Hi
I am rather new to investing in property, I am wanting to buy my first in the Geelong (Victortia) area.
can some one give me some pointers on where and what to buy?
What are the main things I need to look for in a suburb and the property?
And for my first IP should I be looking at buying and hold or renos, etcThank You
That is a very broad question and one that can’t be answered easily.
The short answer is “It depends”
The long answer is:
It depends on your strategy and reasons for buying. Are you buying to live in it, for capital growth, for rental return?
Why Geelong area? Have you done research that shows this area is a good place to invest or are you one of those people who doesn’t do any research on the area but believes because they live there it will be a good investment.
Do your research and work out a strategy for investing. What do you want to achieve? Cashflow or growth? Then find an area based on that.
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just A Click AwayRyan McLean | On Property
http://onproperty.com.au
Email Mehi Troy,
The first thing is to analyse yourself.
A good deal to person A does not necessary mean it is a good deal to person B.
The key questions worth thinking are:
1, what is your borrowing capacity? if you can only afford a place of 500k, then don't waste time seeing the houses with 1 million pricetag.
2, what do you want to achieve over short term and long term? A Cashcow or future capital gain? Do you want to profit within 6 months or long term?
3, what are you comfortable doing? for example, a development or renovation work may require relationship with tradies and constant check on their working progress, do you know anyone who can do the job? can you sacrifice lots of weekends to go check out the place? Can you handle the stress if something goes wrong or get delayed?So no one can really tell you the answers except yourself.
hope it helps and good luck!
Vivian
Anyone want know about a good insurance broker? contact why group.
Re Why Ins. Have rung. Phone went to voicemail. Left msg – no reply!
Hello Friend..
Real estate investing involves the purchase, ownership, management, rental and/or sale of real estate for profit.if you want to invest in real estate so you can invest where you want in Victortia .
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Montgomery County Real EstateHi All,
I would like to invest in property but have little in collateral or cash. I have a relatively small managed fund investment. It seems that the assumption is that to begin the investment cycle you need a decent amount of cash/collateral behind you.
Is there a way that people like me can start the investment cycle without alot of cash/deposit?
Looking forward to your reply
@ Sw2772 – How much do you have? I know of properties you can purchase with less than $20,000. Does that suit you? Better yet they are positive cash flow.
Ryan McLean | On Property
http://onproperty.com.au
Email MeHi All,
We have just brought our first Investment property a brand new 3 br in West Albury for $282,000 rental return ~$310/wk, but we are finding it hard to get good advice, we've met accountants who will do our tax but are not keen on giving financial advice/planning, we have also met Financial Planners who'll give financial advice on shares, super & insurance etc but don't want to have anything to do with properties…………….
So our strategey is:
5 yrs Interest only then 25yrs principle & interest
We are not sure where to use our Tax offsets, our existing mortgage is $146,000 bal & valued @ $280,000 we currently pay about an extra $,9000 p.a. but this will drop to about $3,000So if someone could point us in the right direction or to a good accountant would be fantastic
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