Hi all,
I'm in a quandry and I hope some of you clever money-makers can help me see the light.
In the last 14 months I've bought IP's 2,3,4 (had others previously but cashed them in over the years.) I'm now pre-approved to go for IP 5. We still have a few hundred thousand $ of equity and I think servicability is pretty good moving forward so I think our ability to borrow for more IPs is quiet strong.
The problem is that everything is so bloody expensive! So far IPs are in Canberra, Wagga, Bathurst, and the Shoalhaven and they're all cash-flow neutral. I'm looking for something else that will reno then rent CF neutral with room for CG (aren't we all )
For years I've been working to get myself into the position that I can go flat out investing, and now that I have the means to do it, the market has taken off and I feel like Im being left behind. My old strategy of making low ball offers obviously wont work now and I'm worried that if I pick up a few more IPs this year I'll be buying at the peak. But then if I wait i'll be missing some good opportunities.
Do I just resign myself to the fact that new purchases will be CF-. Or do I buy in areas that will be CF+ but have little growth prospects. Yes I know people will say you can have both, but you know what I mean.
Traditionally I've thought of places like Tamworth, Goulburn, Nowra, Southern Illawarra as a good balance between cash flow and long term growth, but I feel that buying in most of those now would be too late and Negative geared, which I'm trying to avoid... or do I just get over myself and get on with it!?
The aim is to have 10 or more reasonalbe quality IPs which are CF neutral then pay down debt, sell some to realise Capital gains and live off rents in retirement. I'm 35 now so it's a 20 year goal.
Any thoughts (or motivation) would be greatly appreciated!
Ta.
I'm in a quandry and I hope some of you clever money-makers can help me see the light.
In the last 14 months I've bought IP's 2,3,4 (had others previously but cashed them in over the years.) I'm now pre-approved to go for IP 5. We still have a few hundred thousand $ of equity and I think servicability is pretty good moving forward so I think our ability to borrow for more IPs is quiet strong.
The problem is that everything is so bloody expensive! So far IPs are in Canberra, Wagga, Bathurst, and the Shoalhaven and they're all cash-flow neutral. I'm looking for something else that will reno then rent CF neutral with room for CG (aren't we all )
For years I've been working to get myself into the position that I can go flat out investing, and now that I have the means to do it, the market has taken off and I feel like Im being left behind. My old strategy of making low ball offers obviously wont work now and I'm worried that if I pick up a few more IPs this year I'll be buying at the peak. But then if I wait i'll be missing some good opportunities.
Do I just resign myself to the fact that new purchases will be CF-. Or do I buy in areas that will be CF+ but have little growth prospects. Yes I know people will say you can have both, but you know what I mean.
Traditionally I've thought of places like Tamworth, Goulburn, Nowra, Southern Illawarra as a good balance between cash flow and long term growth, but I feel that buying in most of those now would be too late and Negative geared, which I'm trying to avoid... or do I just get over myself and get on with it!?
The aim is to have 10 or more reasonalbe quality IPs which are CF neutral then pay down debt, sell some to realise Capital gains and live off rents in retirement. I'm 35 now so it's a 20 year goal.
Any thoughts (or motivation) would be greatly appreciated!
Ta.