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Discussion in 'Introductions' started by Cem, 31st Mar, 2016.

  1. Cem

    Cem Member

    Joined:
    31st Mar, 2016
    Posts:
    14
    Location:
    Sydney
    Hey Guys!

    Thought it was about time that I created an account on PC and join in the fun.

    Long time lurker on SS forums, ever since I was first given More Wealth from Residential Property which was my first property investment book. I did have an account on SS but cannot remember for the life of me.

    Its great to see the forums continuing and people still looking to share ideas and help each other.

    I was first introduced to Property Investment in 2013 by my manager at work whom already had a healthy portfolio. His broker (who was an investor herself) helped me through my first property which was a H&L in the Newcastle region. Lots of problems, Fair Trading involvement, possibly not a great foundation, however I learned alot from the experience.

    Then hit a bit of a wall with a major hickup on the job front, so I decided to take a career break (or more so to do what I couldn't after I finished school). Once the job front settled, I was having a major case of itchy feet or FOMO and possibly made a decision without performing all the right due diligence and I put down a deposit on a OTP in the Brisbane CBD :oops:

    Hoping I wont come out to batted and bruised and by spending more time on these forums will help with the next one.

    See you around the forum!

    Cem
     
    WattleIdo likes this.
  2. teetotal

    teetotal Well-Known Member

    Joined:
    7th Nov, 2015
    Posts:
    398
    Location:
    Sydney
    Welcome mate. Hope to see you around more often.
     
  3. monalisa

    monalisa Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    314
    Location:
    Sydney
    Hi @Cem

    Welcome to PC!
     
  4. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Hey @Cem , welcome aboard.
    Do you still have the Brisbane apartment?
    Where to next?
     
  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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

    Welcome aboard - hopefully it's smoother sailing from here on.

    Cheers

    Jamie
     
  6. Cem

    Cem Member

    Joined:
    31st Mar, 2016
    Posts:
    14
    Location:
    Sydney
    Thanks guys

    I still have the apartment Azazel. Paid a 10% cash deposit, only to then find a whole lot of info on the volume of stock that is going to bw dumped onto the market over the next year of so. Its due for completion at the end of the year, so I am hoping to get a good tenant in and ride out any bumps.
     
  7. tomlemke

    tomlemke Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    362
    Location:
    Newcastle
    welcome @Cem sorry to hear about your rough start, guessing you bought a h&l at cameron park?
     
  8. Cem

    Cem Member

    Joined:
    31st Mar, 2016
    Posts:
    14
    Location:
    Sydney
    Seaside Estate in Fern Bay. Just north of Stockton. Lots of new land releases and development going on, but Im hoping in the long run it comes good
     
  9. DiligentPM

    DiligentPM Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    443
    Location:
    Brisbane
    Welcome to the Forum...many folks here myself included have experienced tough rides including great outcomes....the wealth of insights and information here is Gold to facilitate great decision making
     
  10. shreko

    shreko Member

    Joined:
    16th Dec, 2015
    Posts:
    16
    Location:
    newcastle
    What was the problem with Fern Bay? Developer issues or builder?
    Good spot though.. I'd be tempted to live there.
     
  11. tomlemke

    tomlemke Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    362
    Location:
    Newcastle
    Construction costs seem to be the only thing that drives growth. We are trying to sell a house in the estate at Pacific dunes in Medowie, it cost 650k for the land and build in 2008 best offer we have had in 3 months is 610k.

    They did have a shopping centre and pub planned. I couldn't find any information online, 10km is along way to go in Newcastle Fern bay is 16km.
    Rawson homes is the developer they have a pretty good name the only major employer would be the Raaf base.

    Where do you work @shreko ? @Retiree purchased a duel occ in fern bay he might be able to give you some better information
     
  12. shreko

    shreko Member

    Joined:
    16th Dec, 2015
    Posts:
    16
    Location:
    newcastle
    Shops and pub won't be coming for a while yet which makes it surprising that people absolutely love it there.. paying massive money at the moment.
    I suppose the peace and quiet and nearby beach would be good.
    I work for a local builder.
     
  13. Cem

    Cem Member

    Joined:
    31st Mar, 2016
    Posts:
    14
    Location:
    Sydney
    It may be best not to name the builder, but yes I had massive problems with the completion (or lack thereof) of the work. My initial building report was 5 pages long. It has been over 12 months since I submitted a warranty claim and the repairs are still continuing.

    I heard mixed messages about trouble with the builder. Partnership problems or something, so I was very accomodating. I was lucky to get a tennant in who has looked after the place.

    @tomlemke, Ive seen some prices up at the $600k mark. But there is still so much land available I dont think the growth will be what I was initially led to belief