Your First IP !! – Post here !

Very recent, November last year, paid $75k, rent $200. It has been valued today at $93k. The numbers kept stacking up and have bought 4 others similiar.

head above water

Afloat[thumbsupanim]

Hi Redwing,
My first ip was early 2003 paid $169000 for 3×1 in Mandurah (Falcon) renting for $155 pw just had valuation done on it for other ip purchases ,came in at $215000 .Bought it before i started learning about pos gearing although i am planning to build a second house on the block as its 1200 sqm and zoned right, Just waiting for the sewage to go through which is due im told in 2005/6.

Regards Risky

If you want the rainbow youve got to put up with the rain!

Hi gang,My 1st IP cost$13000 in 1996.I rented it for $90/wk.Now worth $30000 and still rents for $90.Have had the same tenant for 4yrs.Mick

Our first IP is a serviced appartment in Rosehill NSW with a balcony overlooking the rose gardens and rosehill racecourse, you can also see the harbour bridge and homebush stadium in the distance. Great at this time of year for the slipper. Paid $165k now worth $185k with a 5% or 5.5% rental guarentee.

We currently have it on the market below market value for a quick sale so we can put the money into our new PPOR.

We went on to discover Steve and +cf investing and late last year purchased 3 houses in country Vic all renting above market value because we ensure that our properties are the best in the market place.

After our PPOR is settled we will be on a buying spree [thumbsupanim].

Cheers
Leigh K

First IP bought in Sydney in 1998. 40 years old b/v 4 bedroom house for 154k rented at 200xw. Today its 450k and rents at 240xw, still with the same tenants that never skipped a beat.

May God bless you
and prosper you.
Marc

1st IP bought 2000 in Aspley Brisbane for $157k rent $210p/w now worth #275k and rent $230 p/week.

2nd IP 2000 in Wynnum West $154k rent $195p/week now valued at $240k and rent $210 p/week

3rd IP 2003 $160k Mt Gravatt East rent $210 p/week, now cvalued at $240k and rent $230p/week

NOW i gotta find some cashflow +ve properties![biggrin]

Steve Kerr

Opportunity knocks softly, listen carefully!

Ist IP purchased in 2000 in Melbourne eastern subs for $150k (3 bedroom house). Absolutely no idea what I was doing but got sick of doing the auction circuit after 6 months. Currently valued at $300. Rent was initially $190 per week, currently $220.
2nd IP purchase in inner east of Melbourne also in 2000. 1 bedroom flat. Paid $112 and rented for $150 per week. Currently valued at $200 and rent $160 per week. Property investing happened to me just out of sheer luck (ie bought at the right time). Since then I no longer believe in luck. I believe you have to make your own luck. No such thing as a free lunch but if you study hard on the lunch menu, it is possible to get meal of the day for free. Don’t lose your shapo and start with the end in mind.
Cheers,
Gatsby.

Our first investment property is a 3br house in Castle Hill, Sydney. Bought in 1997 for $202,000 and rented out for $285 a week.

We still have it. Last valuation was $460,000 some months ago and it rents for $380 a week, but the rent is about to go up $10 a week.

Cheers,
Karen

Good Evening All,

Well, I have just done a quick scan of the pages of this forum link and it’s all …HISTORY, HISTORY, history.

Try this, …. Our first IP is (will be) MAY 2004!!!.

It’s in regional NSW, BIG population, reasonable rental, great CG and the area is set to get BIGGER & BIGGER.

We are paying $245K for a 4 bedder – 2 bath (with spa), haven’t settled yet and have been offered $270pw for the place without doing a thing.

Naturally with a paintjob and a bloody good clean-up we could fetch $290 – $320 pw.

You think this is good? …

Now add the challenge of:-

1) 2.25% exit on IPs
2) Todays news of possible reviews on tax relief of IPs

And we are sailing into a great future….???
(I think).

Who cares … It feels good!!!….Relax and enjoy the ride BEFORE we hit the iceburg eh???

Wadey
[cowboy2]

Newby too

We bought 1st IP for 110000 in 2003, spent 10 000 on it. Rents for $130 per week. No property manager though as family so in good hands. Recently valued at $146 000.
2nd IP also in 2003. Paid 119 000 for two bedroom unit which rents at 140 per week. It is in a complex of ten and strata fees are around $ 800 per year without huge potential for capital growth, probably wouldn’t have bought this one knowing what we know now.

Currently looking at changing loans to interest only as having them both p and i is okay for now but stops us buying any more for a long time. Ah, the benefits of education!!