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Another reason we want to buy in Sydney or Melbourne is so the tax man will buy us a trip there each year! (We’re in Perth).
Does anyone else have any advice?
Thanks : )Hi Vivian,
We have just finished building an IP in Upper Caboolture and went there last week to have a look around. We drove out to Bribie Island, its a lovely area with quite a holiday destination appeal. Personally I wouldn’t recommend investing there. Caboolture is going ballistic with building, house and land packages, and there’s rentals everywhere!
We got our IP thru an investing company who also offered the rental guarantee, and as we knew very little back then we thought it was great! The rent they said we would get I now know was $20-$30 over priced.
Since then I have read everything I could get my hands on and boy do I wish I knew then what I know now (which for the record isn’t heaps but enough to know we got ripped off!) We over paid to the tune of $30k I’m guessing, but what we paid for was advice and contacts. It gave us the confidence to begin investing and a reason to start learning! So I’m not bitter about it but wouldn’t recommend it!
You would do a lot better to get a buyers agent, and although they will cost upfront you will make it back very quickly. Or take some time to educate yourself so you can buy with confidence!
Hope this helps,Heather
Hi,
Theres a good article about landlords insurance in this months API. I’m with Terri Sheer as my PM has had very good relations with them. Just ensure you read the PDS and be sure of what you are covered for. With your building insurance don’t forget to get contents insurance for things like dishwashers, air cons, hot water systems etc.
Good luck!Hi Jess,
I’m new to investing also but thought I’d share our situation in case it can help you. We recently refinanced with CBA setting up two mortgages, one for our PPOR and one that represents the equity we have. We have already used a portion of it to buy our first IP, and have the remaining amount sitting there ready to use when needed. As this mortgage was set up for investing purposes the interest and fees etc are tax deductible. Obviously we aren’t paying interest on all of it until we use it, and the value keeps going up as we make repayments. So if you intend to buy more than one IP this might be suitable for you as the money is always there available to use. .
Hope this has helped!
HeatherMabey we could start a forum for good and bad PM’s?
On that note, can anyone recommend someone in Caboolture?
