]

Bragging....Gee I'd like to...but it ain't my style. So I will talk in percentages. Bought a block of land in Mindarie in June '94. Built a house on the block and moved in in August '95. Had it valued 2 years ago......164% increase in value. Not withstanding that, we have poured more money into it (aircon, patio, internal fittings) which would amount to about $80K....still gives us a profit (on paper) at the moment of 129%.

Investment property.....Joondalup: 22% increase (over 2 years..approx). Outlay has been about $40K (S/Duty, furnishings, mortgage top-up) over the two years. Interest only mortgage at this time. To be reviewed in 3 years.

Now looking to triple my portfolio value with the next property purchase, (which should be before the end of the year).

Oh yeah...Mindarie should be paid for in 3 years. More money for toys?

[jason]

built our 1st house in atwell 99, paid $130k in total for house and land.
built 2nd one in atwell 18 months later in atwell for $160k
bought 3 half shares in some commercial property in canningvale got a loan for $400k to cover it.
used equity from both houses 4 years ago and bought established in bateman for $280k
moved to the country for 2 and half years and sold bateman when we moved after only having it for a year for $315k
bought a shop in wagin for $12k
bought the worst house in alfred cove last year in feb gor $250k (about 40k under market value we were told a month later by a valuer)
moved back to perth, sold my 3 half shares in the commercial properties for $640k
sold the shop in wagin for $20k
sold the 1st house we built for $370k
own the 2nd atwell house (the one we are living in) outright.
in a few months time things will start moving for the demolition of the alfred cove home and build the house we want to live in for some time to come.

have 3 nice term deposits out of the cash we have left and when we sell this house we wil be able to pay off the building costs and remainder of the mortgage (not paying the mortgage off on the house as it has people renting it at the moment) and look at building a holiday house down south and still have a decent amount left over for some new toys.

its a nice spot to be in at 28.

id look at percentages but my wife is the one with the brains, i just work to pay for it all.

[Pkunk]

please dont brag

as a 23 year old this realestate "boom" makes me think ill never have my own home

[TurboR1]

its a nice spot to be in at 28.
[/b]

Think I'll kill myself.... 28 also but with a blank sheet where you have all the nice stuff filled with $ signs....

[Swampy]

hey hornet
if your after a good accountant, i can recommend my dad...... even if it is just for advice....

[TYSON]

18 months ago we bougth a townhouse in yokine for 168k which just got valued at 270k

[Hornet]

hey hornet
if your after a good accountant, i can recommend my dad...... even if it is just for advice....
[/b]

Kewl, cheers.

Want to PM me details, or you can give a gratuitous plug here if ya like.

[RT]

Originally posted by Posted Yesterday@ 04:40 PM
please dont brag

as a 23 year old this realestate "boom" makes me think ill never have my own home

no shit!! it has to slow down, otherwise i&#39;m screwed missed this boom so i&#39;ll will have to wait for the next one in 5 to 10 years time <_<

[Fastgirl]

We bought 13 years ago on Bassendean for 120k, sold it 4 yrs later for 160k, bought land in parkerville for 130k, bought a unit in attadale for 115k, sold that about 2yrs later for 165k, bought another house in Jane Brook for 163k, sold that after 2yrs for 288k, just sold the land in Parkerville for 350k, and bought a million dollar property without saving for it, all done through previous properties.

Now we are going to have a break from renovating because I am tired. But in 12 months we are going to use the equity in this property to but about another 3-4 properties. We have done the buy and sell to get to this point. We havent kept the properties because we just want to make profit, not keep them long term.Get in get out bada bing, bada-boom. But all the properties we bought were the worst house in best street scenario, which is increasingly harder to do these days.

I feel for those of you starting out now, but the property prices are only going up n up. You wont lose money in property, but you need to do your homework, never buy an investment property with your emotions. if you are going to do the renovations and resell with profit in mind, make sure you dont over spend. Set a limit and stick to it. My rule is. Look at the floor plan, nothing more expensive than having to knock out or add onto a building. A bit of paint in nuetral tones, add better lighting for cleaner brighter light, minimal carpet, tiling,landcaping and thats it. I have never done more than that in all my properties. And I have always made money, never lost.

Cheers
Fastgir1

[dolph]

For all interested in buying a property soon,
I work at a leading Property Information Company and can help with some info... like past sales in the area and other details...

Just shoot me a PM, as I don&#39;t wanna give out too much info publicly... Govt licences, etc...

Cheers,

Dolph.

[hobbs]

bragging bastards i hope all your investment houses are full of squatters - and i bet mummy and daddy helped u all get in the first ones...........

when your bragging how well you hqave done and how much you made spare a thought for all us poor bastards who have to pay more than is physically affordable.
cos of all the greedy investors around we are all screwed

THANKS I HOPE YOU CAN SLEEP AT NIGHT

[Fastgirl]

bragging bastards i hope all your investment houses are full of squatters - and i bet mummy and daddy helped u all get in the first ones...........

when your bragging how well you hqave done and how much you made spare a thought for all us poor bastards who have to pay more than is physically affordable.
cos of all the greedy investors around we are all screwed

THANKS I HOPE YOU CAN SLEEP AT NIGHT
[/b]

Yes I will sleep well. I work hard, made big sacrifices...and worked hard. No secret.

[dugy]

Most people are where they are in life as a result of their own actions, priorities, choices, sacrifices, indulgences etc.
Some got a helping hand from the silver spoon in their mouth, others just work harder or smarter.

Rather than damn people for doing well, why not ask how they did it.



***Edit: Supermum beat me to it.

[jason]

bragging bastards i hope all your investment houses are full of squatters - and i bet mummy and daddy helped u all get in the first ones...........

when your bragging how well you hqave done and how much you made spare a thought for all us poor bastards who have to pay more than is physically affordable.
cos of all the greedy investors around we are all screwed

THANKS I HOPE YOU CAN SLEEP AT NIGHT
[/b]

"ahahhahah your poor and that makes me happy and warm inside..."

as dugy said, dont cry because other people have the ability to do what you cant. I went without a new car, nice holidays, new boat and other expensive non-necessities to get the 1st house.

after that it was a doddle.

as for mummy and daddy helping, YES - my dad has money, NO - I havnt seen a cent of it.

if something isnt affordable for you, then its not affordable for YOU. other people work harder and save harder to get what they want, just because you cant doesnt diminish my hard work.

[Deej]

THANKS I HOPE YOU CAN SLEEP AT NIGHT
[/b]

Yes thanks, soundly, in a king bed covered with fine linen in a bedroom thrice the size of your lounge room in a nice suburb. U?

As for mummy and daddy cop out attitude…. my father taught me about money and lesson number one was “go and earn it cos your not going to understand it if I give it to you”

Instead of crying about it, how about striving yourself to achieve what these people are sharing and work harder, smarter, or get an education, take risk, delay gratification, listen to those with a net worth more than yours, (like those above)….…… instead of thinking the world owes you something.

I hope YOU sleep well at night.

[Pkunk]

Im too lazy to do what my cousin and her fiance do :

Buy up shoddy houses in country towns, then sell them 6 months - 1 year later for a tidy profit

So much hard work, But soon they will be able to afford a damn fine house in Perth!

[Jarrid]

invested in 20% of a house a few years ago. House did really well (50% increase in a year and a bit) so I used equity in that place to buy my own house with my partner. This one that I live in has gone up 40% in two years and i still have my 20% of the other house which has slowed down but is still doing well. contemplating getting an investment property but may look at other investment options the way things are going.

I&#39;m 27 and normally work a 60 hour week, have also spent a fair bit of time up north working my arse off.

[PHOBiA]

Bought a small block of land in Mindarie for 80k in 00.
Valued last year at conservative 300k.

[Fastgirl]

And also to attain what I have. I worked long hard hours up north. Stayed in really shitty places. Didnt buy cars or bikes or go out. I saved. Simple. There isnt any secret to getting ahead. You have to be prepared to sacrafice. No going out. No spending money. I remember working night shift and partner working day shift for over 9 months. we both worked 7 days a week, 12 hour shifts.

At the end of the day, it is your choices that will make or break you.