if you want it badly enough you will make the sacrifices to make it happen. If you don't, you'll make excuses as to why you can't or won't be able to do it. If I can do it, anyone my age can.
Well said!!! All it takes is drive and action.
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if you want it badly enough you will make the sacrifices to make it happen. If you don't, you'll make excuses as to why you can't or won't be able to do it. If I can do it, anyone my age can.
Hi Nixba
How are you managing/organising the reno with the whole interstate thing?
Cheers
Pins
Hi guys,
Just an update on this property. We settled yesterday and renovation works are commencing on Monday. I'm up in Brisbane atm, and will be going and seeing the property tomorrow.
Our PM has a tenant lined up at $330pw. At this stage we are looking at them moving in on Monday 13 October, however if renovations are complete earlier, they will move in earlier. The tenant is paying 3 months rent in advance.
Will post some pictures once the Green Ugly Duckling has been renovated.
The planning now begins for #4, #5 and #6 in 2015!
Kind regards,
N
Well done Nixba! I've been following your posts closely, very inspirational to say the least.
Great stuff mate. One question, why is the tenant paying 3 months in advance? Great work on also getting someone before doing your minor reno. Is it a tight rental market around there at the moment?
Hi Nixba, love hearing young investor stories! Can I ask with regards to your 97% LVR, is that the same with your other IPs? Do you try to reduce your LVR on them or leave as is since it's cash flow positive? 3 IPs by 24 WOW.
Thanks,
Dex
Two portfolios! That us really good. Keep updating as we all love such inspiring stories!
Just wondering how much are you paying to paint the place?
Seems like $3k is the figure for 2 bedders in qld?
Just a quick firstly nice work you are well on the road to freedom keep up the drive.
I noticed did you include property management fees in you calculations??
The Numbers:
* Purchase Price: $242,500
* Expected rent post settlement/renovation at $330pw (day one yield of 7.07%). Rental income monthly = $1,430.00.
* 97% LVR inc LMI capitalised - total loan: $237,067.00 from Westpac at 4.84% = Monthly repayments of $956.17
* Other expenses: Council rates ($233.33pm or $53.85pw), Building & Landlord Insurance ($72.15pm or $16.64pw), and Property Management fees ($109.69pm or 26.18pw).
Total Cash Flow Pre-Tax:
Income: $330pw or $1430pm
Expenses: $316.46pw or $1371.34pw
= +$13.54pw or +$58.66pm
Nice the figures look good then.Hi kingchevy
Many thanks for the kind words.
Yep - property management fees were included into the calculations from the initial post.
Hope this helps.
N
Hi Moneyman_85
Full internal and external paint for this 3 bedroom house comes to approx $5,000 total (which includes 3 coats internal walls and 2 coats for ceilings, doors and frames). The $5,000 total also includes a gerni wash for the entire externals of the house as well, including rear decks, step treads etc.
Hope this helps.
N
is it just me or is that alot of money for a paint job?