1st IP - Settled, I have the Key and the tenant!

[Josko]

Thank you, Shoshin and MiniMogul for your well wishes.

You will be sooooooooo happy and it will make a huge psychological difference to your life when you own your first property. crack open the cristal and slap yourself on the back, then start figuring out how soon you can get your next one.!

Yes, I am sooooooooo happy, the feeling is great.

Yes the agony of waiting for the next one!

Cheers to all. ivi

[TheCount]

WAN, WAN IP.

[Rolf]

Congratulations ivi!
I got mine in October, did renovations in November and got tenant one week after finishing reno. Yes it feels really good
Loking forward to the next one, sometime this year...

[Josko]

Cheers Rolf, keep us posted on the progress on the next one, it helps the motivating spirit.

[cube]

Well done ivi - you've made it past the 'Should I Shouldn't I' phase, breezed through the 'omigod what have I done' phase and you are now set on the path to success.

Congrats.

cube

[Gerrard]

Hi ivi - congrats from me too. Some say it only gets easier from here - some say i only gets harder stick with it and good luck for the next one.

Gerrard

[CJ]

What did you end up getting. it was an apartment in Birkenhead wasn't it?

If you dont mind me asking, How many bedrooms and what rent are you (planning on) charging?

CJ

[Josko]

Thanks cube, Gerrard, I am grateful for the encouragement.

CJ, yes its is an apartment in Birkenhead, 1 Bedroom, currently tenanted for 270/pw, no plans to raise it though the statistics for the area shows a max of 285/pw. Might need to repaint the interior, put a table and chairs on the balcony to get the increase, we'll see.

Here is the building, looking forward to getting on the body corporate and contribute to changing the colour. If there are any other investors in this building on this forum, I would welcome a PM to say hello.

Curently For Sale - Link active as @ 4/2/05

[LondonKiwi]

Congrats Ivi

It does get easier from here. Now's the fun bit where you see the money come in and go out, if your like me all done via a spreadsheet that makes it nice and easy for the accountants at financial year end. (And a lot easier to see the full picture when you have multiple IPs as you will have in the future)

Property looks sounds from the website. Sun looks nice too! Forgetting what that is like over here in London!!!!

On the plus side though I am off to Rio tonight for Carnival, will have to keep in touch with the the property discussion from an internet cafe over there!

Congrats again, now on to Lawrence to get his first!

LK

[AustinWong]

Congrats Ivi...

Throw the key...if I catch it I may be next.

Well done...

Lawrence

[duvetray]

well done IVI

only now does your expertise Begin to explode, look forward to the next one.. ditto what londonkiwi says about the sun although we had a cracker of a sunny day here on the farm in Wales, and we have a good view of the wild Irish Sea..

enjoy beating the barrier if you can do 1 successfully and you apply the same tactics and care to your next IP selection you will fly on, dont be complacent though..

[Josko]

Thank you LondonKiwi, to think I could have gone to Rio myself, oh well, the sacrifices we make. Only 5 years to go.

AustinWong, cheers, you have the keys now, all up to you.

Thanks duvetray, this is what I am looking forward to, the gaining of expertise. Farm, the wild Irish Sea, I like that image...

Yes becoming complacent will be the challenge as we know the majority of investors have 1 IP. So on with the next one.

Cheers, all.

[fudosan]

CJ, yes its is an apartment in Birkenhead, 1 Bedroom, currently tenanted for 270/pw,

Maybe it's buried somewhere, but can you tell me the yield you get out of this property?

[Josko]

Maybe it's buried somewhere, but can you tell me the yield you get out of this property?

I wish I could fudosan, so many different ways of calculating the darn thing Ive seen it as 6%pa net, 6.69%pa, 6.9%pa, -ve, +ve its driving me bonkers. I know its a yield of 6%-7%, and that it will be +ve after tax.

If there is an average of 5% growth over the next 5 years it will workout to about 21% return on capital.

In my book that will be just fine.

[Monid]

Well done Ivi, though the yeild is a bit low for me, and I don't like counting on the tax to make a place positively geared. Still sometimes the only way to learn to swim is to get your feet wet

If there is an average of 5% growth over the next 5 years it will workout to about 21% return on capital

Don't get caught by this though, relying on 5% growth per year over the next 5 years maybe too ambitious and in any case you have to factor in inflation of 2-3% and this makes the return much less... Still probably altogether better than having the money in a bank tho