Hi All,
I was hoping some of you experienced and knowledgeable good people of somersoft can help steer my wife and I into the right direction as we embark on the purchase of our first IP with more to follow in the future.
Appreciate any who have the patience to read ahead and give us some insight
Background
We are a 27yo couple, currently live in our PPOR in Aubin Grove. We are looking at a variety of options for our first IP
Current Value of our PPOR: ~$650k
Outstanding Mortgage: ~$295k
No other debts.
Combined Salary: ~$205k p/year
Investmens Optins Considering
Depending on our borrowing power, we are open to purchasing up to 2 lower price properties or 1 high price properties.
Apartments
We are considering apparments (1 bedroom or 2 bedroom) in the CBD proximity. We are currently looking at off the plan (CBD, Highgate, East Perth) but seems most off the plan developments are currently underway and those with better view or lower floors (cheaper) are sold out already.
We have also looked at established appartments (Hay st, Murray st) in the proximity of 480k-550k for 2 bedroom apartments
Subdivide and sell Rear Block
We are also considering purchasing property where we can rent out front house, subdivide land, sell rear land and retain front property as a rental.
We have been looking in areas such as Carlisle, Belmont, Bentley, Leeming, Riverton. Willeton but prices have gone up quite alot in the last 12 months as we wasted time thinking about investing (i hate hindsight).
Our current strategy for a 2 year lookahead is as follows but it wont be without challenges
- Put Deposit on an apartment
- Purchase property, subdivide and sell rear lot & retain front for rental
- Purchase Apartment on completion (retain or sell depending on growth/rental yield).
Any recommendation for areas to consider appreciated.
Thanks in advance
I was hoping some of you experienced and knowledgeable good people of somersoft can help steer my wife and I into the right direction as we embark on the purchase of our first IP with more to follow in the future.
Appreciate any who have the patience to read ahead and give us some insight
Background
We are a 27yo couple, currently live in our PPOR in Aubin Grove. We are looking at a variety of options for our first IP
Current Value of our PPOR: ~$650k
Outstanding Mortgage: ~$295k
No other debts.
Combined Salary: ~$205k p/year
Investmens Optins Considering
Depending on our borrowing power, we are open to purchasing up to 2 lower price properties or 1 high price properties.
Apartments
We are considering apparments (1 bedroom or 2 bedroom) in the CBD proximity. We are currently looking at off the plan (CBD, Highgate, East Perth) but seems most off the plan developments are currently underway and those with better view or lower floors (cheaper) are sold out already.
We have also looked at established appartments (Hay st, Murray st) in the proximity of 480k-550k for 2 bedroom apartments
Subdivide and sell Rear Block
We are also considering purchasing property where we can rent out front house, subdivide land, sell rear land and retain front property as a rental.
We have been looking in areas such as Carlisle, Belmont, Bentley, Leeming, Riverton. Willeton but prices have gone up quite alot in the last 12 months as we wasted time thinking about investing (i hate hindsight).
Our current strategy for a 2 year lookahead is as follows but it wont be without challenges
- Put Deposit on an apartment
- Purchase property, subdivide and sell rear lot & retain front for rental
- Purchase Apartment on completion (retain or sell depending on growth/rental yield).
Any recommendation for areas to consider appreciated.
Thanks in advance