Hey guys, first time posting about myself, long time lurker.
For starters, I currently have $75k deposit and am on $85k-100k p.a income, my investment goal is to generate a passive income of $400 p/w and generate enough capital to start my own business by the time I am 30 (I am currently 26). I estimate I will need $100k-200k of capital to do this.
I have a mortgage broker sorted (thanks Jamie) and have been on the hunt since last October. After doing the research and lurking Somersoft and trying to absorb as much information as possible, I have pinpointed my search to the suburbs of Bald Hills (south of old Gympie Road), Bracken Ridge (West of Norris Rd), and Fitzgibbon/Carseldine areas. I have chosen northern Brisbane suburbs because I am on the north side myself and have knowledge of these areas from growing up here. I have a budget of maximum $450k, but the closer to $400k the less nervous I am. I have chosen these suburbs because they are close to the train line and / or have good bus routes to the city, and these suburbs are the closest to the CBD I can purchase a house for in this range.
I am looking at 4/2/2 houses, low set brick with minimal maintenance, and good for renters. I have been ready to place offers on two houses, which have both gone for $420K - $430K, so I think I am in the ball game here.
My questions are, is my thinking sound? And am I looking in the right suburbs with the correct criteria?
For starters, I currently have $75k deposit and am on $85k-100k p.a income, my investment goal is to generate a passive income of $400 p/w and generate enough capital to start my own business by the time I am 30 (I am currently 26). I estimate I will need $100k-200k of capital to do this.
I have a mortgage broker sorted (thanks Jamie) and have been on the hunt since last October. After doing the research and lurking Somersoft and trying to absorb as much information as possible, I have pinpointed my search to the suburbs of Bald Hills (south of old Gympie Road), Bracken Ridge (West of Norris Rd), and Fitzgibbon/Carseldine areas. I have chosen northern Brisbane suburbs because I am on the north side myself and have knowledge of these areas from growing up here. I have a budget of maximum $450k, but the closer to $400k the less nervous I am. I have chosen these suburbs because they are close to the train line and / or have good bus routes to the city, and these suburbs are the closest to the CBD I can purchase a house for in this range.
I am looking at 4/2/2 houses, low set brick with minimal maintenance, and good for renters. I have been ready to place offers on two houses, which have both gone for $420K - $430K, so I think I am in the ball game here.
My questions are, is my thinking sound? And am I looking in the right suburbs with the correct criteria?