
Hubby is jetting off for work again and I am driving him to the airport this morning to drop him off, and thereafter I have two important meetings: one with my banker for a loan refinance and another with my other lender.
So that I would look my best today, I juggled a last minute hair dresser and a beautician’s waxing and threading appointment yesterday. This morning, I picked out my gorgeous TED BAKER Gemisa Encyclopaedia floral pleated dress in nude pink colour to get dressed in, taking the trouble to match both the pink colour of my lingerie I am wearing underneath to the pink colour of the Ted Baker dress and wearing my new Heidi Klum intimates Sun Kissed Rose Dust/ Beetroot purple suspender belt I bought 2 days go.


My favourite CUE CITY Black Revere Collar Blazer, Salvatore Ferragamo slingback high heeled pumps, nude hosiery, and my usual earrings, pearl necklace and pearl bracelet set complete the elegant and professional look.

You know how real estate agents (ok, I know I myself am guilty of that…) and property developers and builders all sell you the promise: Buying/ owning an investment property (aka buy-to-let in the UK) is the sure-fire way to financial success and independence. In no time you’ll be a landlord making an effortless passive income, worrying about nothing when all the rent money comes in except for when/ what to buy the next one.
So after years of working in real estate, I finally took the leap myself and bought my very first investment property (aka buy-to-let in the UK) just before Christmas 2020, at the (not so) tender age of 26! Even real estate agents have to start somewhere, right?
Almost 2 months have now passed and I realise buying/ owning an investment property (aka buy-to-let in the UK) isn’t what it’s all cut out to be. Certainly not the stuff of success and independence and effortless passive income real estate agents and property developers and builders promised. I should have known this before given I work in real estate myself, but I guess I only saw what I wanted to believe then.
My first ever investment property which I bought is still vacant without a rent paying tenant despite my efforts in trying to have it leased out for the past 2 months.
I am starting to get a little stressed now (a little being an understatement).
On upkeep and loan repayment alone I am already out of pocket by $2900 since settlement: I have had to make mortgage repayments even though my investment property is still vacant with no tenant. Then there is also other expenses which I have to pay despite receiving no rental income: The advertising fee so far set me back by another $550, $450 for the cleaners to come in the spruce up the place, $220 for the electrician to replace a broken switch and change 2 bulbs, $150 to get the smoke detector batteries checked. Yes that is a chap coming in for 3 minutes making, sure the batteries aren’t flat. I swear to you that was all he did! He didn’t even put new batteries in or wipe down the smoke detectors! The body corporate that was due on 1st January 2021 was $1058 for whatever little they do, and then more expenses for council rates, electricity, gas…
It is starting to become apparent to me the entire real estate industry is nothing more than scam and giant Ponzi scheme: I am losing money and out of pocket as I struggle to find a tenant but everyone else is making money off me: the real estate advertiser, the real estate agent, the council, the bank, the electrician, the cleaners, the government…. And the industry sustains itself by getting more and more new players in the market, paying those existing players. A giant Ponzi scheme. Did I mention again that the real estate agent had not been able to put a rent paying tenant in for weeks and his rent appraisal appears to be nowhere near what is realistically achievable?
I pondered my choices – I could slash the rent further (I have already lowered the asking price for the rent by $50 per week), but at the end of the day the problem is that Western Australia has insisted on keeping its borders closed and with closed borders there are no tourists, no international students, no interstate migrants – which translate to an over-supply for rental properties on the market. I could sell it, but that will come at a massive loss to me for I don’t think I can recover the costs and resell at over the price I paid for the apartment. In the end, the only option seem to be refinancing and renegotiating lower repayments so that I can afford to meet the repayments and expenses until the apartment gets leased out and rents recover.
When I first purchased the investment property my biggest concern was whether the banks will reject my loan application. The whole situation with the coronavirus meant lots of people had their income shaved (mine included – I was put on reduced hours which meant reduced pay!). To get the loan approved, I had to submit multiple documents, cancel some of my credit cards (I am only left with one card now – ouch!), and my parents had to be my guarantor.
Even then the lending fell a little bit short, but luckily an acquaintance in the building industry whom I had done some business with in the past and have ongoing referrals for the agency’s properties we managed was more than willing to lend me the twenty odd thousand dollars short-fall ($22,680 to be exact) to finalise the purchase. He was happy enough for me to start repaying it only after my investment property gets a rent paying tenant in, but he is getting a little inpatient with me as it has been two months and he hadn’t seen any of his money paid back.
I spent the past two weeks pursuing refinancing options with the bank and renegotiating lower repayments with the building industry acquaintance, and with both we finally came to a new agreement. At least the Australian Reserve Bank’s ongoing low interest rates are working in my favour.
So today I am going to meet up with my banker in the city to sign the refinancing documents, and then on to the office of the building industry acquaintance to finalise the new renegotiated agreement as he wanted. I might even go out for a drink with him and buy him a drink after work to keep him happy on and my side.
It is not what I had hoped for when I first bought that investment property and I am not even sure how this will affect my credit rating in the future and I am quite stressed and disappointed, but I think it’s the only way forward for now.
Given how important the meetings are, I decided to dress well and look professional.
So that I would look my best today, I juggled a last minute hair dresser and a beautician’s waxing and threading appointment yesterday. This morning, I picked out my gorgeous TED BAKER Gemisa Encyclopaedia floral pleated dress in nude pink colour to get dressed in, taking the trouble to match both the pink colour of my lingerie I am wearing underneath to the pink colour of the Ted Baker dress and wearing my new Heidi Klum intimates Sun Kissed Rose Dust/ Beetroot purple suspender belt I bought 2 days go.
My favourite CUE CITY Black Revere Collar Blazer, Salvatore Ferragamo slingback high heeled pumps, nude hosiery, and my usual earrings, pearl necklace and pearl bracelet set complete the elegant and professional look.

I checked my look in the mirror before I left home: A tasteful dress combined with recently done hair and a beautician visit and light make-up, I feel confident, empowered, and feminine. The confidence boost I need for someone as stressed and disappointed like myself to get me through the meetings with the banker and the lender.
Xoxo
Natalie
Occasion: meeting with my banker and lender to sign new agreements
Wearing:
Dress: TED BAKER Gemisa Encyclopaedia floral pleated dress (size 2)
Blazer: CUE Black Revere Collar Wool Blazer (size 8)
Belt: CUE (size 8)
Pumps: Salvatore Ferragamo slingback high heeled pump
Lingerie:
Pleasure State White Label satin bra & satin g-string knickers (Matching set in pink)
Heidi Klum intimates Sun Kissed Rose Dust/ Beetroot purple suspender belt
Hosiery: nude stay-up stockings from Target