Join Australia's most dynamic and respected property investment community

Mumbai

Discussion in 'Introductions' started by Mumbai, 19th Jun, 2015.

  1. Mumbai

    Mumbai Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    763
    Location:
    Sydney
    Hi Peeps,

    I am and 'from' Mumbai! I turned 37 last month and a very late starter to my investment journey. I work as a IT Manager.

    Travelled to this beautiful country on a student visa, along with my wife, in 2007 with a $15000 debt (student loan in India) and savings just enough to keep us afloat for 3-4 months. Luckily, wife got a permanent job soon and I worked part time (student visa req) for 2 years before getting residency in 2009. We were blessed with a girl, early 2010.

    After paying off my student loan and home loan (apartment in Mumbai), we bought our first car outright in 2010. In hindsight, I should have bought a demo/used car, thus freeing some money for our house deposit.
    Anyway, we bought our PPOR in 2011, which kick-started our journey. We have bought the following so far:
    • 2011 - 3 bed house, Girraween, Sydney (PPOR) - $480,000
    • 2012 - 3 bed house, Girraween, Sydney - $392,000
    • 2014 - 3 bed house, Doonside, Sydney - $460,000
    • 2014 - 4 Bed house, Rochedale South, QLD - $415,000
     
    WattleIdo, Chris_R, ellejay and 7 others like this.
  2. Redom

    Redom Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    853
    Location:
    Sydney (West) and Canberra
    Done very well Mumbai - great work. I assume those Sydney places in those locations have done incredibly well for you.
     
  3. WinDyz.

    WinDyz. Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    155
    Location:
    Hidden Leaf
    Well done and welcome
     
  4. Mumbai

    Mumbai Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    763
    Location:
    Sydney
    It definitely has.
     
  5. legallyblonde

    legallyblonde Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    685
    Location:
    TAS
    Hey Mumbai... What motivated you to keep the apartment in Mumbai..What sort of yield does it achieve (if let)?
     
  6. Mumbai

    Mumbai Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    763
    Location:
    Sydney
    Well, its always good to have something where you were born. That's too emotional.

    Financially, it is a paid off apartment and based on what I paid when I bought it, the yield is around 18%. The cg is amazing though
     
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,158
    Location:
    Gold Coast
    18 % on buy price , what about on current value ?

    I have a lot of clients from the region that hold property or business stock, so its not just an emotional thing per se, but a cultural one im guessing ?

    ta
    rolf
     
    legallyblonde likes this.
  8. monalisa

    monalisa Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    313
    Location:
    Sydney
    You have done really well for the time you have been here! Well done!!
     
    Beanie Girl and legallyblonde like this.
  9. legallyblonde

    legallyblonde Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    685
    Location:
    TAS
    Congratulations @Mumbai ! That is an awesome yield.
     
  10. ellejay

    ellejay Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,087
    Location:
    Kimberley and NZ
    Awesome, congratulations of several fronts :)
     
  11. Mumbai

    Mumbai Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    763
    Location:
    Sydney
    As I said, CG has been great. So, yield based on current price is around 3.5%.
     
  12. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,568
    Location:
    Adelaide, SA
    Good on you Mumbai!
    Whats next on the investing agenda?
     
    legallyblonde likes this.
  13. Mumbai

    Mumbai Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    763
    Location:
    Sydney
    Next up is Brisbane again. I could not bring myself in terms with investing in Adelaide ATM. I don't see the fundamentals as strong yet.
     
  14. York

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,619
    Location:
    Sydney
    Great achievement in such a short time Mumbai. Have you considered another purchase in India? Maybe another city that hasn't taken off yet?
     
  15. legallyblonde

    legallyblonde Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    685
    Location:
    TAS
    My understanding was that it is REALLY hard to 'cash out' of India...
     
  16. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Hey Mumbai, good to hear you're back as an IT manager.
    Look forward to seeing where you go next.
     
  17. York

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,619
    Location:
    Sydney
    Really? Didn't know that. We'll he has a property there at 18% yield. So definately CF+. I assume he has a method of taking money out or he has some kind of setup in India. Interesting point though. Maybe @Mumbai can shed some light?
     
  18. Mumbai

    Mumbai Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    763
    Location:
    Sydney
    It's not that 'hard' to cash big amounts out of India, if you know what I mean.
    But, I don't need it. I keep my money in the local bank and use it when I visit India once in a year. I also send money to my parents as frequently as I can.
     
    York likes this.
  19. Mumbai

    Mumbai Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    763
    Location:
    Sydney
    Working as a business analyst now, in a better company than earlier.
     
  20. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Good to hear, well done mate.