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aussieshorter

Discussion in 'Introductions' started by aussieshorter, 6th Jul, 2015.

  1. aussieshorter

    aussieshorter Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    104
    Location:
    Brisbane
    Hi everyone,

    It's about time I introduced myself and contributed to the forums! Like many, I've jumped across from Somersoft where I was well and truly a lurker (roughly 10 posts in three years!).

    I live (and invest) in Brisbane with my wife, and we're very early in our investing journey. Having said that, we're probably doing it a little differently than some, in that we've jumped into property development very early.

    We have 2 x IPs and our PPOR (all in Brisbane), as well as another property that is currently undergoing a major renovation (it was unlivable, so completely gutted and started over), following which we'll subdivide the block and build a new small lot house. It's a completely new experience for us and there have been some issues that an experienced developer would have avoided, but we're learning a lot and loving it!

    Some details of our portfolio:

    IP 1 (2007) - Yeerongpilly townhouse; Purchased for $390k, valued at $420k, rent @ $450/week
    PPOR (2011) - Algester house; Purchased for $415k, valued at $450k
    IP 2 (2012) - Coorparoo unit; Purchased for $330k, valued at $350k, rent @ $390/week
    Development (2014/15) - Greenslopes house; Purchased corner block house on 551sqm for $480k. Major renovation almost complete, with subdivision to come (approved but not finalised) and new 4 bed house to be built on newly created block.

    I've learnt a lot from Somersoft and hope to continue that here on Property Chat (and I'll try and contribute more than I have previously!). I'm also very keen to meet and chat with other investors, so I'll be on the lookout for Brisbane meetups.

    Cheers
    aussieshorter
     
    RetireRich101 likes this.
  2. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    Welcome aboard! Good to have another lurker-turn-poster (we hope!).

    Solid portfolio there. Nice to see you're already on to small developments too.

    What's next when Greenslopes is wrapped up?
     
  3. aussieshorter

    aussieshorter Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    104
    Location:
    Brisbane
    We're probably six months from completing the Greenslopes project, but the plan is to move onto another small development as soon as we can.

    We're selling both properties this time, but the next project will hopefully be done in a way that we build 3 or 4 and keep 1.
     
  4. RetireRich101

    RetireRich101 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,312
    Location:
    Sydney
    Great portfolio. Though there are small increase in them in the last years due to GFC and flood what not, we should anticipate solid performer in those locations.

    Your current development in Greenslope caught my interest, hence the PMs..

    It would be beneficial for the PChat community to hear to adventure from Day 1 of purchase to shifting of the house, renovation and building. Development in Brisbane seem a mysterious for some if not all, such as we cost to subdivide and build etc

    I would definitely be your number one subscriber if you're willing to write a new post on your development diary.... no pressure, just DO IT :D
     
  5. aussieshorter

    aussieshorter Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    104
    Location:
    Brisbane
    Yeerongpilly in particular has been a poor performer, being in an area that was hit hard by floods (although our property was ok). It's still in a great location near the river, close to UQ and the PA Hospital, and plenty of transport options.

    @RetireRich101 I've been thinking about starting a thread with all the renovation/development details. I've been holding off until I was a bit further into the process, but now it's probably around the half way mark I'll start pulling something together.
     
    RetireRich101 likes this.
  6. D'Mo

    D'Mo Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    101
    Location:
    Sydney
    Welcome sir .. Thanks for the info :)

    Just wondering on your thoughts re Algester?

    We just purchased 4 Bedder for 406k & looking forward to seeing if this area in particular performs

    Congrats on your portfolio