澳洲Australia property How and how long did it take to get your


在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo


Hey guys

I must admit after buying my first IP late last year i have now got what they call the 'itch'.

What i would like to know is: (i) How did you guys get the second IP? - Did you access equity from the first one?? Did you save up another deposit then repeat the process??

(ii) How long after the first one did you secure the second?? - 1 day, few months or a couple of years??

Interested to hear everyones responses as i would like to get a second one asap even though my back balance doesnt agree with me!!  

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getting the first took a lot of effort. it didn't seem like along time to me, but according to my FIL (investing partner) it was nigh-on 12m of research.

however, it's been a long time between drinks. how long? about three years.

that said, i have built a house in that time, had another child and built a business.

priorities...i guess.

planning to get back into it all very soon.  

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Elfi said: ↑
What i would like to know is: (i) How did you guys get the second IP? - Did you access equity from the first one?? Did you save up another deposit then repeat the process??

(ii) How long after the first one did you secure the second?? - 1 day, few months or a couple of years??Click to expand...
1/ Borrowed against the equity in ppor & ip1
2/ 12 months.  

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Our first IP experience involved a lot of naivety on our part, and a crim who stole our 10% deposit on an OTP property.

We were then also scared by banks being very non-committal about giving us loans on the property until it's completion (like, yeah that's really helpful!)

So we saw no choice but to buckle down, cut costs and worked 2 jobs each - to make sure we had a "sizeable" equity to settle with.

At settlement, we ended up with about 40% "deposit" (on top of the 10% stolen from us) - and in the end got a 90% loan from the bank.

So we then used the 30% freed up as deposit for our next 2 properties.
(Working 2 jobs each helped our serviceability heaps too)


The Y-man  

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Wow Y-man, 2 jobs each - now thats inspirational!! Hats off to you my friend!!
Thanks for responses guys.
Im just in a sticky sort of dilemma. I wanted to jump in to property investment after lurking these forums for about 6 months. So late last year i took the plunge and basically used all my money as a deposit for a unit i brought...
Im not sure if i can already draw on equity? Or if i have to save up another deposit again? I can service 2 loans of similar size to my existing loan on my income.($260k loan)
Still amazes me how some people have 5+ properties! Inspirational stuff!!  

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First IP was cheap, so we just took out a personal loan.

Second IP took about 8 months to secure financing, as it was an 11 unit MURB.It was emotionally draining for both of us. Rob had the profits from his house he sold in Victoria, and the rest of the downpayment came as a Vendor Finance as a second mortgage.Trying to convince a lender we didn't need a PM was the difficult part. We refused to allow anyone to run our business, and there just wasn't any companies in our small town that offered it (thank goodness)

In order to initially qualify for a mortgage of this size, I was working a year straight 40 hrs during the week, and 2-16 hr double shifts every weekend.

Rob was the stay at home dad of 3 teenage boys,and took care of all of us.  

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First IP was council unpaid rates auction,
Cash sale,(Land price)
Spent months of my free time doing it up,
12 months later,found another cheap one,done the same thing,
Probably around 12 months between each IP for the first 6 houses.
Then around 2 years for the next few,only because I was bored.

I am lucky as I can do most of the work myself.

Then I thought I was rich and didn't work for a few years and sold them off one by one.:(  

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Took us 5 years between IP1 and IP2 and used the time to get educated.
Then it was two months to IP3 and 18 months to IP4. Used equity from PPOR towards deposits for all IPs this far.

Good luck with your second, Elfi.  

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5yrs to buy IP 1 (after buying ppor by cross collateralising, uncrossed later)
4 yrs to buy IP 1:eek:
5 yrs to buy IP 2
12 months to buy IP 3

Should't have taken this long really, but a bit of stuff and a lot of learning along the way  

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PPOR 2007
IP1 2008
IP2 2009
IP3 2010

Used equity all the way.:cool:  

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RIP #1 - 2005
RIP #2 - 2007
RIP #3 - 2007
RIP #4 - 2008
RIP #5 - 2009
PPOR... couldn't find one in 2010, but maybe in 2011!  

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Settled late December 2009 for my first IP. Was able to purchase another 6-7 months later, but i have been holding off for now, as im not filled with convidence at the moment.  

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Rixter said: ↑
1/ Borrowed against the equity in ppor & ip1
2/ 12 months.Click to expand...
Me too. :):)  

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IP1 - 1997
Wife-to-be PPOR - 1999
PPOR -> IP2 - 2000
IP3 - 2001

PPOR - 2002
Kid1 - 2002
Kid2 - 2005
(Wow, didn't those few years put the brakes on!!)

IP3 - 2008
IP4 - 2009  

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2000 - PPOR
2008 - PPOR Upgrade
2009 - IP1
2010 - IP2

The big gap was mostly due to throwing all my money away into training & study at the time. I don't regret it, but it would probably have bought at least two properties. :eek:  

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Elfi said: ↑
(i) How did you guys get the second IP? - Did you access equity from the first one?? Did you save up another deposit then repeat the process??

(ii) How long after the first one did you secure the second?? - 1 day, few months or a couple of years??Click to expand...
i. same way i got 3 others. inherited.

ii. same day i got the first, third and fourth. not a particularly happy day.

over the years i've purchased 4 more.

1992 - ip1-4
1995 - ppor
2000 - ip5
2006 - ip6
2008 - ip7&8

2011 - ip 9, and maybe 10  

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2008 paid off PPOR after 20 years, several redraws and two kids.
2010 bought two IPs using LOC over PPOR for deposit and stamp duty, and a second bank for the 80% mortgages. We still have a long way to go before the LOC is expended but we dont want to spend any more of it.

Broker set us up to purchase two ips at the same time on the one application. We are approx 65% lvr altogether. Values of two bigger houses are flat or going down (we live in Brisbane) but the sea-side townhouse is going up as we got it at a discount. I hope the previous owner isnt reading this!

I'm hoping the houses will go up in value after the flood so we can get another small IP. This is so addictive. We are on two low incomes, so it can be done.  

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Am settling on Monday to buy out 50% balance from a family member -

PPOR 2005
IP 1 50% 2007 (equity from PPOR)
IP 2 2008 (savings)
IP 1 other 50% 2011 (equity from IP 2)

IP 3 planned earlyish 2011 also (equity from PPOR)

But still saving like dogs!  

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PPOR settled Feb 2009
IP#1 settled Mar 2010
IP#2 settled Mar 2010 - 2 days later - the (almost) simultaneous settlements did my head in!
We had enough cash saved up for deposits on both... so will plan to get IP#3 by refinancing and using equity for deposit.  

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Elfi said: ↑
Hey guys

I must admit after buying my first IP late last year i have now got what they call the 'itch'.

Congratulations!!!:) Scratch it all you want.

What i would like to know is: (i) How did you guys get the second IP? - Did you access equity from the first one?? Did you save up another deposit then repeat the process??

We had saved some funds, built our first IP, had no sooner signed the contract and I got this 'itchy' thing going in my mind, say, we could do this again huh, we have funds left over, just make the next build a townhouse on a smaller piece of land, the rent is fantastic in this regional city...yadda yadda ..so started looking again for my good value land..

The next IP was completed technically the 'next' year, but really only 7 months I think, or something like that.

By that time the first IP's land had doubled, (I kept following the whole place, houses, land blocks etc)...obsessed I guess.:p Soon realised we could buy another one! Hmmm, time to see me one of those nifty mortgage brokers. That's when the lights went ding, boom, bang.


(ii) How long after the first one did you secure the second?? - 1 day, few months or a couple of years??

Interested to hear everyones responses as i would like to get a second one asap even though my back balance doesnt agree with me!!Click to expand...
Haven't stopped since, not long completed IP number 7 construction...mixture of older and new and about 13 blocks of land to play with...It's all about the deal and buying well for me..oh, and fun.  

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