Hi everyone, just thought I would share with you guys our first deal.
We found this deal through a buyers agent.
It is a 2br fully furnished unit in a mining town.
Rent = 910 per month on a 2 year commercial lease with a 3 year option after that.
Because it is a commercial lease the leasees pay all costs (rates, insurance, maintatnce etc)
So after we pay our IO loan we are ahead $45 per week which we will save diligently along with our other savings so we can do it again!!!
It sure has been a learning curve wiht hundreds og documents to sign and stressing out about our loan but all has come through and we settle on the 24th May !!!!!!!!!!!!!!!!!
Am excited to finally be on our investing journey.
Cheers.[biggrin]collie
Congratulations.
Your obvious enthusiasm and excitement is a much needed breath of fresh air!
Robert Bou-Hamdan
Mortgage AdviserHi Collie
Congratulations on your first acquisition. Well done. One down, 99 to go atleast. Would love to catch up with you sometime.
PadmaThanks guys for your encouragement!!!
Love to catch up Padmaa with updates of your deals too!!
PM me and we’ll arrange a time to get together.
Regards,collie
collie- good for you
)May I ask hoew a commercial deal works for a residential unit? Even though they have a long-term lease, why do they pay all outgoings?
Also, did you need 30% deposit if it is a remote mining community or due to small population?
And, did you take the buer’s agent fee from your net return?
Hope you don’t mind me asking these things- I get pretty curious about stuff [blush2]
kay henry
Hi Kay,
We didn’t need a 30% deposit as unit is classed as a residential property. We actually loaned 90% purcahse price. Our buyers agent only cost us $3000 which I think was a bargain becasue has really helped us to overcome our fear and procrastination.
Hotel group pays all cost as part of the lease… they lease unit to tourists as fuuly furnished unit @ $120 per night, so they are making money and so are we!!! A win/win solution I rekon.
Yes we took our buyers fee from net return, still looks good!!!
Thanks for questions and input..collie
Hi collie
Fantastic,our 2nd IP was in Collie W.A
Any conection with the town??
RegardsNever heard of the place but great to see I have one named after me 9or my nickname anyway!!)
Thanks allcollie
Hi collie, it sounds great. We bought our first last year, but since going to Steve’s Perth seminar we will be selling and regrouping.
I learnt a lot last week and my wife and i are really enthused to put it all into practice.
Cheers, Micmar
Collie,
Congratualtions!!!!
Feel proud of what you have achieved!
Regards,
Gatsby!“Sometimes the hardest thing to do in life is often the best thing to do.”
Hi all, we’ve just done our first trade deal to get more funds to keep the positive CF deals going and it was all rather challenging but exciting at the same time !! We had our structures set up ready to go. It was a 4 year old B&T home in Manurewa, Auckland valued at approx $320K we bought for $250k from a desp. vendor who had already committed in Ozzie – I think we did him a real favour !!
Debs
Looking forward to doing more
)
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