Hi guys
I stumbled upon this forum a few days and figured I may as well sign up and start getting involved.
Brief rundown of me:
- 25 years old
- Living in Canberra
- Current annual salary $76 300
- Spent the last few years reading many, many property books and websites, I also subscribe to Your Mortgage, Your Investment Property and Australian Property Investor
- I currently have one property, a 1 bedroom apartment which I bought off-the-plan and will be my PPOR. Construction will be complete/settlement will be late September this year.
- The apartment cost $309 500, I've already put down 5% ($15 475), have $10k saved in the bank, and the $21k FHOG coming to me.
- I'll be applying for my loan in July, looking to put down 15% deposit in total and keeping at least $10 000 as a bit of a buffer.
As for my questions, it's really just one general one. My overall plan is to buy enough investment properties so that (hopefully) by the time I'm 35 I only have to work if I want to. I don't plan to ever sell this apartment, or any subsequent property purchases. At the moment I'm trying to decide:
1) When to buy my first investment property
2) How much deposit to put down
3) Whether to wait and use equity from my PPOR
4) How to actually go about it for my situation/what type of loan to get
etc
I know these are very vague questions, that's just where I am at the moment. I'm planning for my first investment property to be another off-the-plan, at least that way I'll be able to secure the property at today
s price then have about a year before I need to do anything more with it. This would require an initial deposit of at least 5% and at least if it comes time for settlement and I'm not actually ready for an IP I could just onsell it.
There are plenty of suitable developments happening in Canberra at the moment, I have a friend who is a real estate agent and sends me info on new ones every other day - I just have to figure out how to know when I'm ready!
Any advice you guys can give me would be much appreciated, although I'm sure I'll figure it out with more reading and by browsing these forums. Either way it's good to be here
I stumbled upon this forum a few days and figured I may as well sign up and start getting involved.
Brief rundown of me:
- 25 years old
- Living in Canberra
- Current annual salary $76 300
- Spent the last few years reading many, many property books and websites, I also subscribe to Your Mortgage, Your Investment Property and Australian Property Investor
- I currently have one property, a 1 bedroom apartment which I bought off-the-plan and will be my PPOR. Construction will be complete/settlement will be late September this year.
- The apartment cost $309 500, I've already put down 5% ($15 475), have $10k saved in the bank, and the $21k FHOG coming to me.
- I'll be applying for my loan in July, looking to put down 15% deposit in total and keeping at least $10 000 as a bit of a buffer.
As for my questions, it's really just one general one. My overall plan is to buy enough investment properties so that (hopefully) by the time I'm 35 I only have to work if I want to. I don't plan to ever sell this apartment, or any subsequent property purchases. At the moment I'm trying to decide:
1) When to buy my first investment property
2) How much deposit to put down
3) Whether to wait and use equity from my PPOR
4) How to actually go about it for my situation/what type of loan to get
etc
I know these are very vague questions, that's just where I am at the moment. I'm planning for my first investment property to be another off-the-plan, at least that way I'll be able to secure the property at today
s price then have about a year before I need to do anything more with it. This would require an initial deposit of at least 5% and at least if it comes time for settlement and I'm not actually ready for an IP I could just onsell it.
There are plenty of suitable developments happening in Canberra at the moment, I have a friend who is a real estate agent and sends me info on new ones every other day - I just have to figure out how to know when I'm ready!
Any advice you guys can give me would be much appreciated, although I'm sure I'll figure it out with more reading and by browsing these forums. Either way it's good to be here