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Hi from Sydney

Discussion in 'Introductions' started by msj, 13th Jul, 2016.

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  1. msj

    msj New Member

    Joined:
    12th Jul, 2016
    Posts:
    2
    Location:
    Sydney
    Hi all,

    A very long time lurker on somersoft and now propertychat forums. I thought it was time to say Hello and quickly introduce myself.

    I'm a mid 30's, female, single mum - to 2 beautiful boys, living in Sydney. Have a PPOR, 3 x IPs and in the process of subdividing one of them in to a duplex and "gift" one to my parents and keep the other one for cash flow.
    I hope to continue to build my portfolio in the next few years to fund for my "lady of leisure" future.

    I was hoping to be a "lady of leisure" by 40, but it may take an additional few years to get me there.

    I'd like to add that I enjoy all member's stories and experiences and has provided me daily motivation.

    Thanks all and hope to continually connect with everyone soon
     
    Gockie likes this.
  2. House

    House Well-Known Member Premium Member

    Joined:
    13th Sep, 2015
    Posts:
    767
    Location:
    Sydney
    Welcome :) doing well for a long time lurker!
     
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  3. Jerry O

    Jerry O Well-Known Member Premium Member

    Joined:
    21st Jun, 2015
    Posts:
    360
    Location:
    NSW / Melbourne
    Welcome @msj, pretty good numbers there for a long time lurker indeed. Would love to hear the numbers on your subdivision project if that is okay. And the lady of leisure goal sounds great as well. kudos to you for building up and sustaining this portfolio while being a single mum to two kids. Great work!
     
    msj likes this.
  4. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Hey @msj , welcome aboard.
    Sounds like a good plan!
     
  5. msj

    msj New Member

    Joined:
    12th Jul, 2016
    Posts:
    2
    Location:
    Sydney
    Hello @House , thank you.... Hehehehe I like to observe from far and thought today was the day to say Hi to everyone on PC.

    Hi @Jerry O , thank you as well.
    In terms of numbers I'm happy to provide high level
    Current property in Merrylands (Holroyd council - the joys... :()
    680sqm land and subdividing to 2 x single-storey units (3-2-1).
    Reason for single storey - one unit is for my parents and they are getting on, hence the use of stairs is a current issue in their current PPOR. Therefore I decided to take the cut in rental return for the other unit and build a single storey to cater for their needs.

    Bought the property in 2011 for $410K
    Have a good chunk of equity and buffer on it now and have refinanced for the build.
    It will end up costing me for build + current mortgage just over $850K (refinanced loan amount) - which includes demo, rebuild of 2 x units and post-build activities (e.g.landscaping)

    Current PM has quoted a RR of unit 1 to be $600 per week - which I believe is quite reasonable considering market and location.

    Hope that helps.