Looking to purchase first IP

[sdcha2]

Hi all,

I am currently looking at purchasing my first investment property and was looking for some advice as to where to purchase. I prefer Melbourne as that is where I live, but am open to suggestions.

Two options
1. I have a budget of around 400k so was thinking 3Bed houses in areas such as:
-Doveton
-Hampton Park
-Keysborough

2. Go 50-50 with my parents for an IP in an area such as:
-Oakleigh
-Murrumbeena
-Mordialloc / Mentone
-Cheltenham

Any advice at all would be greatly appreciated as I am very new to this.

Thanks for taking the time to read my post!

 

[Aaron_C]

Option 2 for me as far better quality assets.

 

[Rolf Latham]

Welcome SD

make yourself aware of the pros and cons of joint and several liability if you are going to be borrowing with a 3rd part ( ie not spouse)

These arragements can work well, but the vast majority we have been asked to to unravel did NOT suit the goals of either party at the start................

ta
rolf

 

[sdcha2]

Thanks Aaron and Rolf!

Are there any other recommendations for investment in Melbourne?

Thanks