Hi all,
Been a long time lurker on the forums, gathering as much information as I possibly can.
Here's my situation:
I have $500k in cash and want to start making better use of it as its just sitting in a "high" interest savings account. My long term goal is to have $100k passive income from property through rent. Thought a first purchase at $450k is comfortable for me to get started.
I've read a lot about the various strategies people are using on this forum, but I think for a newbie like myself a solid buy and hold investment (with good CG) within 10kms of Melbourne CBD will be a good start on my property investing journey. I strongly considered employing a BA to help me for my first purchase, but eventually decided against it.
The suburbs I have identified are Elwood, St Kilda, Brunswick. Started looking around the Elwood area a couple of weeks ago. Anyone have any thoughts on these areas, or any other areas that I should be looking at with that budget.
As for resources, I have signed up for a 7 day trial with Real Estate Investar. Its $1970 for the yearly subscription, which is really expensive, but are there less expensive alternatives out there? I was interested in getting a shared subscription to PriceFinder but the thread seems to have died down. Does anyone have any good value suggestions for data sites?
Thanks in advance for your help. I have been stuck in an analysis paralysis stage with decisions regarding strategy and whether or not to use a BA. Your comments are welcome, just looking to move forward. Thanks in advance.
Been a long time lurker on the forums, gathering as much information as I possibly can.
Here's my situation:
I have $500k in cash and want to start making better use of it as its just sitting in a "high" interest savings account. My long term goal is to have $100k passive income from property through rent. Thought a first purchase at $450k is comfortable for me to get started.
I've read a lot about the various strategies people are using on this forum, but I think for a newbie like myself a solid buy and hold investment (with good CG) within 10kms of Melbourne CBD will be a good start on my property investing journey. I strongly considered employing a BA to help me for my first purchase, but eventually decided against it.
The suburbs I have identified are Elwood, St Kilda, Brunswick. Started looking around the Elwood area a couple of weeks ago. Anyone have any thoughts on these areas, or any other areas that I should be looking at with that budget.
As for resources, I have signed up for a 7 day trial with Real Estate Investar. Its $1970 for the yearly subscription, which is really expensive, but are there less expensive alternatives out there? I was interested in getting a shared subscription to PriceFinder but the thread seems to have died down. Does anyone have any good value suggestions for data sites?
Thanks in advance for your help. I have been stuck in an analysis paralysis stage with decisions regarding strategy and whether or not to use a BA. Your comments are welcome, just looking to move forward. Thanks in advance.