So my wife an I have bitten the bullet and just purchased our first IP. Nothing special but a start none the less –
Country Vic town
$72500.00 (asking price was $79000). In hindsight probably could have gone a bit lower but se la vie.
3 bedroom fully detached house on large-ish block.
Rental yield 10% gross.Yes, I've heard all the talk of doom and gloom here but figured the deal was pretty good so went for it.
The first of (hopefully) many!
congrats mate well done..
Well begun is half done.
Beautiful. THis sort of purchase albeit conservative (my strategy too) makes sense at the moment.
Al the best – now for No2! Go get em !.Cheers
Thanks Guys,
Yeah, went the conservative route. Our goal is passive income as opposed to outright capital growth so country towns serve that purpose fairly well. The idea from here will probably be to pay it off then use it as collateral towards a second one worth a little more and so on…
Baby steps for now…
imugli – nice one!
I agree with you that you're better off buying when you can then when you can think is the right time, otherwise you'll never buy anything, just make sure that what you buy and how you finance it take account of the current situation… and since you did I'm sure it will work out nicely.
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