As the thread title mentions, I am currently looking to purchase my first investment property and hoping to get a good idea of some things to consider when it comes to property investment. I currently work in banking but need a little guidance in regards to how to best utilise the funds I have available. As I think this is a good opportunity for me to get off to a good start, I would like to make sure that I'm making the right decisions now to set me up for the future. I guess the place to start is here and hopefully learn a thing or two. A little about my current scenario:
Questions/clarification required:
I would also be interested in what data people look for when purchasing in particular areas, suburbs, streets and types of property given the applicable strategy e.g. high income suburb, high owner occupied concentration, ageing suburb etc...
Sorry if some of the questions are a little vague and open ended but I would be interested to hear what some of you would recommend in this scenario....
I welcome any advice, opinions or criticisms.
Thanks!
- Melbourne based
- Deposit: $250,000
- LVR: 90% (LMI is not applicable given my current employment)
- Age: 24
- Currently live at home with family
- Main objective: Get in the wealthiest position possible within 10-15 years so I then have the flexibility to do what I want.
Questions/clarification required:
- What strategy should I go for? Growth, Income, Reno, Development????? I would definitely consider higher risk strategies at this stage as long as the returns justify it.
- What types of properties should I buy given the applicable strategy/how many properties should I buy given my capacity (Depending on how many properties I buy and the rental returns, I can lend anywhere between 1.2 - 1.5 mil. which would mean total purchases prices between 1.3 - 1.6 approx....
- Where in Melbourne should I buy given the types of properties I should be looking at....
- When its time for me to move out e.g. 4-5 years, I will probably be happy to rent if I have the right investments going, would this be the ideal scenario or should I look at maybe just purchasing an investment property now and pay that down as much as possible and move into that and make it my PPR?
I would also be interested in what data people look for when purchasing in particular areas, suburbs, streets and types of property given the applicable strategy e.g. high income suburb, high owner occupied concentration, ageing suburb etc...
Sorry if some of the questions are a little vague and open ended but I would be interested to hear what some of you would recommend in this scenario....
I welcome any advice, opinions or criticisms.
Thanks!
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