Hey Guys,
I have been reading this forum for quite some time now, going over every post I can relate back to me, but this is my first post.
I am a 23yo living in Ballarat (VIC) and would like to enter the IP market by the end of the year, preferably buying into my own region for my first experience.
I am on approx $45,000 a year which I expect to increase over the next few years due to me only starting my position about 2 months ago. The average housing costs in Ballarat at the moment are around $195,000-$210,000.
By the end of the year I would hopefully have saved around $15,000-$20,000, by putting away between 40-50% of my wage each week, and I may even get a nice bonus tax return due to me starting the position halfway through the financial year, but paying tax based on my annual figures.
I have been reading Jan Somers book lately (almost complete) and would like to try and find a property in the 3-5 range based on her book, but am unsure what option would be best for me? I am unsure whether it would be better for me to buy a property for say $175,000-$180,000, then use the first home buyers grant for the first 6 months to make improvements etc, or whether it would be better to 'give up' this grant, buy a property at the average cost and rent it out straight away?
I am currenty renting at the moment with some mates and besides bills/general living expenses, I have no other debt etc. My goal is to continue renting, whilst I attempt to build my IP portfolio over the next few years before reassessing where I am at in 5 years time (ie. partner, wage etc). I would prefer at this stage to buy higher yielding properties as it allows me to purchase more properties at a quicker rate. This would mean if I do buy one buy the end of this year, then I could be looking for another at the same stage the following year. My ultimate goal is to be able to retire within 15 years, but I know this depends on a lot of factors such as work (which is a secure job at the moment), partner (which I have at the moment, but she plans to travel this year), family etc. I am determined to strive for this goal, as I have seen enough of the world at this stage to be content and would really like to set up my retirement/future family by acting now.
I apologise if you're sick of seeing similar posts appear each day, but I really would like to get some of your opinions as to which way I should go, especially in regards to the first home buyers grant (whether its worth taking or putting tennants in straight away)?
Thanks in advance, and I know I have probably left out some important details (which I cant quite think of right now)..
I have been reading this forum for quite some time now, going over every post I can relate back to me, but this is my first post.
I am a 23yo living in Ballarat (VIC) and would like to enter the IP market by the end of the year, preferably buying into my own region for my first experience.
I am on approx $45,000 a year which I expect to increase over the next few years due to me only starting my position about 2 months ago. The average housing costs in Ballarat at the moment are around $195,000-$210,000.
By the end of the year I would hopefully have saved around $15,000-$20,000, by putting away between 40-50% of my wage each week, and I may even get a nice bonus tax return due to me starting the position halfway through the financial year, but paying tax based on my annual figures.
I have been reading Jan Somers book lately (almost complete) and would like to try and find a property in the 3-5 range based on her book, but am unsure what option would be best for me? I am unsure whether it would be better for me to buy a property for say $175,000-$180,000, then use the first home buyers grant for the first 6 months to make improvements etc, or whether it would be better to 'give up' this grant, buy a property at the average cost and rent it out straight away?
I am currenty renting at the moment with some mates and besides bills/general living expenses, I have no other debt etc. My goal is to continue renting, whilst I attempt to build my IP portfolio over the next few years before reassessing where I am at in 5 years time (ie. partner, wage etc). I would prefer at this stage to buy higher yielding properties as it allows me to purchase more properties at a quicker rate. This would mean if I do buy one buy the end of this year, then I could be looking for another at the same stage the following year. My ultimate goal is to be able to retire within 15 years, but I know this depends on a lot of factors such as work (which is a secure job at the moment), partner (which I have at the moment, but she plans to travel this year), family etc. I am determined to strive for this goal, as I have seen enough of the world at this stage to be content and would really like to set up my retirement/future family by acting now.
I apologise if you're sick of seeing similar posts appear each day, but I really would like to get some of your opinions as to which way I should go, especially in regards to the first home buyers grant (whether its worth taking or putting tennants in straight away)?
Thanks in advance, and I know I have probably left out some important details (which I cant quite think of right now)..