Happy Monday :) and hello from a first time IP buyer living in Syd

Good morning!
Pleased to e-meet you all. I am a new member, residing in Sydney and beginning my IP journey.

Originally from the US, learning about the Australian market has been both unexpected and exciting. I am starting my research in burgeoning markets and will most likely buy interstate for my first property.

Would love to hear from anyone with insight into their first time buying and research experience, specifically if you have an analysis spreadsheet framework that you prefer (or what organisation systems have helped informed your past buying decisions) or any other helpful nuggets you'd like to leave! Looking forward to interacting with the community and learning!

Thank you
Nikki

 

Welcome aboard Nikki and happy Monday to you too

Cheers

Jamie

 

Hi Nikki

Welcome to PC! In terms of first time buying, read up on PC on what others have done. Get hold of a few books (such as Jan Somer's books).

Are you an excel person? If so, you can put together a spreadsheet - listing income minus expenses. I believe the old Somersoft forum used to have thread on excel spreadsheets.

 

welcome to the forum @NikkiD

which states are you researching into?

for the investment property, you could consider the following in your analysis:

Investment Property purchase price
20 % Deposit
Stamp Duty
legal costs
IR on investment loan
Interest repayment per week
Rental income per week
Council rates/yr
Water rates/yr
Iandlord insurance/yr
Building Insurance/yr
Repair & Maintenance /yr
REA fee/wk
Overall expenses/wk
Gap per week

 

Thanks, Jamie!

 

Thank you, ladies! I am indeed a spreadsheet person Will check the books out too. Thanks for the recs.

 

Welcome Nikki! If you like, PM me your email address and I can send you a calculator I use to show the cash-flow of the property. It's good to have a look at just to familiarise yourself with the general costs of owning investment properties and get an over view of your properties before you hand over the cash!

 

Hi an welcome to the forum. If you're looking interstate and you can afford it, i'd highly recommend getting a buyers agent as they will have the greatest knowledge of the area you are looking to buy in. If not, you'll be doing A LOT of research. And if youre looking in WA and want to ask a quick "Is this suburb good/bad/dodgy/sandy whatever, shoot me a message.

Hoo roo