My partner & I are just starting out in property investing. We are currently doing a course through "Rich Dad" and both have good incomes from the mines. My partner has a property in Mt Isa and I am still looking to buy my first property. Should we hold onto the property in Mt Isa? We live in Mackay and looking for a mentor to learn from. I have about 10k in savings + first home buyers grant. Any advise would be great. Ash
Hey Ash. I invest in Mackay, but live in Moranbah.
I dont know anything about Mt Isa markets so cant say anything there.
Our financial planner is Mike Browne from Browne and Bird (in Victoria St Mackay) and awhile back they presented us all the information about Dalrymple Bay and the stuff happening out there. This will be influencing the house prices in Mackay some time over the upcoming 3 or 5 years or whatever until things kick into full swing, then prices will rise quite considerably due to an increase in demand. So I recommend doing some research on Dally Bay. But thats only one of the many reasons we invest locally.
In my opinion Slade Point is very undervalued because of the whole "stigma" of it being housing commission. But the suburb is changing and losing that bad rep now that times moving on. But the houses are still pretty cheap compared to the rest of Mackay. Its on the water with gorgeous beaches, yet still only minutes to town. Another is Beaconsfield – not out Eaglemount Heights way cos there is a lack of facilities out there – but the side closest to Mt Pleasant. Its fairly cheap considering how expensive MtP is. Those are two suburbs that we are keeping an eye on for our next purchase.
We personally are staying away from the northern beaches. Too many new estates going up out there and too much land.
Anyways, good luck with it
Don't trust anyone's opinions unless youve backed it up with your own independent research. In fact, research till your eyes bleed before you buy anything.All the best
Hey Karen,
Thank you so much for the advice. We are finding it hard to find local people to talk to so this is great. If you are in town at all, we would love to catch up for a coffee or something to discuss the topic. Thanks again. Ash [email protected]
Hey Ash,
I don’t want to hijack your thread but I’m interested in the Rich Dad training too. Are you doing the coaching too? Can you tell me how the training is going? I’m just wondering how “American” related it is (especially the coaching part of it). Thanks.
Chiz
Hey Chiz,
My partner & I have been doing the Rich Dad coaching for about 2 months now and is the best money we have ever spent. Great support & very enjoyable. Please don't hesitate to ask any questions you my have. They have students in many countries so the content is suited to everyone. Our coach is great and calls us every 2 weeks. The coarse is 12 months long. Ash
Hi Ash
I would love to catch up for coffee, however every time I come into town I have my two kids aged 2 and 4 with me … so an adult conversation such as this is impossible ha.
My husband and I are just starting out too, we have two properties. But hoping to add to that a property every two yrs. Slow and steady at the moment due to family duties. But once I am back at work our plan is to then purchase each year. But we are using the time between purchasing wisely by improving our current props and researching the market.
Hey Karen,
No worries. Just looking at a property now and will need to find a Building inspector, accountant & solicitor, anyone you recommend?
Hi Ash,
I’m gonna send you a pvt message, I’m really interested in the Rich Dad Coach program and I wanna know about your experience.
Cheers
Alex
Don't trust anyone's opinions unless youve backed it up with your own independent research. In fact, research till your eyes bleed before you buy anything.
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