Hey all
Relatively new to investing forums, so far have found this one to be very worthwhile.Little background on current situation
Current PPOR in melb bayside suburbs. Have approx 1 million in equity and annual income of 400k p/a.
Have no IP currently.
Very eager to invest but just trying to determine what is exactly best for my current situation.
Current thoughts are that Melbourne is top of the list, as it is the worlds most livable city, with large population growth predicted. And also happens to be the only market that I am familiar with.
Also thinking that Brisbane might be an option for something more affordable with better rental yield.
Goal is medium to long term capital growth, with the option to build duplexes/townhouses in the future.
Just not sure whether I should be buying several cheaper properties, or spending more on better properties.
Also not necessarily after advice as to which exact suburb to invest, particularly in Melbourne.
More after general advice as to what plan I should be taking, as there are many options with the equity and income I currently have
Apologies if I come across as a novice, but this will be my first foray into the investment game, and want to make the right decisions at the start.
Thanks
Tim
Hi Tim welcome to the forum.
Probably best to work out your end goals and than work your way back to where you are now. I find this is the easiest way to create a plan on what you want to achieve. You’ve got a very strong position with equity and income so financing won’t be an issue but you should probably make contact with a broker to establish your borrowing power. It will help with mapping out your plans.
There are a number of strong markets in Australia at the moment Adelaide, Brisbane and Regional NSW. My strategy was to buy lower end properties, renovate and rent out to have a strong cash flow position. I was on a low income and that strategy suited me but since you have a much higher income I’d recommend sticking to blue chip properties.
Hope this helps.
Tony
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
Hi Tim
Thanks for sharing your journey with us.
Without understanding your situation, here are some questions to ask and educate yourself.
1. WHY am I buying real estate?
2. WHAT are my goals and strategy?
3. WHICH professionals should I choose?
4. WHO owns the real estate?
5. HOW much can I borrow?
6. WHERE do I buy?
7. WHEN do I buy and exit?Other factors to consider are your age and risk profile.
Everyone’s strategy is different due to their unique circumstance and you have to educate yourself so that you can develop a strategy that fits you.
Patrick Ow
http://howtobuyrealestate.com.au
Email Me
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