Coxy - Intro

Discussion in 'Introductions' started by Coxy89, 7th Jul, 2015.

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  1. Coxy89

    Coxy89 Well-Known Member

    18th Jun, 2015
    Hi All,

    May aswell take advantage of the new beginnings here to post an intro. I was a lurker over at Somersoft for awhile.

    My partner and I are just getting stuck into our property journey. My partner has a bit of a headstart as she bought her first place in 2008 as a fixer upper. We met through work in 2012 and ended up buying our first IP together in 2013.

    The first IP was a townhouse in Taringa QLD. It's a bit different to most townhouses in the area as the majority are 3 bed 2 bath set ups. Ours is a 5 bed 4 bath! It's in a complex of 6 that were built in 2011. Original sales in 2011 ranged from 750-825k we picked ours up for 630k. As a sweetener it also came fully furnished with a 6 month student accommodation lease in place which had it returning $940/week. We still have the same students in it 2 years later with rents increasing.

    We originally meant to move into this place and sublet a few rooms as a way of getting closer to work. But the return was too good so we put off our move in favour of all that cashflow haha.

    Recent desktop val has it around the 730k mark.

    This year we managed to make the move into the city purchasing our new PPOR in Kelvin Grove which is a 3 bed 1 bath qlder on 405m2, purchase price around 750k. A fair price we feel for the area definitely not a bargain but it has cut our commute time to work from an hour each way to 10mins on pushbike or a 25min walk. Makes a world of difference.

    So at the moment we have

    IP1 - Taringa - Purchase(2013) 630k - Current - 730k
    IP2 - Mount Warren - Purchase (2008) 315k - Current - 360k? In process of getting a val
    PPOR - Kelvin Grove - Purchase 747k (2015)

    Our plan is to keep acquiring properties and build an asset base with a view to developing some properties later on down the track. Both our backgrounds are in commercial construction working for a large builder but ideally we'd like to be doing our own smaller developments.

    Looking forward to learning more from everyone here and hoping I can make a similar contribution.


    KDP likes this.
  2. Gingin

    Gingin Well-Known Member

    20th Jun, 2015
    Good effort !
  3. Chilliblue

    Chilliblue Well-Known Member

    18th Jun, 2015
    Great start. Looking forward to your contributions.