Hi,
I would like to hear what members think the pros and cons are of buying either one investment house for around $350,000 or instead buying two cheaper investment properties for around $175,000 each etc? Maybe one house and one unit or 2 houses.
I don't want to go into all the financial details but rather seek general feedback on buying two rather than one and I have a good broker helping me but I would just like to see what ideas and feedback I can get from members as well.
One thing is that I guess I would have to pay a solicitor nearly double the normal price and there is things like Real estate agents letting fees, building & pest inspections etc. Then there is strata fees and issues etc for a unit if I go with one or two units.
As it will be my first IP or IP's then I would like to make the most of out of this first loan and get properties that are as cash flow positive as possible. I actually see 2 cheaper properties as having better rental returns if just looking at rent without considering all the expenses when comparing on homes for 350k in the areas I have looked at. On the negative I would be looking at renting it out to people with less income so there could be more chance of tenant issues.
I would prefer to not buy them close together but maybe in neighboring suburbs or even in two different cities.
I also would prefer to buy properties where I could renovate a little as well and a home is better for me as it means I don't have to worry about strata plus I can improve the gardens since I have considerable landscaping experience from the past.
But I have seen some great deals where I could pick up two properties for a total of $350k and one of them is even renovated and ready to bring in good rent so it's a tricky one.
thanks in advance.
I would like to hear what members think the pros and cons are of buying either one investment house for around $350,000 or instead buying two cheaper investment properties for around $175,000 each etc? Maybe one house and one unit or 2 houses.
I don't want to go into all the financial details but rather seek general feedback on buying two rather than one and I have a good broker helping me but I would just like to see what ideas and feedback I can get from members as well.
One thing is that I guess I would have to pay a solicitor nearly double the normal price and there is things like Real estate agents letting fees, building & pest inspections etc. Then there is strata fees and issues etc for a unit if I go with one or two units.
As it will be my first IP or IP's then I would like to make the most of out of this first loan and get properties that are as cash flow positive as possible. I actually see 2 cheaper properties as having better rental returns if just looking at rent without considering all the expenses when comparing on homes for 350k in the areas I have looked at. On the negative I would be looking at renting it out to people with less income so there could be more chance of tenant issues.
I would prefer to not buy them close together but maybe in neighboring suburbs or even in two different cities.
I also would prefer to buy properties where I could renovate a little as well and a home is better for me as it means I don't have to worry about strata plus I can improve the gardens since I have considerable landscaping experience from the past.
But I have seen some great deals where I could pick up two properties for a total of $350k and one of them is even renovated and ready to bring in good rent so it's a tricky one.
thanks in advance.