Hey guys,
My name is EJ, I'm 25 and am from Western Sydney. I've mentioned previously what my situation was in regards to buying a house to rent out at first then living in it when getting married, but I recently had an offer accepted in North St Marys which was a good deal at the time so I put $1000 to hold it and then the B & P inspection reports came back and there was a fair bit of termite damage so I backed out of the deal and lost my money (still unsure if this is actually normal or if I should get my money back), which is so disheartening as a first time investor.
Earnings: currently on about 78k a year but that's with some weeks where I make $500 and others where I make $4000 but on average around 1500/week. Borrowing power is 800k for property investment. 500k PPOR. These figures were all provided by my broker, westpac and NAB as well.
I am looking to buy my first investment property. I have given up on buying in Sydney unless God shines a light on a house in the west and tells me to buy it haha currently looking at townhouses in Blacktown and units in Parramatta as a last resort.
Strategy: buy interstate for capital growth and rent in Sydney when I get married (hopefully next year around Jan-Feb). Happy for it to cost me up to $100/week on an interest only loan but I will be adding $150/week on top of that to pay off principle while I live at home. I kinda wanna avoid units due to strata but if something isn't high strata then I won't mind if it has good potential for CG. Buy and hold for as long as possible and have a portfolio. I want to avoid all off the plan stuff because it's overpriced, and I don't care about using losses to lower my tax by getting me in a lower bracket. The way I see it is i'm new to investing and want good borrowing power in future so I don't wanna make 78k a year with 30k of losses.
Goals:
Short term: buy 2 properties this year.
Medium term: use the equity in these two properties to buy more next year or in two years. Also need to save enough money to get married in the next 1-1.5 years.
Long term: buy PPOR in Western Sydney, passive income, 10 properties in 10 years (I think it's possible).
I don't wanna go all out and spend 800k. Would rather spend 250k on 2 properties.
What I want: A mentor that is experienced and I can talk to and just follow. I would like someone to give me advice on how to pick a good deal because sometimes it's not just a numbers game. I want someone who is actually putting their money where their mouth and talk is.
Where I'm looking:
12km radius of Brisbane. Everton, Chermside, Nundah, Kedron, coorparoo
Outer suburbs: Logan central, beenleigh, redbank plains, redcliffe, toowoomba, springfield lakes
Melbourne: 12km radius on the west side. Sunshine, West Footscray. Also looking far west in Werribee but that would be a very long term hold to get good capital growth.
Sydney: Dharruk, Emerton, North St Marys, Tregear, Whalan, Hebersham, Blacktown (townhouses), Parramatta (units), Marrickville (units).
Would anyone be keen to help me pick where my first investment should be? I'm leaning towards Logan Central/Beenleigh, Redbank Plains or Redcliffe. What do you guys think?
p.s sorry for the hassle.
p.p.s I've been researching for 1.5 yrs until my finances were ready so I've read a fair bit on here, books, articles and have a collection of magazines haha I've met with a couple of property investment coaches and they all talk about how their company buys in qld yet none of them have put their money where their mouths are.
My name is EJ, I'm 25 and am from Western Sydney. I've mentioned previously what my situation was in regards to buying a house to rent out at first then living in it when getting married, but I recently had an offer accepted in North St Marys which was a good deal at the time so I put $1000 to hold it and then the B & P inspection reports came back and there was a fair bit of termite damage so I backed out of the deal and lost my money (still unsure if this is actually normal or if I should get my money back), which is so disheartening as a first time investor.
Earnings: currently on about 78k a year but that's with some weeks where I make $500 and others where I make $4000 but on average around 1500/week. Borrowing power is 800k for property investment. 500k PPOR. These figures were all provided by my broker, westpac and NAB as well.
I am looking to buy my first investment property. I have given up on buying in Sydney unless God shines a light on a house in the west and tells me to buy it haha currently looking at townhouses in Blacktown and units in Parramatta as a last resort.
Strategy: buy interstate for capital growth and rent in Sydney when I get married (hopefully next year around Jan-Feb). Happy for it to cost me up to $100/week on an interest only loan but I will be adding $150/week on top of that to pay off principle while I live at home. I kinda wanna avoid units due to strata but if something isn't high strata then I won't mind if it has good potential for CG. Buy and hold for as long as possible and have a portfolio. I want to avoid all off the plan stuff because it's overpriced, and I don't care about using losses to lower my tax by getting me in a lower bracket. The way I see it is i'm new to investing and want good borrowing power in future so I don't wanna make 78k a year with 30k of losses.
Goals:
Short term: buy 2 properties this year.
Medium term: use the equity in these two properties to buy more next year or in two years. Also need to save enough money to get married in the next 1-1.5 years.
Long term: buy PPOR in Western Sydney, passive income, 10 properties in 10 years (I think it's possible).
I don't wanna go all out and spend 800k. Would rather spend 250k on 2 properties.
What I want: A mentor that is experienced and I can talk to and just follow. I would like someone to give me advice on how to pick a good deal because sometimes it's not just a numbers game. I want someone who is actually putting their money where their mouth and talk is.
Where I'm looking:
12km radius of Brisbane. Everton, Chermside, Nundah, Kedron, coorparoo
Outer suburbs: Logan central, beenleigh, redbank plains, redcliffe, toowoomba, springfield lakes
Melbourne: 12km radius on the west side. Sunshine, West Footscray. Also looking far west in Werribee but that would be a very long term hold to get good capital growth.
Sydney: Dharruk, Emerton, North St Marys, Tregear, Whalan, Hebersham, Blacktown (townhouses), Parramatta (units), Marrickville (units).
Would anyone be keen to help me pick where my first investment should be? I'm leaning towards Logan Central/Beenleigh, Redbank Plains or Redcliffe. What do you guys think?
p.s sorry for the hassle.
p.p.s I've been researching for 1.5 yrs until my finances were ready so I've read a fair bit on here, books, articles and have a collection of magazines haha I've met with a couple of property investment coaches and they all talk about how their company buys in qld yet none of them have put their money where their mouths are.