Hi all, I Have been on here from the start but I haven't really been active as I wasn't looking to invest due a few big life changes and we we're also building our new PPOR just north of Coffs. I'm 35 and marrried with two children. My wife is a teacher and I am pretty much retired or as I tell people I'm a stay at home dad as it's a bit awkward telling people that I'm retired. I was in the Navy but I was medically discharged so I receive a fortnightly pension. I also recieve a fair amount each month in rental income from our properties. My wife is a fulltime teacher so she also earns a good income. Being on a Gold Card my health care is fully covered so I don;t need to pay for health care which is a relief. The PPOR was finished just before Christmas so I'm looking to invest again. I have been pretty lucky and fortunate with some of my property investing thus far. I only wish I'd stuck with my plan before Sydney really took off but there was to much uncertainty with my looming discharge. My first property was purchased in South Penrith for $275k I currently owe $235k. The property has recently appraised by two local agents.The first appraisal was $580k and the second was $600k. It currently rents for $430 p/w. My second property was purchased in Gunnedah. It was purchased as a bit of a speculative buy as there was big things planned with a massive coal mine. I purchased the property for $135k (in hindsight about 15k to much) but it has always paid for itself. I had long term tenants paying $240 p/w who ever so graciously gave there notice to vacate at 2pm on the the last working day of 2016 before the christmas break. They vacated the property on last week and it's still vacant with no tenant as yet. My third property was purchased in Riverstone and it has gone through the roof. It was purchased in 2012 through a buyers agent for $355k and it was a dump but it was a dump on a large block 1020sq. I used the buyers agent's trades to renovate the property and that was a massive mistake. Nothing happened with the house for months. I made numerous phone calls and no one ever answered or returned my calls or emails. I went to fair trading and that's when I finally heard from them. The renovation was finally done but the workmanship wasn't the best. I was just happy to have it finished and tenanted. In 2014 I had a 3 bedroom house built out the back yard and the house is now a dual occupancy and bring in $840 p/w. I owe $425k. A local agent told me the other day that if he were to sell it he would advertise it as offers welcome. He said he thinks it's worth around $900k+ . Our PPOR as mentioned previously has just been completed and it's cost us around $870k so far for the land followed by our custom designed house. A local agent is coming on Monday to give an appraisal. I expect it to be around $900k. I was thinking about using a BA but I have a bad taste in my mouth from the last one even though the property has value has roughly doubled in 6yrs. I'm looking at going it alone and learning as much as I can from here. I have been in touch with a new broker from here and hopefully he'll be in touch with me later on with some figures. I'm also open to the idea of doing a development if the opportunity came along. My biggest fear is obviously purchasing the wrong property especially given the fact that we have a young family. I'd like to think that I've learnt many lessons about investing in my journey so far. Hoping to learn a lot from people on here and perhaps even provide some input.
Hi Terry, Wagga was actually one of the places that I was thinking of possibly investing in. I was looking at rural areas like Wagga,Tamworth and Towoomba etc. But I am only just starting to look into it. I wont be rushing in. Koroa is a lovely spot. We actually looked at a few houses there until we found the block of land a bit further up the highway. When you do come up I might come down to the site and have a look if you don't mind? I was looking at doing a development with a few other people in Toormina right on the boundary with Sawtell. The land sold unfortuanalty.
That would be fine CS.It is in a built up area which does add a bit of stress to the development but hopefully the neighbors are a bit understanding.The street name is Seaside Cls and it runs off Tranquility Dr (I think.ha,ha)Anyway,once we get going I'll stay in touch and you can come around for a look here and there if you are interested.In regards to Toormina I think that would have been ok (development) as I think it is starting to stir a little after not doing much for quite awhile.Regards Terry.
I just reread your post CS and noticed that you mentioned Tamworth.I don't know about the town but the carpenter we had lined up for our job has just told my son that he is going to have to pass on it as he is going over to Tamworth long term to build a couple of spec homes with his brother as it's going really well there.Again,I don't know anything about the town,just what this fellow is saying.Regards Terry.
Thanks mate, Look forward to meeting you and watching your development come along. My wife is actually from Tamworth. She still has a bit of her family is still there and well connected to the Qbuilding industry. So I will definitely be looking at Tamworth more closely.
Interesting story and great portfolio, welcome aboard I take it by your name your a penrith Panthers fan Check if there's an over supply in tam town with the building industry atm
I take it by your name your a penrith Panthers fan I'd forgottten about the Chocolate Soldiers tag Bob,they have certainly shed that nickname these days and with the young blokes coming through will be a force for a long time I think.Regards Terry.
Hi Bob, yes sure am . love the mighty Panthers! life long supporter. I can see the premiership returning to Penrith this season . Thanks for the advice on Tamworth. I havnt been there for about 10months but last time I was there were new estates popping up everywhere so there may very well be an oversupply. I had planned to look more at the established parts of town in the $350k - $400k area. Are you familiar with Tamworth?
I didn't think it would be a navy reference! Nice one, I'm a local boy. Looking forward to getting to a few games this year, haven't been following much the last couple of years. What's your link with the panthers? Were you once local? It's rare to find supporters outside penrith but in most cases its a link to living here at some stage. Lived in Tamworth in 2010.great town There's been some talk on here about over supply plus a mate was telling me how much it's expanded recently. Plenty of land for it though! As long as there are the job's and developable to support the growth should be all good. Avoiding the new estates I'd look to north and east Tamworth for the premium locale plus have better demand. I loved in North tam and was a short walk in to town
moral of the story: you only need 2 x Sydney (west) properties purchased prior 2013 to give yourself a boost in your financial goal.
I'm trying to forget all references to the Navy since they screwed me over. But in all seriousness I wouldn't be where I am now if it weren't for the Navy. Yes I'm from the area, grew up in Tregear and brough my first proeprty in Werrington County. Before selling up and living in Cronulla for 8yrs before moving to Coffs. I didn't get to any games last season, first time ever. Hopefully I'll get to a few games this season. Thanks for your advice re; Tamworth. I'll look into it and see what's available.
I actually had another at Werrington county that I sold after living in it for two years in 2008 or abouts. I only made about $10k, wish I held onto it. I did get extremely lucky with the growth that occurred In Riverstone and Sth Penrith . I always had faith that the market would rise but I wasn't expecting it to happen so quick.
