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Your Investment Property | 24 Aug 2012, 12:00 AM Agree 0
As I write this blog coincidentally I’m back sitting in the first of 5 Investment Properties. This property was purchased in August of 2011. Wow a lot’s happened in a year! Rewind to March 2011 when I took a trip to Dubbo in search of my first IP.
  • El Piddy | 31 Aug 2012, 08:24 PM Agree 0
    Safe as houses.
  • Kevin Lee | 04 Sep 2012, 07:44 AM Agree 0
    Duane - a great overview of your journey thus far. Congratulations to you and Dave on the settlement of your fifth investment property yesterday - don't Roget to send me the before & after shots! Cheers from your trusted adviser. Kevin Lee.
  • Ben | 30 Jul 2013, 02:37 PM Agree 0
    Hi Duane,
    Great to follow your story. I was wondering what % deposit you put down for your first IP that you bought for $52k? Basically your startup costs. Thanks mate
  • Duane Robinson | 30 Jul 2013, 09:12 PM Agree 0
    Hi Ben,

    Thanks for your positive comments.

    So my start up was around 25K. The original loan was for $42K with a $10K deposit. I had to get a low doc home loan as I didnt quite have 2 years worth of tax records from running my own business. A couple of months later I did, so we ended up refinancing the loan back to 90%.

    The renos came in around 17K, but it was ridiculously over the top for what was needed on the property! You live and learn! If I knew then what I know now! Seriously though I could have tidied the place up and given it a cosmetic reno for more like 3-5K and be getting a marginally less rent... as in 17K reno = $170 rent (what I did), 5K reno = $160 rent (what I should have done).

    What I'm trying to say is, I could have got away with start up costs more like 15K for that property. Even less if you could get a 90%LVR

    Have you started looking for properties yet?

    Hope this helps,

  • Pablo | 10 Aug 2013, 07:42 PM Agree 0
    Hi, Duane.
    I liked your post, because it sounds organic and truthful.
    I've always wanted to invest in RE so now I'm reading heaps of forums and sites on how to get started. Of all that I've read I would like to do what you did: buy-reno and add value.
    Do you do all the renovations yourself or you hire someone to do them?
    I'm a total newbie and I need a step-by-step guide for dummies in everything related to this!
    I'm glad you're doing well with your investments so far.

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