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Hi all,
Being new to the IP game I was wondering how do you go about getting started. Currently, I have a 50% share in a property with my brother. The rental return in this is quite low. Also should I buy another house or start looking into units and townhouses given the current cost of hosuing.Cheers!
Mate, I would always lean towards buying a house than units, townhouse (land appreciates in value,buildings usually depreciate) and no body corp…..
In this market, you should be very careful what you buy and your investment motivations behind it. Capital gain may not be a good enough motivation, depending on the deal
Hope that helps
Hi
I am no expert in property investing (not yet anyway) however I have started and my wife and I hve two IP’s in Melbourne.
Both of them are units and one brings +ve cashflow whilst the other one (for the last financial year) broke even for us.
However they are bothy units within body corps and we have come to realise that body corp fees and all of the incidental stuff that gets charged to us as owners (eg: waste removal when tenants of other units leave and dump their old furniture on teh nature strip, painting of handrails etc etc etc) really cuts into the cashflow.
After reading Steve’s book my wife and I are really focusing on +ve CF now and as such will try and steer clear of anything that has a body corp as part of the property as it does reduce your autonomy in monitoring how much money you can generate.
Hope this helps
Richard
“In life we often think if we dream it, we have to make huge steps towards it. We will get to our dreams when we make little steps.”
Thanks for your responses. Some more to think about. Cheers!
The topic ‘Trying to get started’ is closed to new replies.
