So a question to all the creative/creative minded people here
Im sure many of us, including myself one day wish to own their exclusive beachside property, and I mean BEACHSIDE, so you can basically jump off your balcony and into the water ie be the first house from the beach. basically a toy house, just like a toy car= Ferrari, impractical, expensive does the same things as something thats worth 1/2 of it
now, we we all understand that these sort of properties are few and far and even in the crappier suburbs, they still fetch over $1m+
Now, personally, I would like to have one of these properties so I can visit there on hot days and sit on the beach or on your balcony looking over the beach, and yes, I do enjoy the "W*&K" factor of having that beachside property or posh property, however, on a personal note, I would rather not have it at all in these suburbs if say I was going to get a dump of a property that has no views or you can';t walk to the beach or its impossible/impractical to get there, in other words, I would rather have nothing in this area if I can't have this dream beachside property, and instead of owning one of these and one the assumption I am financially sufficient, I would simply rent out one of these for the weekend, and have a party and invite all my friends.
so what are some techniques that the people can use to get one of these, or eventually get one of these. and Id like to have mine as close to the city as possible, so not 3-6 hours drive out....
my only suggestion is,
1. I went through aspendale today, and thought how nice the beaches were, there was a lot of people, the beachside properties are selling for between 1.3-$2million, however, there were a few 3bdr apartments, that were quite nice that I would be happy with, these were about $780k, so do I purchase one of these, and attempt to rent it out as holiday accomodation, so hopefully. I get the 5-6 % yield????? or if the property cannot be rented out at a great enough rent or period of the year, it would be silly to hold onto a property that is simply costing you and not generating ongoing income, unless you have bucket loads of $$$ to throw away, or you really really really want it, now for me $780k is far more affordable to most compared to $1.3-2.0million
2. Go to the closest to the city suburb with beaches, that has no interest and nothing, and I mean ZILCH, buy all the beachside land which will be cheap because nobody wants it, and start building and prey to god that there is a mini boom in that area
3.
Buy a big block of land on the beachside in the premium suburbs (probably cost $2m -$5m), subdivide ,and do plans for however many apartments you can fit on there, build, make $$$, and keep the smalles/cheapest one for yourself.
so what can those who are in the process of working towards financial freedom do instead of paying say $5million+ at the end of their property cycle in 5, 10, 15, 20, 30, 40 years time?
NOTE: The above is not finacial advice and should not be taken as it is most likely CR4PPY advice, and you will lose!