It is one of my best investment choices in my lifetime. I need appreciate S. My wonderful property seeker. He found a lot of wonderful properties for me in lifetime. But I cannot buy some of them because my loan and opportunities cost.
Sometimes, I feel that you don’t need make a lot of choice during property invest. Some people only will only buy one property in their lifetime as main resident. But if you invested in right property at right time. You can set yourself financial freedom process very fast and can be millionaire with quite average income.
Probably, it will quite hard now due to Australia property become so expensive. The average capital city properties are over 1 million. But salary didn’t grow much, especially low to middle income earner.
I appreciated opportunities in Australia and I reach my dream which I never can imagine. My income was quite average at the time when I began invested in Australia properties.
During journey, I can see that it was one of most wise decision which I make. Probably after some experience, I gained some knowledge and experience. I did not make decision perfectly each time, I made a lot of mistakes. But I wanted to say that I am action and risk taker. I didn’t like to sit and over analysis. You can read hundreds of investing books, if you don’t open account and begin to search, nothing will change.
This was five bedrooms and four toilets house. It had many unique points.
1, It was corner block and can have potential subdivision in future.
2, Is did not has big land. The land is little bit slop. So, the house uses the drawbacks of land and design garage underneath of house. Normally, the garage will occupy a lot of side land. But this house has three garage and didn’t occupy extra land.
3, Because corner, there had two separate entrances. Main house has one side entrance and there had another entrance for another part of house.
4, The house had three sections join. One section is three-bedroom house, then second section house is two-bedroom town house with living room upstairs. At back, there had one bedroom unit joined with two-bedroom two townhouse.
5, It suits for one a big family, two small families or one big family, grandparents living or teenage living. Very flexible living plan.
It gives me many options
1, multi entrance with multi rooms, it can get high rent for one big family, or for three multi-separated rentals.
2, Give option for redevelopment for new house at back due to separated entrance.
3, Only pay land value and the house was not worth much. But the bone still very good.
Auction day experience
I bought my second property in private sale. It was less stress. But my third property was in auction. I can feel that there were a group of people also interested in it. I will face two groups and at least 3 confident bidders.
Before auction, the two interested parties had already did building inspections. If the buyers fail auction and building inspection fee also waste. I am potential buyer, and I shared the building inspection fee with another potential buyers. How funny it was.
Auction date
We can auction date and there were so many people. Around 50 people. I still remember that they were four group to bid at auction. One of bidder drop after $650,000. There had three bidders including me left. One of bidder always put $1000 at top of my bid. Then the price reach $680,000. It slowed down a lot. Another bidder still put $1000 each time at top of my bid. I nearly gave up, one of my experienced relatives gave last bid and he add $15000 at one time. This strategy clearly scared another two bidders. It showed some feeling like we never had limit for our budget. Actually, it reached my limit budget and borrow capacity.
My lessons for third property purchase
1, Do not afraid to add more money to buy the best potential property. This time, we add max $15000 at top of another bid’s big price. You can see how determination. Because it will never end with another bidder for $1000 bid each time.
Compared with my first property purchase experience, I was really scared to add more money in hot market. It caused me to lose a lot of good deal in rising market, I bought the worse property during all my potential purchase.
2, Take accountable risks and control risks, don’t afraid to use good debt as tool.
3, After purchase, I rented this property for three renters, and they give me a very good rent. Another 10 years and this property’s rent will give all my mortgage back.
4, I did redevelopment for back land of this property later. So, this property rent is fully positive income current. This one property helps me join in ordinary millionaire.
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