I was wondering if forum members have some specific advice for me. I became a member recently, and have been reading advice for others, and have learnt alot so far. I'm 30, female, and would like to make an income from property, even a small income (this would allow me to be the full-time carer for my 5 month old boy, rather than returning to work and paying for someone else to care for him..)
I'm looking to begin slowly in property as a source of income. I was thinking of buying older places in regional NSW (100-200K) and doing minor reno's and then selling for a small profit. With the cost of stamp duty though, i'm not sure how profitable the exercise would be. Am i better off the put more money into the stock martket…? I live in Sydney, and would like to see the property myself, thus it would need to be in NSW..?
I'm wondering 2 things – is property in NSW still a viable investment, and if so, where should i start?
As i said, i wasn't planning on holding on to the property, but it does mean that each time i am paying stamp duty, on top of all the other expenses.
Also, i've noticed some authors are recommended reading. There seems like alot out there.. any particular favourites for modest investors like myself..?
thank you in advance,
Mae
Great motivation
Seems like you are taking all the relevant costs into consideration
Having to see the property thats a restriction most good investor will admit they have overcome
Stamp duty, what are the current rates in NSW, I'm not sure but in most other states they kick in at a reasonable price well above what you are talking about
Not sure about NSW other states if you hold the property 1 year or moe you might avoid stamp duty all together and concession on capital gains might also kick in giving you a 50% discount. It obviously pays to get some accurate and indivdualised advice on that though.
I think you have some strong motivation to make it happen. There are plenty of authors out there with similar stories to your own.
Why not try a Internet search engine search. Put in a brief description of who you are and follow it with investor and you'll find plenty to interest you. Something everyone can try see what you find. Maybe include things like your age, profession, family situation, goal for investing and then put investor.
Good luck, hope to hear of you're success soon your certainly in the right place to make it happen.
Hi Mae,
There is a lot of properties out there which you can make money doing what you are suggesting. You really need to do the research on the property, and also on the reno that you are willing to do, do not go overboard with reno, get some people that can help, I am in sydney and I am willing to lend a hand if you need it. When doing reno's it is important to budget and make sure not to blow your budget.
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