Hi folks,
Finally i bought my first IP, after all research, comparison, and everything else i took a plunge…but..I got a cold feet. I am having second thoughts. Is this usual? Or i should listen to my gut feeling. Situations is: property is here on the Gold Coast, bought it for $190.000, rent is $230. Condition is reasonable considering that two guys are living there. (sorry guys). It is free standing townhouse, three bedroom, single garage, close to shops, couple of schools. Please guys i need some insight here. [blush2]
Buyers remorse it is called – we all have it. Have I made a mistake? Is it the wrong time?
Listen to your fears and reason them out.
Try to make the decision on a logical basis.
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Yasmina!
Head up! You have done the right thing, the property sounds good. It’s all positive.
Hey- some guys really like to keep their places looking nice a tidy.
You will keep it for a while, and possibly get cold feet again for any reason. It’s all a test for you. No drama’s it will all pan out- what about when property proces go back up again! You will be patting yourself on the back saying “imagine if I hadn’t bought that place!”
All the best.
J.
Jarrod.
http://www.jenterprisegroup.com.au
data.communications.entertainment systems.security.
Technology Consultants
Brisbane.Gold coast.Sunshine coastYasmina, You mentioned all positive aspects and not much negative. The returns are good.
If you don’t need much in depreciation, then that’s ok..
Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.auThanks guys.
Have to be honest, i lost my sleep for couple of nights and something is definitely wrong with my stomach (lol). As for the guys, manager is telling me they are maintenance free, paying rent on time, they fix little things themselves (after all they are guys), little mess didn’t stop me. After all, hopefully they will find a good woman one day. [biggrin]. Bit of a humour to cheer myself up.Thanks Simon & Jarrod.
No worries Yasmina. Lets not turn this into a male-female debate- but…”find a good woman one day”, where do you find them?
Sorry, little humour to cheer myself up
.You can stop losing sleep now. Did you take out tenancy insurance?
J.
Jarrod.
http://www.jenterprisegroup.com.au
data-security-communications-entertainment systems
*Technology Consultants*
Brisbane.Gold coast.Sunshine coasthey Jarrod,
not yet,but it’s in the plan. Waiting for pest and building report first. Is it expensive?
Yasmina,
Check out westpac and anz for landlord etc insurance. Add-ons and types of cover will vary costs,eg tenants, fire, loss of rent, public liability
Cheers LenI found NRMA the cheapest for us, maybe cause we got other policies with them though..
Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.auYasmina,
Try out all the above that the gents mentioned, also try Terri Scheer- brokers. It will only be a couple hundred dollars dependent on your situation- once again, nothing to stress about!
J.
Jarrod.
http://www.jenterprisegroup.com.au
data-security-communications-entertainment systems
*Technology Consultants*
Brisbane.Gold coast.Sunshine coastThanks to everyone once again, i do feel better now. I’ll look around for landlord insurance.
Cheers.Hi Yasmina, whenever someone gets cold feet on here, I can unravel myself a bit and knit you some nice, warm socks.[baaa]
hehehehehheh, thanks mutton but i dont want you to get cold then, but i appreciate offer.
Feeling better already. Hope it gets easier though. I guess i will learn as i go. Spend a lot of much time on theory, time is now to learn from experiences. Wish me luck everyone.Yes of course.
Best of luck Yasmina, you’ll enjoy the ride!
J.
Jarrod.
http://www.jenterprisegroup.com.au
data-security-communications-entertainment systems
*Technology Consultants*
Brisbane.Gold coast.Sunshine coastYasmina,
My first 2 investment properties had me up all hours of the night with the what-if’s, but you have to remember the what-if-I-don’t’s. As long as you have done your due dilligence don’t worry too much. At least enjoy the butterflies and lack of appetite[biggrin]
I’ve just signed the contract on my third investment yesterday, and it’s not as nerve wracking, but I kind of miss that too.
Good luck with this and any future purchases
V
Originally posted by miss v:Yasmina,
My first 2 investment properties had me up all hours of the night with the what-if’s, but you have to remember the what-if-I-don’t’s. As long as you have done your due dilligence don’t worry too much. At least enjoy the butterflies and lack of appetite[biggrin]
I’ve just signed the contract on my third investment yesterday, and it’s not as nerve wracking, but I kind of miss that too.
Good luck with this and any future purchases
V
Hey miss v
to be honest i could live withouth butterflies and lack of appetite. I know it gets easier with next purchase. Have so many different emotions right now. But you all said it will easier with next one, and next one…
Yasmina,
I was just the same with my first (and only) IP purchase to date. Lots of problems with it over the past 2 years which is why I haven’t bought any subsequent properties. However, now that I’m clued up on due diligence after attending Steve’s seminar, I feel much more prepared and in control. I trust my next purchase will be a more positive experience.
Annette
So much for a good night sleep. No luck guys.
Have decided to go through with it, called PM today and building and pest people have been there already (god, they are quick), everything seems fine, building seems in good condition, pest inspection, spot on. If i pull out now, i will have to pay them as well [angry2], i started this thing and i should as well finish it. Have to start somewhere i guess. Keep you posted if my heart survive all this. Cheers.[blush2]Good luck…
Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.au
.
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