Hi ,
I have started investigating (ie financial planner & MB meeting etc) organising a property portfolio, starting on the Sunshine Coast.(As this is where we have settled & I would prefer somewhere I can keep my eye on)
I have $500k cash (dying a death in a term deposit ATM!)
with which I plan to buy 4 properties at approx $300k-$350k each
($100k deposit on each with a $200k-$250k mortgage on each)
I figure this way the mortgage payments will come in at approx.$350pw which could be covered by the rents therefore Neutrally / +ve geared.
I tend to prefer the bottom end of the market as I feel that there will always be a demand for these. I have 3 properties in the UK that are small apartments, always rented (10yrs now!) & v.good CG over the yrs.
I plan to buy 1 or 2 on the Coast, the remainder in Brisbane, close to CBD etc
as I am seeing an increasing amount of auction properties passing in & being sold post auction by 'motivated' vendors at seemingly 'knockdown' prices , which is getting me thinking about getting in now & lowballing offers, until I get lucky.
My questions to the forum are;
Do you think that the Sunny Coast is a good area for IP?
Do you see a serious flaw in my plan?
What would you do with $500k cash now?
Thank you in advance for any advice!
Murrayo.
I have started investigating (ie financial planner & MB meeting etc) organising a property portfolio, starting on the Sunshine Coast.(As this is where we have settled & I would prefer somewhere I can keep my eye on)
I have $500k cash (dying a death in a term deposit ATM!)
with which I plan to buy 4 properties at approx $300k-$350k each
($100k deposit on each with a $200k-$250k mortgage on each)
I figure this way the mortgage payments will come in at approx.$350pw which could be covered by the rents therefore Neutrally / +ve geared.
I tend to prefer the bottom end of the market as I feel that there will always be a demand for these. I have 3 properties in the UK that are small apartments, always rented (10yrs now!) & v.good CG over the yrs.
I plan to buy 1 or 2 on the Coast, the remainder in Brisbane, close to CBD etc
as I am seeing an increasing amount of auction properties passing in & being sold post auction by 'motivated' vendors at seemingly 'knockdown' prices , which is getting me thinking about getting in now & lowballing offers, until I get lucky.
My questions to the forum are;
Do you think that the Sunny Coast is a good area for IP?
Do you see a serious flaw in my plan?
What would you do with $500k cash now?
Thank you in advance for any advice!
Murrayo.