Starting again in property

[gubbo]

Hi everyone.

A few years ago I was in the property market with a PPOR and a first IP in melbourne. Long story short, went through a breakup and sold off the properties. I went away to work in the UK for a couple of years and am now back in a Melbourne.

I've got about 30k saved up with a good income stream to back me up. I'm currently renting which I'm more than happy to keep doing but looking to get back into investment properties. I'm a bit confused on how to get started again.

Just need a bit of a starting point again. I think I need to choose an area where I would be happy to invest in and start looking for opportunities but I'm a bit confused as to where to start. My previous two properties were in box hill and Nunawading but as I'm looking to build a portfolio quickly while my cash flow is good I'm not sure that these areas are the best places to be looking anymore.

I've been looking in the west (flemington) and the north (reservoir) but need a but of a hand in narrowing down some good areas to focus my attention as it's currently a bit all over the place.

I don't want to rush things but would like to get back into the market again soon so I can start rebuilding my wealth

Thanks in advance for any advice

 

[TMNT]

What sort of.price point are you looking at

A 30k at 10% deposit is about 285 k Inc stampduty

 

[gubbo]

Hi there TMNT, thanks for the response.
I've been doing more reading. Looking at around the 300K price mark. I know it will take some time to look (guesstimating 3-6 months) and by that time may be able to save another 10K which will put me in a good position for that price point I think.

I'm definitely more interested in starting out again here in Melbourne, just due to the ease of the location plus am thinking that potentially on my second or third, i may like to look at improving the value of the property by doing some improvements on my own (painting, tiling, kitchen/bathroom renos...)

 

[stumpie]

Hi there TMNT, thanks for the response.
I've been doing more reading. Looking at around the 300K price mark. I know it will take some time to look (guesstimating 3-6 months) and by that time may be able to save another 10K which will put me in a good position for that price point I think.

I'm definitely more interested in starting out again here in Melbourne, just due to the ease of the location plus am thinking that potentially on my second or third, i may like to look at improving the value of the property by doing some improvements on my own (painting, tiling, kitchen/bathroom renos...)

gubbo

before you pull the trigger on buying anything my advice is to read a bit on investing strategies first. once you are absolutely clear of where you want to be, and how to get there you will be in a more comfortable position with a better mindset to know what and where to buy.

as a start read jan somers' book "more wealth from residential property" she owns this forum. another good book to read is michael yardney's book "how to grow a multi million dollar property in your spare time"

 

[TMNT]

^^ yes that is true

Are you looking to set up a multiple portfolio?

If your not going to be able to save up for another deposit or take ages then you might have to go for 95% loans for 2x 300k. Ips