Hi guys, great forum learnt a lot today! My situation is I have some cash, and because of the current 'slump' in Melbourne I have a goal of buying two properties this year for investment purposes. I have decided I will but 1 near new, and 1 old property with 20km of Melbourne's CBD. I am looking at Heidelberg, Rosanna, Viewbank, Northcote. Locations that are easily rentable. Looking to spend 400-450K per property. Would anyone like to share their hidden gem areas or tips on locations that will prosper over the next few years around Melbourne ….
Hi
Welcome to the forum.
Look at your structure also and decide whether you are comfortable investing in your own name. Don't just consider now, but also consider future options.
Not a Melbournite but looking forward to see what you decide on, please share here when you buy.
regards
D
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Be careful of using your cash instead of using finance for the purchases. Also why are you looking to buy new? Whats the strategy?
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Hi Weetbix
Welcome aboard.
Are we reading it right that you're looking to use cash to fund two purchases outright?
If so, there are better ways to leverage your money so it wouldn't hurt getting in touch with a decent finance person.
Richard who's already responded to your post is only a phone call/email away.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Guys,
Thanks for your responses guys!
@rpi are there more options than just investing in your name? Setting up a company?
@TFS – Thinking of a diverse range of IPs. Start off with 1 new and and then 1 old (or vice versa). Overall strategy is buy a couple of properties, ride out the current slump, and then buy a couple more in 5-7 years.
@jamie – The cash is only for the initial deposit, not to purchase outright.
Ok then you need to compare using cash vs going for a higher LVR ratio. You may find that the higher LVR ratio is the better option that using all/most of your cash/deposit upfront.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Hi Weetbix,
Northcote is a great area, good access to public transport, reasonably close to the city, High St shopping and eateries, borders with some high value suburbs, a lot of things going for it. Only just with your budget, you might be limited to apartments or a smallish unit. Not that it is a bad thing, it just might not suit what you're looking for.
Cheers
Tom
weetbix wrote:@jamie – The cash is only for the initial deposit, not to purchase outright.
OK – have a chat with your broker/banker about the cost/benefits of using a larger/smaller deposit on each purchase.
Personally, I'm a fan of using smaller deposits for IPs and leveraging more of the banks money. But everyone's circumstances are different. Here's an article I wrote on leveraging LMI to get ahead.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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