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

  1. VeronicaR

    VeronicaR Well-Known Member

    Joined:
    26th Jul, 2015
    Posts:
    49
    Location:
    Regional NSW
    Hi everyone,

    I have been reading SS and now PC for several months and thought I would finally make an account. We rent in regional NSW and own a splitter block in Brisbane (bought as ppor but then moved).
    Since accidentally becoming the owner of an IP I have been increasingly interested in more... but am a bit concerned that my timing is off with all the lending changes!

    I am looking forward to learning more and getting to know you all.
     
  2. rhinsor

    rhinsor Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    437
    Location:
    Perth
    Welcome, investing in property becomes addictive :D
     
  3. OC1

    OC1 Well-Known Member

    Joined:
    6th Jul, 2015
    Posts:
    212
    Location:
    Melbourne
    Even when you want to stop you just can't :p
     
  4. VeronicaR

    VeronicaR Well-Known Member

    Joined:
    26th Jul, 2015
    Posts:
    49
    Location:
    Regional NSW
    I've certainly become addicted to reading this forum! :)

    Ideally as a next step I'd like to buy something cashflow neutral to balance the shocking yields from our rental. The next step is finance! Just have to complete this year's tax return and have a valuation done on our Brisbane property. Hopefully there is enough equity to actually do something.
     
  5. mja

    mja Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    175
    Location:
    Sydney
    Welcome!

    Did you want to keep your negative geared ex-PPOR long term? Is there much emotion attached to that property?
     
  6. VeronicaR

    VeronicaR Well-Known Member

    Joined:
    26th Jul, 2015
    Posts:
    49
    Location:
    Regional NSW
    Good question! The only reason why we are holding on to it is the fact that it now has a DA approved to split the title and move the existing house over, so ultimately there should be some decent profit there once we finance the works... if someone was willing to pay us a premium we would certainly sell it. We are realistic about its current market value though (it's in a great suburb but on a main road).
     
  7. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    902
    Location:
    Melbourne
    That's why the banks are there to help you with the addiction by refusing to lend you more money.

    The Y-man
     
  8. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    Hey @VeronicaR, welcome to the forum. I saw you signed up after reading the gender/age poll. Good stuff.

    Where are you considering for the next investment? :)
     
  9. VeronicaR

    VeronicaR Well-Known Member

    Joined:
    26th Jul, 2015
    Posts:
    49
    Location:
    Regional NSW
    We live in Central West NSW so probably somewhere handy so we can do a cosmetic renovation easily. Maybe Dubbo? It seems to be fairly stable as a regional centre, good yields and there has been a major approved mining development (although I am aware of the risks associated with mining boom/busts). I'm not interested in units or off the plan developments so it would be an established house.
     
  10. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    Cool. So you like to be hands on? Good way to add value if your labour is (mostly) free.

    Ever consider buying bit further from home? Lots of us are buying in Brisbane at the moment.
     
  11. VeronicaR

    VeronicaR Well-Known Member

    Joined:
    26th Jul, 2015
    Posts:
    49
    Location:
    Regional NSW
    Yes indeed, we just did a mini reno of our Brisbane house. When I say we I really mean my partner! I suppose buying in Brissie again is appealing but it might be good to spread the risk out a bit? You would probably have a better idea than I do. Also two Brisbane sized mortgages is quite an undertaking as I am exclusively interested in houses. We earn good salaries but I am not sure if our property has moved at all in value from an equity perspective. We do not have cash for a deposit. I am also now loath to draw Commbank's attention to the fact that we now have an investment loan... but I will probably (certainly) get a valuation anyway.