dingodonsMember@dingodonsJoin Date: 2005Post Count: 2
Was wondering if anyone can help. Am moving to Brisbane very soon and have decided to try my hand at investing in property and wondered what you guys thought of the following:-
Buy a unit/townhouse in the CBD for a maximum of $230k with a deposit of $20k-$30k – live in it for at least 6 months as I get to know the area (rather than renting long term). Keep the property and rent it out when I move onto the next property
After six months buy a 2/3 bed house and by end of 2006 have another 2/3 bed house so will ultimately have
Wife and I will both be working full time (no kids at the moment!)
2 x 2/3 bed houses
Live in one of the houses.
What do you guys think – anyone have better suggestions? Am I being completely stupid?! All constructive comments criticisms most welcome.
Thank you for taking the time to read this and apologies for waffling on too long!![blink]
perseverantia vincitBeanieParticipant@beanieJoin Date: 2003Post Count: 36
Being motivated and keen to do something is always good however you may be better off renting for a couple of months while you do some research and get a feel for the local market.Speak to agents, read the property section of the paper and attend as many open houses as you can.You will find that you will save a lot more money (in that you will be able to spot a good deal when it comes along)than the 3 to 6 months worth of rent will cost you.You will also find that this will put you in a strong position to complete your second and third deals as well.Regards Beanie
Live every day like its your lastDerekMember@derekJoin Date: 2004Post Count: 3,544
I tend to agree with Beanie – get there and have a look around and get to know the area/s that you would be prepared to invest and/or buy into.
Assume that your rent is $250/week. Over a 6 month period this ‘bill’ will total $6.5K – money you could easily make up with a prudent buy.
The timeframes you are talking are nothing in the grand scheme of things.JULES1Participant@jules1Join Date: 2003Post Count: 147PropertyAngelMember@propertyangelJoin Date: 2005Post Count: 27
Hmm yes put me in the “Agree with all of the above” category thanks.
As an investor with 3 properties I find renting alot better. Its funny because from the young age of 18 all I have ever wanted was to own my own home and live in it.
BLAH! gone are those days.. if I knew then what I know now, along with my passion and drive for self wealth and property gosh I know I’d be way ahead of the race. But we never learn unless we make mistakes!
DUE DILIGENCE is KING mate! Rent and Research! Learn about what you want, where you want it and how youre going to get it and then GO FOR IT!
Don’t be in a hurry to get it….remember if you miss out on one “WOW: deal.. there will always be another one!
No Such thing as CAN’T!dingodonsMember@dingodonsJoin Date: 2005Post Count: 2
Thanks for the response – will take it on board.
I guess when I was thinking things through – the thought of paying out rent over a 6 possibly 12 month period when I could get a fairly reasonably priced unit at roughly the same cost – but like you said should get a feel for the suburbs. I have done lots of research on the net but I guess its not the same as actually living there.
Thanks once again – and any other advice/suggestions feel free!!