Hi All,
Ive noticed a few threads where people are asked 'what is your strategy'? How do investors work out what their strategy is? Is it through experience or do you work it out upfront? Ive done a fair bit of reading ie books and this forum, magazines etc and Im not much clearer yet on what ours is or should be. Despite this we leapt in last year and purchased two 1 br units. Perhaps someone on SS might have some advice to offer us. Our story is:
- Were in our mid to late forties.
- We own our PPOR value approx. 850K
- Have 2 x IPs 1 br units bathrooms were done before purchase and we cleaned, repainted and put in new carpet. Both rented.
- Hubby is a licenced builder mainly doing small renovation projects, maintenance, structural work etc. Im in full time work on a good salary.
- We like the idea of buying around where we live so that most maintenance work (or renovation work) can be done by us or people we know in the trade. However, we also see the sense in buying in other locations that might see quicker capital growth.
- Like the concept of buy and hold but also would consider renovate and sell where it makes $$ sense.
- Hubby likes units because the repair bills (if you get a bad tenant) are likely to be smaller than a house. However body corporate fees need to be factored in, you dont own the land, other than renovating the unit, value adding may not be possible.
- Im thinking houses may be good for better capital growth and opportunities to renovate/ value add/ knock down & rebuild, sub divide etc.
Would appreciate your thoughts/ suggestions.
Ive noticed a few threads where people are asked 'what is your strategy'? How do investors work out what their strategy is? Is it through experience or do you work it out upfront? Ive done a fair bit of reading ie books and this forum, magazines etc and Im not much clearer yet on what ours is or should be. Despite this we leapt in last year and purchased two 1 br units. Perhaps someone on SS might have some advice to offer us. Our story is:
- Were in our mid to late forties.
- We own our PPOR value approx. 850K
- Have 2 x IPs 1 br units bathrooms were done before purchase and we cleaned, repainted and put in new carpet. Both rented.
- Hubby is a licenced builder mainly doing small renovation projects, maintenance, structural work etc. Im in full time work on a good salary.
- We like the idea of buying around where we live so that most maintenance work (or renovation work) can be done by us or people we know in the trade. However, we also see the sense in buying in other locations that might see quicker capital growth.
- Like the concept of buy and hold but also would consider renovate and sell where it makes $$ sense.
- Hubby likes units because the repair bills (if you get a bad tenant) are likely to be smaller than a house. However body corporate fees need to be factored in, you dont own the land, other than renovating the unit, value adding may not be possible.
- Im thinking houses may be good for better capital growth and opportunities to renovate/ value add/ knock down & rebuild, sub divide etc.
Would appreciate your thoughts/ suggestions.