As a new member on this website, I have been looking around alot lately and have been able to learn some great information. Some people seem to have some very good stories and lesson's learnt that has surely helped many of us out. So I had the thought to create this, a thread where people can put up their story about how they got to where they are.
For people like me, who are just started getting into IPs, I think it would be great to hear some of the success stories. Just to give us some extra motivation and inspiration to keep at it – keep learning and keep researching. It would also be great to hear your goals to, where you plan to head.
I personally think telling people where you want to get to, really helps to build up confidence in yourself, for me it does anyway!
Anyway, so I suppose I'll start.
My Story: Recently just purchased my first property ($345k), was intending to use as PPOR but is now going to be a IP. Move in, move out and rent out while my partner and I live at her parents house until we can get our 2nd IP. My partner and I work full time and mostly 7 days a week which is a bit draining! Not much of a story since I just started!
Where do I want to get to? Plans seem to change a bit everyday but our plan is to get into renovating property. My partner and I work great together and are both dedicated to whatever we do. I will be finishing my plumbers trade in 2 years so that will be a big help. I'ld like to say that in less then 3 years we will have renovated our first IP on weekends! Fingers crossed.
Lessons Learnt So Far: My lessons learnt so far is to really get in charge of buying a property, our first property was all new to us and we could have done better in the way we handled it. We believe we could have gotten a better price to but you learn from your mistakes. So be confident and speak up!
Please, tell your story!
Hi Everyone,
My story: I bought my first 2bdr in NZ for 160K, we worked hard for @ 2 years inside – ouside (gardening) plus added 3rd bedroom (75K). Bought 2nd property for $259K. Sold properies in sept 2007 and moved in WA . We sold first property in $420K and 2nd one in $296K. Good profit, no capital gain tax in NZ.
We bought a property in Feb 2008 in Perth SOR for $415K and bought an IP in Feb 2009 for $445K . We like old properties (which requir TLC).
Where do we want to go: We are looking for an IP property 4X2 in SOR Ferndale-Lynwood suberb @ $400K. We want to move in that property and renovate it in 6 months.
Lesson learnt: For our first home, we did not do proper home work so we made these mistakes. We bought near Government houses. We had a long drive way. Now we learnt that we will make sure we have a check list with us when we go for inspection. My check list says….
Never buy a property on roundabout or main road. Never buy the property that has a long shared driveway. Always check, who will be your neighbours. Never fix mortgage for long term. Buy the worst property in good location. If there is an offer, do not put your offer, just wait or forget it and search for new property.
Thanks.I didn't think anyone would post in my thread for a while there!
Goodluck with it all. I like your checklist!
Hi, am also a new poster and have found some very useful tips and hints on this site.
My wife and I bought our first property in 2001 a 2 Bedroom townhouse for $100K as our PPOR. We lived in it for 2 years then it was getting too small so bought a 2nd property a 3 Bedroom house for $260K. We moved into this property and rented out the townhouse.
After 4 years this place also was getting too small and we debated whether to renovate or sell, after getting ridiculous quotes to renovate decided to sell and move out further, so we sold the property ourself for $315K and bought a 5 Bedroom for $380K a bit further out.
We have now been in this property for just over 2 years and with the way property prices and interest rate were earlier this year decided to buy our 2nd IP a 3 Bedroom House which we got for $160K and already had a tenant.
Where do we want to get to? In a couple of years would like to be able to get another IP and continue to build from there
Lessons learnt so far:
When you get a good tenant do all you can to keep them. We had 3 tenants in 2 years 2 of which were nightmares(one late with rental payments, another having massive parties). So when we did get a good tenant which has now been in our 1st IP for 5 years I have only raised the rent twice and only a total of $28 p/w and any repairs which have been needed have done them ASAP. Good tenants are hard to come by!Also I'm a big believer of doing things myself if I can, we manage the IP that is close to us ourselves and we also sold our 2nd PPOR privately, it not only saves a bit of money but also teaches you what's involved in the whole process which for me was worth it.
Hi
i bought my first property with my twin brother when we were twenty three, we paid it off in eighteen months. We then bought another house which I lived in but paid the same amount as my brother in loan payments as well as an additional 'rental' payment. i also had a friend living with me who also paid 'rent'. Sold the first home when we were thrity so my brotehr could use money for a deposit on a home with his partner. i then bought another home with my then partner and sold my second home. My partner then wanted to buy brand new homes which we bought two of in Brisbane, they were both negatilvey geared. When we divorced all the homes were sold.
I bought my PPOR after my divorce then bought two IP three and four months after that. i have also paid a deposit on a block of land in Vanuatu and am currently looking for another IP or two depending on what I can find. my two IPS are cashflow positive now that I have refinanced them..
What i have learned: don't pay off IPs when first starting out. use the equity to buy again and/or put as much money as possible into your PPOR
Do as much research as possible before buying
Regional areas can provide excellent rental returns.
A man is not a financial plan (quote borrowed from property women!)
Don't allow others to tell you that you can't do something or that you are too dumb to invest. (MY ex's favourite comments. )
Have fun looking !!
cheers
SonyaHi,
im new to the site, but like many others have found alot of interesting and useful information in my short time here.im 21, and got into property just over 2 years ago, im in a partnership with a friend from school. we purchased two blocks of land in 2007 for $630,000. both were zoned for 4 storey 15 unit complex's. we on sold the blocks after a few months for $ $850,000. purchased a MD 1200sqm block shortly after for $230k and built 4x3bdr townhouses. sold 3 of the townhouses for $450k average, leaving the 4th as equity. since have secured 2 more duplex blocks, one partially through construction, the second to follow.
paid approx $350k each block, but in a very good suburb where the average 3bdr house price has reached $867k.id like to continue along this line for the time being, as long as the market stays as healthy as it is. and as far as goals go, id like to aquire a few investment properties and perhaps one day engage in doing a larger unit development.
i guess most of my lessons learnt so far have been with tradies, which is nothing unusual. some real estate agents have been very dodgy and tried cutting personal deals with vendors whilst ive been negotiating offers. i guess if you ever sense that, search the block your after and go straight to the vendor. some people dont like to be directly contacted but its in their interests.
im still learning alot, but its a great career as its always challenging.cheers.
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