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Discussion in 'Introductions' started by Rob B, 26th Jul, 2015.

  1. Rob B

    Rob B New Member

    Joined:
    17th Jul, 2015
    Posts:
    4
    Location:
    Canberra
    Hi,

    My name is Rob, mid 40s with 3 kids (20, 15 4).

    We currently have two IPs, both in Canberra.
    1. 1992 $135,000 - Unit, 2Br, 1b, 1c. Now $350,000 and $380/wk
    2. 2005 $425,000 - House, 3Br, 1b, 2c. Now $680,000 and $520/wk
    IP 1 was a bit of a disaster, it was a unit in a new complex of a few hundred units that became available over an 18 month period after I purchased. The rent dropped by $50/wk (from$190) and any equity vanished (initial LVR 90%) to the point of getting a "margin call" from the bank when I had to change the loan after an inital fixed rate period ended (3 or 5yrs can't recall now). Fortunately it was in a good location very close to the Hospital. It has never been vacant, and has had the same tenants for the last 10 years.

    IP 2 was a PPOR that we purchased with the intention of it being an IP. It's close to the CBD (4kms) and has always rented easily.

    Looking forward, my goal is to generate 100K from passive income in 9 years using a combination of property and shares.

    A big thank you to everyone that so generously shares their knowledge on this forum, hopefully in the not too distant future I'll be in a position to be able to give back to the community too.
     
    Brian84 likes this.
  2. Brian84

    Brian84 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    961
    Location:
    Sydney
    Welcome aboard rob
     
  3. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    G'day Rob, welcome to the forum.

    Looks like you've got some equity up your sleeve. What's the next step to get you towards that $100k passive income goal? Where/what are you buying next? :)
     
  4. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Hi Rob, sorry to hear that, you don't hear about it happening very often but there's always the risk.
    Is it closer to 'Woden' hospital or Northside?
    Good on you for continuing to move forward.
    Canberra is looking good for this year.
     
  5. Rob B

    Rob B New Member

    Joined:
    17th Jul, 2015
    Posts:
    4
    Location:
    Canberra
    It's close to Canberra Hospital (Woden), Norfolk Gardens if you know the area.

    I feel there has been a change in people's sentiment regarding property purchases. The initial doom and gloom - or at least uncertainty around PS reductions and recruitment freezes has mostly blown over.
     
    Azazel likes this.
  6. Azazel

    Azazel Well-Known Member

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    18th Jun, 2015
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    8,113
    Location:
    Brisbane
    I know someone that lives in the pointy roof townhouse/apartments behind Garran Primary, seems to sell in there pretty well when they come up for sale. Easy walk to work for medical professionals so low vacancy too.
     
  7. Rob B

    Rob B New Member

    Joined:
    17th Jul, 2015
    Posts:
    4
    Location:
    Canberra

    I think the first thing I need is to get more organised with regards to the structure of how they are purchased. So many more issues than when I was single and in my early 20s when I bought the first IP. Primarily is the best way to pass on held property to the kids, the ability to split +CF as my wife works part time while still fully utilising any NG on other properties.

    Of course the above could be completely simple, I don't know. To answer your question more directly, having read a few of the threads here it would seem Brisbane still has CG to offer. I'm thinking two CG focused properties as the +CF from IPs 1 and 2 can help support any holding costs.

    That was a long winded way of saying Brisabne :)
     
  8. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    Brisbane is looking good. :)

    A great broker, fin planner and account can probably help with the purchasing structures side of things—plenty of the best right here on property chat.
     
  9. S1mon

    S1mon Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    260
    Location:
    canberra
    yay another canberran
     
    Azazel likes this.
  10. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,161
    Location:
    Canberra and Sydney
    Hey Rob

    Welcome aboard - good to see another Canberran on the forum. Hope you're staying warm :)

    Cheers

    Jamie
     
  11. Rob B

    Rob B New Member

    Joined:
    17th Jul, 2015
    Posts:
    4
    Location:
    Canberra
    The last couple of weeks have been a bit average. Don't mind the cold when we have the blue skies, but the wind, drizzle and grey of late isn't pleasant. Off to Palm Cove next month to help start the thaw :)
     
  12. Azazel

    Azazel Well-Known Member

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    Posts:
    8,113
    Location:
    Brisbane
    Nice one, you definitely need the Winter holiday when you live in Canbrrrr.