Hi everyone, I am a first time property investor and have been reading this forum solidly for the past few days. Thanks to everyone who contributes, I have learned so much.
I would like your opinion on my current thoughts (which change all the time the more I read).
Our situation: PPoR is 5k from Perth, we have approx. $600,000 equity. Last year a property feel through, we were approved for $650,000 loan, but didn't proceed.
Income is $200K gross, plus I earn a bit part-time. Mortgage on PPoR is $2200 month.
No other loans, $10K limit on credit card.
Location:
Brisbane - I believe it is way undervalued, and my parents live there. I grew up in Brisbane and have seen massive change. Made my first $250K on property on Auchenflower ( sold well before it went under in 2011 floods Bought for $120,000 put in $80K raising and extending, a lot of hard yakka myself and sold for $455,000 5 years later. So, I know how to renovate
Property thoughts:
Option 1:
Buy one decent house up to $450,000 and put $150K renos into it, including lift and build in under, and rent out as two residences. Potential areas - large block and three bed post-war in Carina or Stafford Heights.
Option 2:
Buy two cheapies - eg one in Zillmere and one somewhere else???
Thoughts behind suburb choice:
Stafford Heights and Zillmere due to location to Chermise and the development that will go on there.
Zillmere due to very cheap prices.
Carina - big blocks and on the way to Bayside, my parents are in their mid-70s and live on North Stradbroke Island - if we move back to Brisbane we can rent our PPoR in Perth and it will take care of itself (will rent for $650 week). Maybe eventually build in under so I can care for my parents in the long term.
I've gone from initially looking at a $495K 2 bed apartment in Newman returning $5200 month in rent, to getting totally scared of mining towns and regional centres (have already taken Mackay and Gladstone off the list after some research).
We have a fair bit of disposable income and can prop up rents, we're looking at long term capital gain, 10 years at least.
Though it makes no sense as I have two small children - I'd love to have a go at this one:
http://www.realestate.com.au/property-house-qld-everton park-115638431
*face palm*
I would like your opinion on my current thoughts (which change all the time the more I read).
Our situation: PPoR is 5k from Perth, we have approx. $600,000 equity. Last year a property feel through, we were approved for $650,000 loan, but didn't proceed.
Income is $200K gross, plus I earn a bit part-time. Mortgage on PPoR is $2200 month.
No other loans, $10K limit on credit card.
Location:
Brisbane - I believe it is way undervalued, and my parents live there. I grew up in Brisbane and have seen massive change. Made my first $250K on property on Auchenflower ( sold well before it went under in 2011 floods Bought for $120,000 put in $80K raising and extending, a lot of hard yakka myself and sold for $455,000 5 years later. So, I know how to renovate
Property thoughts:
Option 1:
Buy one decent house up to $450,000 and put $150K renos into it, including lift and build in under, and rent out as two residences. Potential areas - large block and three bed post-war in Carina or Stafford Heights.
Option 2:
Buy two cheapies - eg one in Zillmere and one somewhere else???
Thoughts behind suburb choice:
Stafford Heights and Zillmere due to location to Chermise and the development that will go on there.
Zillmere due to very cheap prices.
Carina - big blocks and on the way to Bayside, my parents are in their mid-70s and live on North Stradbroke Island - if we move back to Brisbane we can rent our PPoR in Perth and it will take care of itself (will rent for $650 week). Maybe eventually build in under so I can care for my parents in the long term.
I've gone from initially looking at a $495K 2 bed apartment in Newman returning $5200 month in rent, to getting totally scared of mining towns and regional centres (have already taken Mackay and Gladstone off the list after some research).
We have a fair bit of disposable income and can prop up rents, we're looking at long term capital gain, 10 years at least.
Though it makes no sense as I have two small children - I'd love to have a go at this one:
http://www.realestate.com.au/property-house-qld-everton park-115638431
*face palm*