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My Purchase

Discussion in 'General Property Chat' started by Tranquilo, 9th Sep, 2015.

  1. Tranquilo

    Tranquilo Well-Known Member Premium Member

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    Be gentle guys:) lol. Wasn't going to share it, but many have help me a long the way.
    This is my 2nd IP. May be a while until the next with all the changes in lending.
    Reason for higher price was the lower end of the market the numbers just wouldn't work.
    Originally had a better rate but went fixed last minute which pushed me slightly negative.

    Ok buying at $387500 and tenants signed 1yr lease at $475. Edens Landing Logan

    Loan with LMI - $346331 repayments $299 a week CBA 4.49 fixed 3yrs

    Top up Loan LOC - 12% deposit $46,500, stamp$12,960, Solicitor $1800 repayment $57 a week

    rent cover platinum, $17 a week

    PM's fee's $42.75 a week

    Rates $66 a week

    Depreciation just over $9,000 first year

    Total income $24700
    Expenses $25051
    Negative $351

    With depreciation will put me back to positive at tax time.

    http://www.realestate.com.au/property-house-qld-edens+landing-120138257
     
    eng, Kyaw, CU@THETOP and 21 others like this.
  2. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Congratulations mate. Thanks for sharing and Well done! Takes a lot of guts and courage to go after your dreams. Nice one! ;)
     
    Tranquilo and Taku Ekanayake like this.
  3. D.T.

    D.T. Adelaide Property Manager Business Member

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    I don't know the area at all, but the numbers sound okay to me.

    Grats on your buy - where next? :)
     
    Tranquilo likes this.
  4. Angel

    Angel Well-Known Member

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    That's great news.
     
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  5. skater

    skater Capitalist Premium Member

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    Congratulations!
     
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  6. JesseT

    JesseT Well-Known Member

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    Congrats looks like a good, problem free house. You had been searching for some time now hadn't you?
     
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  7. Tonibell

    Tonibell Well-Known Member

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    Well done.

    What are you plans with it - just hold it and let the market do the work ?

    Looks pretty much all done, nothing to spend.
     
  8. MsAli

    MsAli Well-Known Member Premium Member

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    Tranquilo and Leo2413 like this.
  9. Richard Williams

    Richard Williams Buyers Agent - Southeast QLD Business Member

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    Make sure your termite barrier is up to date for that area (if timber frame)........
     
  10. RetireRich101

    RetireRich101 Well-Known Member

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    I like EL, a better suburb in Logan. however over 50% of the suburb trigger a landslide overlay
     
    Nick14 likes this.
  11. Heinz57

    Heinz57 Well-Known Member

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    Handy for the train which is always a plus with the M1 getting busier
     
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  12. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    Congrats @Tranquilo well done! Basically cash neutral too.
     
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  13. Harro

    Harro Well-Known Member

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    It seems that your DD has come to fruition. Well done! Are you considering purchasing more in the area?
     
  14. monalisa

    monalisa Well-Known Member Premium Member

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  15. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    Thanks for sharing @Tranquilo! Congratulations :)
     
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  16. JDP1

    JDP1 Well-Known Member

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    nice one...
     
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  17. Kael

    Kael Well-Known Member

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    Congrats mate! Looks like a great buy :)
     
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  18. Tranquilo

    Tranquilo Well-Known Member Premium Member

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    To be honest not sure where next.
    With the new lending changes it may be a while.:(
     
  19. Tranquilo

    Tranquilo Well-Known Member Premium Member

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    Thanks.
    If I could have went again straight away I would have bought maybe Bethania.
     
  20. Tranquilo

    Tranquilo Well-Known Member Premium Member

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    Yep just buy and hold and let time do its magic