Hello,
I stumbled across this forum when trying to research investing in property and am very glad I did, the last few weeks of reading have been very helpful to say the least.
I am hoping someone may be able to provide some suggestions/information or point me in the right direction as the more i read the more overwhelmed and confused I think I am becoming.
My situation is that my partner and I and our three kids (aged 5yrs and under) currently rent in Sydney, a home that is owned by a close family member. The family member plans to use the home as retirement income with no plans to sell for at least 20years or more. We are in a good area where we like to live and the kids will go to school soon etc.
We have no debts and have savings now just over $80,000
After speaking with our accountant at tax time he suggested we look at propert investing as my partner is sole provider (with me a SAHM) and he said it could help reduce tax and build on our financial position.
After some initial reading, we have reached the conclusion that we should definetly buy an IP and despite the book I read indicating that you should always by your PPOR first, i think given our situation above that may not be applicable ??
What I am having some trouble with is that I keep hearing the terms 'research' and 'due diligence' being used regularly (rightly so), but am having trouble working out how to effectively reasearch an area and then how to "do the sum's"
I have managed to find some sites where you can view CG info in a basic form but was hoping someone experienced may be happy to shed some light on what steps you should take to investigate an area and how to work out what the return of investment would be in different scenario's.
Thankyou in advance for any info or advice it would be most appreciated by this self confessed novice
I stumbled across this forum when trying to research investing in property and am very glad I did, the last few weeks of reading have been very helpful to say the least.
I am hoping someone may be able to provide some suggestions/information or point me in the right direction as the more i read the more overwhelmed and confused I think I am becoming.
My situation is that my partner and I and our three kids (aged 5yrs and under) currently rent in Sydney, a home that is owned by a close family member. The family member plans to use the home as retirement income with no plans to sell for at least 20years or more. We are in a good area where we like to live and the kids will go to school soon etc.
We have no debts and have savings now just over $80,000
After speaking with our accountant at tax time he suggested we look at propert investing as my partner is sole provider (with me a SAHM) and he said it could help reduce tax and build on our financial position.
After some initial reading, we have reached the conclusion that we should definetly buy an IP and despite the book I read indicating that you should always by your PPOR first, i think given our situation above that may not be applicable ??
What I am having some trouble with is that I keep hearing the terms 'research' and 'due diligence' being used regularly (rightly so), but am having trouble working out how to effectively reasearch an area and then how to "do the sum's"
I have managed to find some sites where you can view CG info in a basic form but was hoping someone experienced may be happy to shed some light on what steps you should take to investigate an area and how to work out what the return of investment would be in different scenario's.
Thankyou in advance for any info or advice it would be most appreciated by this self confessed novice