3 IP options: Advice needed

Viewing 9 posts - 1 through 9 (of 9 total)

sasharif
Participant
@sasharif
Join Date: 2005
Post Count: 48
May 20, 2006 - 11:48 pm
I am planing to buy an IP costing $90 – 100K. I have 3 options;
1. Buying a house/ town house in Gippsland (vic) around Morwell area. (I have already got 2 discouraging advice in my previous mail; I am not sure what the others think).
2. Buying an unit in Mildura (Vic).
3. Buying a house or duplex in Elizabeth/ surroundig area (Adelaide).
At this stage I am not interested in NZ or other overseas IP.
Your advice will highly appreciated.
Regards
Sharif
Sharif
sasharif
Participant
@sasharif
Join Date: 2005
Post Count: 48
May 22, 2006 - 6:31 am
Guys and Gals:
Eagerly waiting for your kind advice.
Sharif
Sharif
Finding the Answers
Member
@finding-the-answers
Join Date: 2003
Post Count: 9
May 22, 2006 - 11:08 am
Hi sharif,
I think you need to work out what you investing goal is and what result you want to get from investing 90-100 thousand dollars. Then apply this formula to all the properties in all the areas that you are looking at and choose the best option from there.
If you think you are too small try sleeping with a mosquito in the room!!!!!!!!
dalefreo
Participant
@dalefreo
Join Date: 2005
Post Count: 38
May 22, 2006 - 11:10 am
What do you think of the deals? What are the Cash on cash returns? What are the gross returns? The areas don’t matter, the numbers do.
Dale
sasharif
Participant
@sasharif
Join Date: 2005
Post Count: 48
May 23, 2006 - 11:31 am
Thanks for the advice. Much appreciated.
Sharif
Sharif
peejay121764
Participant
@peejay121764
Join Date: 2003
Post Count: 22
May 23, 2006 - 6:26 pm
Sharif
The figures have to stack up for themselves. But if I had to pick one of the three, it would be the Elizabeth area. Margaret Lomax (author and multiple property owner) covers this in her book. I dont know much about the Morwell area or if it is a growth area. Mildura is a fruit growing area with a lot of transient workers and if you had a long-stayer they would probably pick a house rather than a unit. Elizabeth although an outer suburb is still within commuting distance of Adelaide and Lomax made the comment that a lot of people are buying up the former housing commission houses on good sized blocks, doing a reno and in the process changing the atmosphere of the area. I’m one that thinks the area is important. If the area you buy into is growing, then demand does too and prices will rise. Best of luck..
as41
Participant
@as41
Join Date: 2005
Post Count: 108
May 24, 2006 - 6:17 am
I know a lot about Mildura–have you ever been there?
1. prices have increased a lot over the past 6 years…..now have stabilised. You wont get anything in your price range unless it way out of town.. Good rental makret for transient people…..You either have to but close to town…townhouses there are lots of…… For epople that have been unable to afford this they have developed lots of residential estates in the outskirts that are full of first home buyers and renters………There is a lot of unemplyment in this demographic also… you might do o.k buying something close to town or river where you might appreciate your equity but then you are looking at very high $250,000++to purchase a house… [inlove]
Snowflake
sasharif
Participant
@sasharif
Join Date: 2005
Post Count: 48
May 25, 2006 - 11:22 am
Thanks for the advice. It appears Elizabeth might be a better option. Do you guys know any buyer’ agent in Adelaide. I can not find one in the domain.com web site or in the realestate.com.au.
Thanks again.
Sharif
Sharif
redwing
Participant
@redwing
Join Date: 2003
Post Count: 2,733
May 25, 2006 - 12:04 pm
Maybe try DrX ;o)?
Definetly knows the areas
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