Hi, I’m a newbie. I have read a fair bit of Kiyosaki’s material and recently am reading McKnight’s From 1-1000000 Prop in 3.5 Yrs.
Am looking to take the next step and start my journey. I want to begin within the borders of my home state Victoria. My price range is 80-100k. I am looking into freestanding units… Houses… Or, any other types of dwellings you’ve had success in acquiring in Victoria?
My question after that lengthy intro. is does anyone know of a good area in Victoria to start acquiring pos cashflow properties? Any suggestion will be great! Thanks
Hello Macro,
I dont know if you have investigated around the snowfields or close to there. I have had a little look, but not indepth.
Bonuses are high rents during ski season, and also now the attraction of summer visitors to the shi fields too.
Just a suggestion, good luck.
Under $100k would only get a 1 bedroom low end unit in a regional centre for close to positve cash flow. We were successful in Bairnsdale but the prices have already risen in the unit complex, lowering the yield.
For that sort of purchase price i dont think you could get anything in Melbourne. I know in geelong you could pick up a 1 bedroom unit for around the 100 mark or cheaper if its a fixerupper. You might have to try a smaller country town with a bit of infrastructure behind it like say bendigo or ballarat.
good luck
Jman[suave2]Thanks for all your replies thus far. I will look into some of them, and get back to you with my findings as a chance to help other prospective investors in my shoes
Hi.
You may want to read Steve’s second book. It fits a little better with today’s market. His first book was written pre-mid boom where pos cashflow properties were still readily available, however its not that easy in today’s (east coast) post-boom era. His second book shows a different perspective to investing (getting more creative to find those CF+ properties) which suits today’s market a bit better. It should give you some ideas on how to think differently/creatively to find (or create) CF+ properties.
Feel free to shoot me down anyone.
Louise.
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