Hi All, first time in property market and seriously seeking for advice and guidance. Any comments are welcome. Thanks
About me,
I am 28, single, debt free, have a secured job with 90K +/- based salary, and a deposit of 150K+, currently renting. No PPOR. Newbie in property industry. (I know I am very slow )
Goal,
I would like to start getting into IP, building up property portfolio & eventually to achive financial independence (who doesn't). No particular strategies here, ideally, I would like to achieve as much yield as possible in short term and CG in mid-long term, as what most investors do. I would like to hold the property first to start with, then extend or exit, 1 by 1, from there based on the later situation.
Problem,
My major issue here is I am not sure where to start. The first is always the hardest, but not an excuss. I am in the country, limited resources. closest regional city is Newcastle. I would like my first IP is located in the city area, Sydney first then Newcastle/Melbourne. I prefer a house/townhouse, than unit/apartment. A property with decent condition that allows me to rent it out straight would be the first choice. The bank reassures me that I could borrow up to 500K. From that calculation, technically I can afford a 600K property, but can I? do I? I don't feel comfortable of borrowing too much and out of my capacity. Having said that, cost of properties in Sydney region are sky high which 500K seems impossible for a house in closet. I don't have a target location at this stage (welcome any suggestions that is within my budget).
Next,
With the questions above and with my situation as described, what would you recommend? am I on the right track so far?
Thanks for advice. Please
About me,
I am 28, single, debt free, have a secured job with 90K +/- based salary, and a deposit of 150K+, currently renting. No PPOR. Newbie in property industry. (I know I am very slow )
Goal,
I would like to start getting into IP, building up property portfolio & eventually to achive financial independence (who doesn't). No particular strategies here, ideally, I would like to achieve as much yield as possible in short term and CG in mid-long term, as what most investors do. I would like to hold the property first to start with, then extend or exit, 1 by 1, from there based on the later situation.
Problem,
My major issue here is I am not sure where to start. The first is always the hardest, but not an excuss. I am in the country, limited resources. closest regional city is Newcastle. I would like my first IP is located in the city area, Sydney first then Newcastle/Melbourne. I prefer a house/townhouse, than unit/apartment. A property with decent condition that allows me to rent it out straight would be the first choice. The bank reassures me that I could borrow up to 500K. From that calculation, technically I can afford a 600K property, but can I? do I? I don't feel comfortable of borrowing too much and out of my capacity. Having said that, cost of properties in Sydney region are sky high which 500K seems impossible for a house in closet. I don't have a target location at this stage (welcome any suggestions that is within my budget).
Next,
With the questions above and with my situation as described, what would you recommend? am I on the right track so far?
Thanks for advice. Please