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hello from Central Queensland (Gracemere)

Discussion in 'Introductions' started by Biggsy, 13th Feb, 2016.

  1. Biggsy

    Biggsy Member

    Joined:
    11th Feb, 2016
    Posts:
    5
    Location:
    QLD
    Hello everybody,

    Just thought I would give a quick introduction. I am joining the forum in hope that I can gain some knowledge and encouragement from some fellow users.

    Currently I have two properties, my PPOR and my first home that I can't really call an investment as I bought it needing a fair bit of work. After me and my partner lived in it for a while and barely started doing what needed to be done aswell as our first child (now have 2) on the way we bought our current home.

    The house sat there for a good 18 months with nothing happening with it but now it is currently under a lease to own contract to my uncle so should be out of my hair sometime in the next couple of months.

    Fortunately/unfortunately I got made redundant from me previous diesel fitting job and it gave me a nice little pay packet that I am hoping to put to a new investment property in the near future.
     
    legallyblonde likes this.
  2. legallyblonde

    legallyblonde Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    686
    Location:
    TAS
    Welcome! I wonder how the lease to own contract will affect your serviceability once you have income again.

    Hopefully you can find work again soon!
     
  3. Biggsy

    Biggsy Member

    Joined:
    11th Feb, 2016
    Posts:
    5
    Location:
    QLD
    Thanks. It is set up so they are just virtually paying for the house as I'd they owned it. I am not getting any extra income from it as I just wanted to get it out of my hair and I wasn't prepared for it at the time.

    I was lucky I started a new job 2 days after being told I was made redundant so it all worked out well.
     
  4. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,596
    Location:
    Adelaide, SA
    Hi and welcome
    Hows things going in Gracemere? You in mining industry?
     
  5. Biggsy

    Biggsy Member

    Joined:
    11th Feb, 2016
    Posts:
    5
    Location:
    QLD
    I think it is starting to slow up in the down turn now as the market is slowly settling out from the flooding of new properties.

    Vacancies have started to come back down a bit also. I purchased when all the new houses were going up. We did look at building a new house but glad we never now as a lot of the houses as I'm sure you are aware were put to rent rediculous cheap due to the flooding of the market and a lot of them were bought by investors.

    Yes I am in the mining industry. Which also starting going down hill as I bought my property.
     
  6. DiligentPM

    DiligentPM Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    443
    Location:
    Brisbane
    Welcome to a fantastic forum with very experienced investors to learn from. I am encouraged by your post re: flooded market slowly being absorbed with lower rental vacancy rates. We had to drop our rent on our four bedroom IP on Kerrie Meares crescent (900m2 block) by $60\week over past year