Hello everyone
I’ve stumbled across this forum recently and it’s been very enlightening to read. Everyone is so generous with information and comments. It’s amazing! I’m hoping to get a few pointers towards buying my first investment property, which I need to do asap. My situation is that I have a 12 month pre-approval for a $152 k loan which will be running out soon. I’m a sole parent of a 3 year old and in the wee hours are madly trying to research everything – where to buy, whether to get an oldie in an up and coming location or a newer place, whether to look at capital growth or positive cash flow ... It is really important I make a good decision here as I’m really doing this by the skin of my teeth (pension, low doc and selling stuff for a deposit etc), but I really want to do this and start to set us up for the future – even if we do it a little tough for the next while. I’ve been looking at real estate investing for years and it’s only recently a sympathetic bank manager has enabled me to make it a reality So, with pre approval in hand, I bravely go forward...
So, this is my strategy...
Look for something that has potential for capital growth and a reasonable cash flow. Don’t mind a bit of reno work (Have learnt a lot in my house), but with a 3 year old in tow, that is now a little tricky. I would like to buy a house rather than a unit and have been looking at Lower and Upper Hunter Valley, Lake Macquarie, Gunnedah and Orange on real estate.com - something within a few hours drive of the Blue Mountains so I can either live in it for a few months to make it my PPR and then sell it down the track at a profit? Also so I can do or project manage any modest reno’s .
So, would I be better off buying somewhere like Gunnedah or Orange where there are more places in my price range or look at old places, say around Maitland, Cessnock way that need some work?
I was looking at the Qld mining towns in the bowen basin,- wandoan, moura, blackwater but figured it was too far and all the cheaper houses looked like they needed a lot of work and money, so now I’m concentrating close to home. I am thinking of heading off in the campervan for up to a week and check some of these areas out that I mentioned above. I have had a look around Lake Macquarie, particularly Toronto area, but everything under 200k seems to have disappeared from there. So any thoughts on where to buy for up to around $170k? Any comments very much appreciated. Thanks.
I’ve stumbled across this forum recently and it’s been very enlightening to read. Everyone is so generous with information and comments. It’s amazing! I’m hoping to get a few pointers towards buying my first investment property, which I need to do asap. My situation is that I have a 12 month pre-approval for a $152 k loan which will be running out soon. I’m a sole parent of a 3 year old and in the wee hours are madly trying to research everything – where to buy, whether to get an oldie in an up and coming location or a newer place, whether to look at capital growth or positive cash flow ... It is really important I make a good decision here as I’m really doing this by the skin of my teeth (pension, low doc and selling stuff for a deposit etc), but I really want to do this and start to set us up for the future – even if we do it a little tough for the next while. I’ve been looking at real estate investing for years and it’s only recently a sympathetic bank manager has enabled me to make it a reality So, with pre approval in hand, I bravely go forward...
So, this is my strategy...
Look for something that has potential for capital growth and a reasonable cash flow. Don’t mind a bit of reno work (Have learnt a lot in my house), but with a 3 year old in tow, that is now a little tricky. I would like to buy a house rather than a unit and have been looking at Lower and Upper Hunter Valley, Lake Macquarie, Gunnedah and Orange on real estate.com - something within a few hours drive of the Blue Mountains so I can either live in it for a few months to make it my PPR and then sell it down the track at a profit? Also so I can do or project manage any modest reno’s .
So, would I be better off buying somewhere like Gunnedah or Orange where there are more places in my price range or look at old places, say around Maitland, Cessnock way that need some work?
I was looking at the Qld mining towns in the bowen basin,- wandoan, moura, blackwater but figured it was too far and all the cheaper houses looked like they needed a lot of work and money, so now I’m concentrating close to home. I am thinking of heading off in the campervan for up to a week and check some of these areas out that I mentioned above. I have had a look around Lake Macquarie, particularly Toronto area, but everything under 200k seems to have disappeared from there. So any thoughts on where to buy for up to around $170k? Any comments very much appreciated. Thanks.