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

  1. Raydar

    Raydar Well-Known Member

    Joined:
    6th Jul, 2015
    Posts:
    306
    Location:
    Newcastle NSW
    Hi All,
    This is my first post here or SS. I have certainly used SS as a resource for learning.
    My current situation looks liek this;
    - PPR 2008 270k - Mayfield, NSW. Valued 2013 @ 420k
    - IP 2013 355k - Mayfield, NSW. Rent $360

    Looking back I would have done things differently, our first investment property was made with no education what so ever. We have certainly been lucky in that the area has moved up in value since.

    I would defiantly educate myself better before buying again. Currently our situation has changed as we are no longer DINKs. We now have our second on the way, due Sept. We have a healthy amount of equity but see serviceability becoming an issue as we are reduced to once income for at least the next year or two.

    Moving forward long term would love to make work optional and I can definitely see that being achievable through property. Of course with the right decisions being made.

    Cheers,
    Ray
     
  2. WattleIdo

    WattleIdo renovating Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,823
    Location:
    Central West NSW
    :) Is this another First World Problem situation?
    Mayfield is great! You've done reeeely well and you've got 2 babies as a bonus. You've got your 2013 values up there. I bet they're worth a lot more than you think.
    Maybe now isn't the time to 'go hard' but you're off to a good start.
     
    freyja likes this.
  3. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Hey Ray, that all sounds pretty good.
    As above, I think you'd be surprised at current value, thought about getting them valued?
     
  4. Vicki S

    Vicki S Active Member

    Joined:
    19th Jun, 2015
    Posts:
    27
    Location:
    Sydney
    Welcome to posting, and you have made a good start
     
  5. Raydar

    Raydar Well-Known Member

    Joined:
    6th Jul, 2015
    Posts:
    306
    Location:
    Newcastle NSW
    It would probably be a good idea to get them valued, we have enough cash flow at this stage to obtain another property at this point according to our broker. I should probably get onto it :)
     
  6. Jerry O

    Jerry O Well-Known Member Premium Member

    Joined:
    21st Jun, 2015
    Posts:
    362
    Location:
    NSW / Melbourne
    if its okay with you, please share the numbers once you get them re-valued. would love to see the jump in prices from 2013 to present. nice start! great work!
     
  7. RetireRich101

    RetireRich101 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,312
    Location:
    Sydney
    You may have some lazy equity lying around in your IP.

    Maybe 80% of $150K increase there that can be used on your IP2 purchase.
     
  8. Raydar

    Raydar Well-Known Member

    Joined:
    6th Jul, 2015
    Posts:
    306
    Location:
    Newcastle NSW
    Had them valued today.
    PPR 470k
    IP 420k
    Some good CG.
     
  9. Raydar

    Raydar Well-Known Member

    Joined:
    6th Jul, 2015
    Posts:
    306
    Location:
    Newcastle NSW
    Unfortunately serviceability is our issue ATM. Cash flow poor, equity rich.
     
  10. Sashatheman

    Sashatheman Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    133
    Location:
    Sydney (West), Australia
    Welcome. I had my 2nd kid just recently, and yep I can confirm, I miss being a DINK with extra time and money.
     
  11. Raydar

    Raydar Well-Known Member

    Joined:
    6th Jul, 2015
    Posts:
    306
    Location:
    Newcastle NSW
    Yep, some things you miss. Time is mine, by 8pm you think has the day gone. It's at this point we start cleaning the house ready to do it all again tomorrow :) The only other thing is the dual income.
     
    Last edited: 14th Jul, 2015