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Discussion in 'Introductions' started by Stoffo, 14th Jul, 2016.

  1. Stoffo

    Stoffo Well-Known Member

    Joined:
    14th Jul, 2016
    Posts:
    226
    Location:
    Sydney
    Hi all.
    Have found PC after buying 2 IP recently.
    Got to say it is informative, and often amusing.

    Have a very nice PPOR with a lot of equity in Sutherland
    (Though until a few years ago i was a southerner)

    So, dove in, recently bought a commercial unit in Sutherland 105sqm +2 secure car park for 485k plus costs, after outgoings i expect a return of 27k pa, have a long term tenant.

    Then (the day after i signed) I signed for an OTP 2x2x2 apartment in Heathcote NSW
    Starting to wonder about my decisions at times !

    Looking forward, its all for a decent life in retirement........
    God knows no matter how much tax i pay that the Gov wont look after me in retirement !!!!

    Am in my 40s. Self employed in grounds and property maintenance.

    Cheers
     
    Perthguy and ellejay like this.
  2. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    Welcome @Stoffo. Looks like a great return on the commercial property.

    You really did dive in. How long 'til Heathcote settles?

    Going by your early track record, is it safe to say you may buy again soon?

    Enjoy the forum. Lots of great info and people here :)
     
  3. Stoffo

    Stoffo Well-Known Member

    Joined:
    14th Jul, 2016
    Posts:
    226
    Location:
    Sydney
    Thanks Steven.
    The Heathcote property should be finished June/July 2017
    200m to railway station, less than half that distance to supermarket and drinking hole, and over the road from the primary school, top floor looking NW out over the National park $745,000 (must be nuts.....)
    Though i cant afford more, am still looking :)
     
    Perthguy likes this.
  4. Tonibell

    Tonibell Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    392
    Location:
    Sydney
    Welcome @Stoffo - being in the Shire you're still be considered a southerner to me. Have you converted to be a Sharkie yet ?

    With the commercial unit I take it the return (~5.3% after costs) is before interest so pretty much neutral to slightly positive for cash flow. Is this something you have purchased because you see good capital gains in that sort of property ? I don't really now the commercial space all that well.

    Sounds like you've done well so far - but probably time to look outside of the Shire, which I know will be difficult to do.
     
  5. Stoffo

    Stoffo Well-Known Member

    Joined:
    14th Jul, 2016
    Posts:
    226
    Location:
    Sydney
    Thanks Tonibell,
    Seemed like a good price actually, considering the return/Vs resi.
    Am not looking for short term CG, long term maybe (I know the tenant, and he is long term).
    Not into the ball game so much, have passively followed several codes/teams.
    Geelong born/raised/family there (and almost bought a dump in East Geelong last month), have spent time in several states, I lived in Coffs Harbour for a few years, and Tassie also.
     
  6. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Hey @Stoffo , welcome aboard.
    Where are you looking for your next IP?
     
  7. Stoffo

    Stoffo Well-Known Member

    Joined:
    14th Jul, 2016
    Posts:
    226
    Location:
    Sydney
    That is the big $$$ question isnt it :rolleyes:

    Will have to build up things a little in the finance/equity deptments first :(

    But, there are many choices.
    South of the Tweed area to north of Ballina.
    Better climate than my past
    And the hwy/by passes in the area make the trip north easier.
    Grafton area could be good to rent to workers when it gets bypassed ;)
     
  8. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Yeah, it's a bit like that at times.

    The highway works are improving travel times as they complete each section.