our-portfolio

We've purchased again - and it's a cracker

By Phillip Tarrant
Woodridge investment property

After a one-year buying hiatus, Smart Property Investment has secured its latest property – one that delivers good rental returns and capital growth potential.

One of the barometers I use to determine how well we’ve purchased is the sometimes questionable language my friends and colleagues use when I tell them the purchase price.

The more profane the words and the more personalised the well-intended sledging, the better I’ve done.

This is exactly the case for our most recent purchase. I’m very pleased with the result. We made our last buy in December 2012 – a five-bedroom property in Mount Kuring-gai in the upper northern suburbs of Sydney. It’s the most expensive property in our portfolio, generating $700 a week in rent, with a gross rental yield of just over five per cent.

We’ve built up equity in the property, which we can extract to help finance another one. Indeed, the last year has treated our portfolio well, with good increases in valuations across the board that we can capitalise on when necessary.

Unfulfilled potential

After a surge in buying in 2011 and 2012, we drew a blank last year. While we undertook a number of renovations on existing properties – including our one-weekend project in Mount Druitt – I must admit a level of frustration in not adding to our portfolio.

The more profane the words and the more personalised the well-intended sledging, the better I’ve done

There were a number of reasons for this, which I’ve written about in previous articles. Nevertheless, we did miss out on some buying opportunities that would have been great performers in our portfolio.

We’ve waited too long, but we have been productive in the interim by building up Smart Property Investment as well as working on other important parts of our business.

One of our biggest restrictions in growing our portfolio is a limitation of time – I’ve got to dedicate my resources and attention to a number of areas, which means the portfolio can sometimes sit on the back burner. I bet you also find yourself in a similar situation at times.

This is one of the major reasons I draw on the knowledge and expertise of a team of property investment professionals – they keep the momentum going.

While we haven’t purchased for a while, there’s been a lot going on in the background.

Our broker, Ross Le Quesne, and his team from Aussie have had their work cut out over the past few months working with our accountant and lenders to refinance some properties in order to extract funds, while securing pre-approvals to prepare us for the next stage of our portfolio growth.

Their assistance has been invaluable. While often not the most exciting part of property investing, it’s absolutely critical to keep yourself ‘borrowing ready’, which means up-to-date tax returns and financials, good document administration, as well as a true understanding of your financial positioning, your serviceability profile and your capacity to borrow.

For us, since we invest in a trust structure, our financials are a little more complex than a traditional PAYG employee and require a little more work when preparing to secure finance. However, no matter what structure you use to invest, there’s a fair amount of work involved to keep everything current, so don’t let this become an obstacle to investing in property.

If you let your administration slide, it can become even more work to get yourself back into a position where you can easily secure finance. My advice is to keep it on your radar and be constantly doing the preparation and administration work. Chip away at it when you have time, so that when you’re ready to invest again you’ve got the scope to move quickly.

Time to buy

I’ve been writing for a while about our plans to invest in Brisbane. We like the market up there – some suburbs are performing very well at the moment.
Investing there also adds a level of diversity to our portfolio because it’s very NSW orientated right now. We’re also copping a lot of land tax in NSW, so a shift interstate will alleviate some of those issues.

Brisbane property has been in the news quite a lot over the last few years, largely as a result of the floods. I don’t like investing in flood-prone areas; while prices can be lower and rental yields still strong, I’m always concerned about the exit (i.e. when it’s time to sell), which is always front of mind for any investment I make.

There are a number of areas in Brisbane that fall into the ¬flood-prone category, and this helps dictate our target areas.

However, in terms of strategy when investing in Brisbane, we hold true to the strategy we’ve engaged when purchasing other properties in our portfolio: buying under market value properties with scope for improvement, plus strong cash flow and capital growth potential.

This takes into account areas with good employment and population growth, a demand for rental accommodation, strong infrastructure (or planned infrastructure), healthy and diversified local economies, plus a raft of other indicators.

While there is a variety in our portfolio in terms of the value of properties – values range from $250,000 to $750,000 – by and large, a majority of the properties are around the $250,000 to $380,000 mark.

This lower entry point is something I’m comfortable with and helps establish the type of properties – and the locations – I want to invest in.

When viewing opportunities in Brisbane, we therefore had guidelines for establishing the areas with properties meeting these parameters. We could also use these metrics and considerations to determine particular suburbs to target.

So where did we end up buying?

Logan City. In particular, the suburb of Woodridge. Contracts are now signed, finance is unconditional and we’re waiting for settlement.

A stellar result

We’ve worked hard to make this last purchase. As well as the process of preparing refinances to free up some capital, and then securing finance for the new purchase, our buyer’s agent has been scouring the area for the perfect property that aligns with our portfolio growth plans but also ticks all the boxes in terms of our investment strategy.

Steve Waters and his team from Right Property Group have outdone themselves on this last property.

Not only have they got a team on the ground in Logan that knows the city inside out, their relationships with the agents give them a considerable advantage – something we’ve capitalised on.

So did we meet our objective of buying an under market value property? We sure did! We purchased the two-bedroom, brick townhouse in Woodridge for just $145,000 – not a bad price considering the last sale in this complex for a like-for-like property was conducted in March 2012 for $187,000, according to RP Data!

One of the reasons we were able to achieve this is that this particular property never hit the open market.

Mr Waters had been cultivating a relationship with the agent who sold it for some time, and has worked on a number of other deals with them. He was aware that this property would come on the market at some point – it was part of a deceased estate – and the first action the agent took upon securing the listing to sell the property was to call Mr Waters.

We had to move quickly, however, to secure it. A quick phone call advised us of the opportunity and we were confidently able to say ‘yes’, taking into consideration the research the Right Property Group team has already undertaken, plus their extensive experience in the area.

We actually had a window of just five minutes to give Mr Waters an answer, but considering I was prepared, with all our ducks in a line in terms of being finance ready, we could make that call.

One of the reasons we were able to achieve this price is that this particular property never hit the open market

According to Mr Waters, it’s one of the best buys he’s had in the area. On his account, the market most likely bottomed in Logan City around 12 months ago, and there’s been steady upwards price increases since then.

He’s noticed the shift from being actively pursued by real estate agents looking to sell, to a situation where buyers now often exceed sellers – which is always a positive dynamic when considering buying activity and the expected corresponding upwards pressure on prices.

This property is a clean slate in terms of the body corporate, with a healthy sinking fund. There’s no internal litigation or disharmony among tenants. The building and the complex are also in good nick, with no major repairs undertaken at any point since construction.

We should expect a rent of around $260 a week, with a yield upwards of eight per cent – not bad for a property just 20 minutes from the CBD. Importantly, there’s also scope to add value.

We’ve yet to undertake a full assessment of the renovation potential – we’ll report on this in next month’s column – but some small repairs are required, according to the pest and building report we had completed.

The decision will be, to put it in Mr Waters’ vocabulary, to give the property a “haircut and a shave”, or actually undertake more thorough renos. This will depend on the potential for increasing the rent and value of the property.

I’m happy we’ve made our recent purchase after such a long hiatus, and excited about the prospects of this property. Join us next month as we outline our plans for renovation and get the project underway.

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FROM THE WEB

podcast

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Luke’s first property investment included what he now looks back on as “learning experiences”.  He chose it only because it was close to where he lived, he bought it at the peak of the market and he elected to manage his (unreliable, damage-prone) tenants alone. Now, 16 years on Luke has 30 properties and a much better idea about how to approach the investment game.

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In this episode of the Smart Property Investment Show Luke joins host Tim Neary to unpack how he went about educating himself, how his investment style has changed over time and why patience is the name of the game.

Luke will also share how his initial mistakes discouraged him and had him doubting the wisdom of being an investor, and how his realisation of the importance of active management bought him back into line.  He will discuss the importance of having a strong support team and why it’s smart to put a proper value on your personal time.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

How to profit from changing market conditions
Quit the 9 to 5: Taking control of your income and your career
4 tips for first time property investors

AREAS MENTIONED: 

Sydney
Brisbane
Adelaide
Wollongong
Geelong
Melton South
Cairns
Perth

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An unsure start in property investment leads to a 30-property portfolio
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  ["title"]=>
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Promoted by Blue Ink Finance.

Budgeting tips when your Personal Debt is High.

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Credit card debts and personal loans are the greatest obstacle between everyday people and their potential to live in financial freedom.

Of course, I understand that sometimes getting a small personal loan is absolutely necessary. Unexpected costs like medical expenses can make personal loans the only option.

However, the majority of us have debt simply because we spend more than we earn.

In either case, your number one priority is unlocking those chains of debt that are holding you back.

I’m going to give you some tips for budgeting with hefty personal debt, but first I want to talk about the impact those loans are having on your life.

How much is your debt really costing you?

Over the years that you’re paying off your loans at the minimum repayment, the interest on those items will end up costing you multiple times more than the original borrowed amount - and those endless due dates will haunt you. There’s no freedom in that!

Let me give you an example. You’ll be shocked, I guarantee it!

Let’s say you have around $4,000 of credit card debt, charged at 19.99% p.a. If you paid only the minimum monthly amount, it would take 37 years to pay off the total debt.

How much will that $4,000 debt cost you? $19,200. Depressing, isn’t it?

You might feel like you need a full-blown money explosion to get out of debt, but don’t despair just yet.

What you need to do is arm yourself with a strategic budget, and I’ve got some tips to help you.

Budgeting while you have hefty personal debt is tough, but possible – and it’s essential for eliminating that debt forever. Let’s have a quick look at how you can start to tackle that mountain of borrowed money.

It’s time to take charge and break some chains!

There’s a method for reducing debt that has an excellent success rate, if you’re committed:

  1. Make a realistic budget (and stick to it)
  2. Reduce your expenses and/or increase your income until you are in the black
  3. Save an emergency fund first
  4. Pay off your personal loans and credit cards, starting with the either the smallest debt first or the debt with the highest interest rate
  5. Revise your budget as you go along.

Why an emergency fund is paramount to success

You’ll see I’ve put saving an emergency fund before paying off your loans. Even a small amount initially, like $500, is enough to stop the cycle of borrowing to pay bills, then paying out even more in interest each month, which leaves less in the bank to pay the next bill.

Once you have a buffer saved, then you can start aiming some serious firepower on your debt, and that’s when it gets exciting!

Think back to my credit card example. If you upped the payments each month from $84 per month to $212, you would have the card paid off in two years and save $14,285 in interest. That’s worth a little bit of effort, wouldn’t you agree?

Tips for a budget that works

You may need to cut back drastically on your expenses to clear your debt, but here’s some other ways to make the most of your budget:

  • Find micro-ways to reduce your expenses every day. Make work lunches at home, cancel a pay TV subscription, find a better phone deal, or pass on your afternoon chocolate bar from the vending machine. Instead of spending $40 on a takeaway dinner, have a bowl of cereal!

  • Find a friend who will keep you accountable. Having someone else who shuns a pricey outing to the day spa for a walk along the beach instead will make you feel better about saying ‘no’ to expensive events that will blow the budget.

  • Refinance your home loan to release some funds. If you have a mortgage, talk to us at Blue Ink Finance about the possibility of refinancing your home loan to allow you to release some equity to help clear your high interest, personal debt. It’s not always the best strategy, but it’s worth investigating, especially if you can consolidate it into a home loan that has a significantly lower interest rate.

  • If your income increases, leverage it! The only place that extra money should go is into paying off more debt. Enough said!

  • Refine and polish your budget as your circumstances change. Your budget shouldn’t stay the same. As you find more ways to decrease your expenditure and become adept at sticking to your financial plan, fine-tune your budget to reflect your savvy saving. Any spare change goes directly onto your debt.

  • Automate payments of bills, so you don’t spend the money first. This saves you from late fees if you forget, too.

The reality is that you won’t have a profitable budget until you get rid of that high-interest debt. The beauty of a budget is that it can get you there! Knock the debt, stay away from borrowing except for assets like property, and you’ll have a well-oiled financial plan that kicks goals instead of paying lenders!

At Blue Ink Finance, we have a team of expert brokers as well as a panel of industry experts that understand all the nuances of positioning your personal finances to kick real goals with Property Assets and can support you in achieving your goals.

Give the team at Blue Ink Finance a call on 1300 888 796 or click here to request your Complimentary Finance Review with one of our experienced Finance Coaches now.

And see how having a panel of industry experts on your side, can fast track your property goals.

About The Author

David Wegener
Chief Executive Officer
Blue Ink Finance

Who I am, and why I want to help you succeed.

As an award-winning Mortgage Broker with nearly 20 years’ experience in the finance industry, I’ve seen it all.

I’ve gone through constant industry changes and yet I still successfully help my customers borrow the money they need to get ahead.

As a Finance Coach, my goal is to help you understand your financial potential so that you can borrow with confidence.

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Leveraging your Blue Ink Finance Broker for more than just a loan.
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With the softening market impacting property values in many parts of Australia, Sally Dale, Opteon state director for NSW, ACT and Qld joins us to discuss the importance of valuations in the current property market

" ["fulltext"]=> string(3002) "

Joining host Phil Tarrant, Sally will draw on her 25 years of experience in valuation and discuss the processes involved in arriving at a value for a particular property. She will also share how that process differs between commercial and residential properties and the difficulties which regional property valuations can present.

Sally will unpack the importance and cost of regular valuations on your properties, discuss whether presentation and owner input can sway a valuation and share what you should look for when seeking a reputable property valuer.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Sydney
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Can property presentation result in a higher valuation?

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