5 properties by 28 & what I learnt

Excellent read and great to see mention of 'taking action' a few times in your lessons learnt. So many new investors get stuck and don't actually do anything.

 

Yep, it is 100% ex-houso. Funny story...I actually met the tenant who lived in it during the time it got burnt down towards the end of my renovations. He owed some shady people drug money and didn't pay up. So they threw a molotov cocktail through the windows when he wasn't home
I can attest to finding good PM's. I got lucky because LJ Hooker had a strong presence with rougher areas and they really impressed me. The ladies I first met have moved on but the PM's under LJ Hooker I've had after have all been excellent!
It has been my best performing property. Never had issues with tenants and vacancy periods are very minimal.

 

Very true. That was me for far too long!!

Speaking to people ultimately got me out of my own head!!

 

Glad you've got a good PM. Sometimes that can make all the difference.

 

I bought in Parkes because I was there and it's done well too. I must've been looking at Orange just before that blip or maybe at that time. In any case, the REA who gave me lots of info certainly had a lot of free time. I haven't bought anything in Orange yet but I've always liked it. If I'd had the time and money then, I would've for sure.
I looked at similar type places like a mouldy old shop in the old central part, which would've made a great rental once properly aired and treated. I think I posted some questions on somersoft at the time. Also looked at a few housos. I even thought of living and renovating in a houso there but was strongly warned off that idea and decided to listen to the local REAs on this one. There was one I really liked on a hill.
But I bought a federation house in a good area in Parkes - had been over-priced and became stigmatised, sitting there for sale for 2 years so I was able to get it for a very good price just as the market started to move again. Once I worked out how to work with country REAs. In Orange I found the (selling) REAs to be honest, helpful and enthusiastic.

 

Great read, thanks for sharing your inspiring story Morgan

 

"5 properties by 28 & what I learnt"

Have you got any idea what sort of bragging rights you have earned?

Arrrh great, now I got issues with the font size and family.

 

To some that's just as good as happiness.

 

Awesome Story! congratulations on your success so far and thanks for the inspiration.

 

This was an awesome read - thanks for posting!

 

Well done!! Yeah I had cyclone fencing around the property whilst renovations were underway. It was already there and I just paid for the lease to be extended just for the peace of mind. Very glad I did that!!!

 

This is awesome well done mate!!
Also 28 years old with 5 properties, hard to crack that 6 hahaha

 

Well Done @MorganHB Inspirational to those of us starting the journey. If you care to share... how did you finance your property purchases. I am trying to work out if I use all my savings for the deposit on the first IP and then wait a year or two for capital appreciation to get enough equity to embark on #2; OR, target cheaper regions so my deposit can fund the purchase of two properties.

 

Without knowing too much about your goals and all that stuff.
I think putting all your eggs in one basket is a little risky. If you can, try to stretch your hard-earned savings as long as possible.
I financed my purchases by targeting reno styled pptys because once the tools were down, I could get it revalued and go again. My advice is speak to a good mortgage broker. They can put together a road map for you that will eliminate a lot of the guess work.

 

Congratulations and well done

 

Thanks @arj48

 

Hi Morgan

Looking to make my first investment and this post was extremely helpful.

I've actually identified Wagga as a potential area to invest.

Do you mind sharing any insights as to whether this is a good idea ? The rental yields seem solid but I am worried about growth, as you mentioned in your post

Thanks!

 

Hey bud,
Glad it could help. It has been a long time since I've looked at the Wagga market and I'm a little out of touch.
If I were you, I'd ring up the local council and just ask what's in their infrastructure pipeline.
I'd also be careful where you invest too. north of the Sturt Hwy is prone to flooding - just google Wagga flood. I was there in 2012 and you weren't allowed to go north of the Sturt Hwy into town (lived in Kooringal). Maybe check out flood maps.
Ashmont and Glenfield park was very rough when I was looking. Not sure if it's got better.
There is also quite a bit of info on this forum if you do a keyword search of 'Wagga'.
If you're still considering it, maybe drive down (when lockdown finishes) and check things out.

 

I remember going to Wagga and looking at Ashmont. It was a while ago now, so could have changed HOWEVER, I'm used to investing into lower socio areas and not much scares me, investment wise BUT this area was something that I was not comfortable with.

 

I've heard locals refer to it 'Trashmont'