Hi everyone,
I've had the good fortune to stumble across this forum while doing my research on IPs and would like to say what many others have said before, what a wealth of knowledge and information to be found! I've been lurking for a while now reading the old threads and this is my first post. I have no experience in property investment but am very keen on acquiring my first one this year.
A little on my background - I am 24 years old, been working full-time for 2 years and have saved ~100k for a property. I have a gross income of ~80k a year and no debt (no car loan, HECS, credit card). I regularly save >$3000 a month, am still living at home in Perth and offer a monthly household contribution, which keeps my living expenses to a minimum. My parents are willing to help me out if needed as they have paid off their mortgage.
My plan is to buy one IP this year and rent it out, raise equity within 12 months, which will hopefully enable me to buy me a PPOR next year so I can move out from home. Then I will continue acquiring more properties from there. My ultimate goal is to do what other investors (such as westminster) are doing - developing blocks with apartments/townhouses/units, but I am a long way from doing that
As I am new to IP I might be thinking about things the wrong way so please feel free to let me know if any of this sounds silly
I'm not sure what property types I should be looking at for maximum capital growth. I have been looking at all sorts of properties NOR:
- 4x2/3x2 houses within 10km radius of the city, with potential for subdivision for (eg Girrawheen, Koondoola).
- established family homes close to amenities (Warwick, Hamersley, Padbury, Alexander Heights, Ballajura).
- areas with potential for future development such as Bassendean and Ashfield.
- houses within boundary of Mitchell Fwy, Morley Dve and Tonkin Hwy are desirable but generally out of my price range.
Another thing I have considered is building - is now a smart time to buy a block of land (further from the city) and build with the intention of selling for a profit? I guess what I want to know is how to best utilise the money I have now for maximum gain.
Any advice or suggestions would be greatly appreciated, thanks
P.S. Is there anyone on this forum who was at the Residential Property Outlook breakfast on Wednesday at the Convention Centre?
I've had the good fortune to stumble across this forum while doing my research on IPs and would like to say what many others have said before, what a wealth of knowledge and information to be found! I've been lurking for a while now reading the old threads and this is my first post. I have no experience in property investment but am very keen on acquiring my first one this year.
A little on my background - I am 24 years old, been working full-time for 2 years and have saved ~100k for a property. I have a gross income of ~80k a year and no debt (no car loan, HECS, credit card). I regularly save >$3000 a month, am still living at home in Perth and offer a monthly household contribution, which keeps my living expenses to a minimum. My parents are willing to help me out if needed as they have paid off their mortgage.
My plan is to buy one IP this year and rent it out, raise equity within 12 months, which will hopefully enable me to buy me a PPOR next year so I can move out from home. Then I will continue acquiring more properties from there. My ultimate goal is to do what other investors (such as westminster) are doing - developing blocks with apartments/townhouses/units, but I am a long way from doing that
As I am new to IP I might be thinking about things the wrong way so please feel free to let me know if any of this sounds silly
I'm not sure what property types I should be looking at for maximum capital growth. I have been looking at all sorts of properties NOR:
- 4x2/3x2 houses within 10km radius of the city, with potential for subdivision for (eg Girrawheen, Koondoola).
- established family homes close to amenities (Warwick, Hamersley, Padbury, Alexander Heights, Ballajura).
- areas with potential for future development such as Bassendean and Ashfield.
- houses within boundary of Mitchell Fwy, Morley Dve and Tonkin Hwy are desirable but generally out of my price range.
Another thing I have considered is building - is now a smart time to buy a block of land (further from the city) and build with the intention of selling for a profit? I guess what I want to know is how to best utilise the money I have now for maximum gain.
Any advice or suggestions would be greatly appreciated, thanks
P.S. Is there anyone on this forum who was at the Residential Property Outlook breakfast on Wednesday at the Convention Centre?