Hi Everyone,
I live in Melbourne and have been looking for an I.P in several areas and now I am lost. My options are as the below:
1. Buying a unit (can't afford a house) around the Universities area and rent out as Student accommodation (per room). Is it considered as + C.F property option?2. Buying a property in Frankston or Dandenong? Is it worth it?
Any tips/advise is much appreciate as to help me clear my mind.Hi
A better approach might be to get some help in terms of what you can afford based on your income/possible equity/savings. This might begin to open up other options of what to buy and how much you can afford. Also, different IP such as student accommodation can have different conditions attached to it from lenders.
There are a few mortgage brokers on this forum which I'm sure would be happy to help you.
Regards
Gary
Yes once you know your maximum borrowing capacity it should help
Thanks for the responses. We do know our max-borrowing (upto $450k). However, we try not to spend >$250k for the first I.P given that we don't have any experience at all. We have been looking around for a few months, and its really hard to find a +CF property.
But, I won't give up…will keep on looking…Hopefully, some of you kindly enough to provide tips or hints so that I can narrow down the searching path.Thanks alot.
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