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poor old pensioner just bought first IP

Discussion in 'Introductions' started by shimmy, 18th Jul, 2016.

  1. shimmy

    shimmy Well-Known Member

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    Hi all

    I stumbled across this website while researching about tax matters for my first IP just recently bought at Elizabeth North in South Australia. I'm so impressed with the amount of information available and am busy looking through the forums and threads to increase my knowledge. Regards
     
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  2. ellejay

    ellejay Well-Known Member

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    Welcome to the forum, but prepare to become addicted :) Congrats on your purchase. I'm keen on Adelaide and hope to buy there eventually if I can squeeze out any more lending.
     
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  3. shimmy

    shimmy Well-Known Member

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    Thanks for the welcome ellejay :)...yes, I can see it would be easy to become addicted. I've been warned! Good luck getting more lending and hope to see you in Adelaide!
     
  4. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Welcome @shimmy. This is definitely the place to increase your knowledge :)
     
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  5. shimmy

    shimmy Well-Known Member

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    Thanks for the welcome Steven :)
     
  6. JacM

    JacM VIC Buyer's Agent Business Member

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    Welcome @shimmy, and really glad to hear you're finding the information on the forums useful !
     
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  7. shimmy

    shimmy Well-Known Member

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    Thanks Jacqui! :) I sure am finding the forums useful! Wish I had known about buyers agents before I bought the IP sight unseen off the internet :eek: ...Oh well, I know now for next time.
     
  8. JacM

    JacM VIC Buyer's Agent Business Member

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    :eek::eek:

    Indeed you will be equipped with more knowledge for next time :)
     
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  9. Jerry O

    Jerry O Well-Known Member Premium Member

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  10. shimmy

    shimmy Well-Known Member

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    Thanks Jerry, appreciate the welcome and the link :) It was actually that thread that I first found on the internet that led me here. Lot's of good, relevant info and I'm going to read it more thoroughly now
     
  11. kamchatsky

    kamchatsky Well-Known Member

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    Welcome @shimmy! What made you invest at Elizabeth North, SA? Given you are from ACT?
     
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  12. shimmy

    shimmy Well-Known Member

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    Thanks for the welcome kamchatsky :)

    Lot's of reasons for choosing Elizabeth North. I was born and bred in Adelaide (Hope Valley) so know the place reasonably well although not lived there since I was a young adult. Also, being on the pension and having limited funds I could only service a very small loan which restricted me to either buying a crappy unit here in Canberra or Queanbeyan and dealing with body corp and too many units here anyway or buying regional.

    I found that for me, my best option would be as close to a city as possible and when I checked out Adelaide I found a place at Elizabeth North within my miniscule budget and it paid high rents and low vacancy rates. I'm keen to buy another place here but will have to see how this goes first.

    My first offer on the property was rejected and I wouldn't negotiate any higher. Then a few weeks later the agent phoned as the contract had failed and so I upped my offer, signed a contract and put a time limit on the vendor to accept. Luckily it worked and my offer was accepted.

    I did have to spend $25k in reno's and repairs but it was completed in 3 weeks and the tenants moved in on the same day the painters finished (shame the painter left his crap everywhere though, bits of plaster, sanded paint, coffee cups etc...@#$% poor tenant)

    Oh well, I'll know for next time.
     
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  13. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Cool, congrats for buying an IP. Question for you.... you said this:

    If you didn't "up" your offer, do you think you might have still gotten it? Because I personally think you might have... as the agent came back to you...
    Anyway, my congrats again, and consider it as all a learning curve in any case. :D
     
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  14. shimmy

    shimmy Well-Known Member

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    HI Gockie, yes I think I might have been able to. I didn't want to risk not getting the place though as to me, it was the best available for the price (even if an old asbestos fibro) being detached on on a large block of land. I'm very much a novice at this and decided to just leap in with both feet and hope for the best. I might need to work on my game face ;p
     
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  15. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    I am more surprised that a SA real estate agent actually called back :D

    Welcome shimmy
     
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  16. shimmy

    shimmy Well-Known Member

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    bwahahahah :) Well, funny you should say that Dave as after the contract had been signed by both parties my once immediately answered phone calls were replaced with a voice message and no return calls...however, my emails always got a response, usually within 24 hours and more often than not same day so really can't complain. Easy to say now it is all done and dusted but it was the poor communications that made me change to another agency to manage the property. Being interstate, timely communication is a big deal for me.
     
  17. datto

    datto Well-Known Member

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    Welcome aboard slimmy!

    I invest in low socio economic areas as well. Not so much because they are cheap areas but because I fit in well there.

    The Mt Druitt area of Western Sydney is one area where I have splashed some cash and has done well in recent years.

    Certainly an area to look at when you are considering IP # 2.
     
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  18. shimmy

    shimmy Well-Known Member

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    Hey Datto, Thanks for the welcome. I've lived in Sydney before too, north, south, east, west, including Guildford. I got married at the Auburn Japanese gardens! :) Yes I fit in nicely in low socio economic areas too. I like the people and straight talkers. I wouldn't be able to afford Mt Druitt, nowhere in Sydney... but who knows what the future holds! Will keep it in mind if my circumstances change thats for sure.
     
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  19. datto

    datto Well-Known Member

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    Wow, you have been around. Not sure if the Japanese Gardens are still there but I used to fish in Duck Creek before gangsters started dumping their rivals there.

    The whole area has changed culturally but the Tennis Club on Chisholm Rd is about the only thing secular for miles around lol. Oops better not go there.
     
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  20. shimmy

    shimmy Well-Known Member

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    haha, well I just had to google and catch up on what you are telling me... blimey, body in duck creek last year! tennis club still going and Yes! Japanese Gardens are thriving too! Good to catch up lol