Hi here is my situation:
- 32 yo, 3 young kids - salary approx 170K
- Wife works PT approx $30K
- Live in Sydney house valued at $1.2M owe $350k
- No investments.
- No cash, no debts.
I've researched property investment for about 12 months now and ready to take the plunge. I have the $850K equity to invest above, and pre-approved for IP loans.
Bit confused about strategy though...basically I just want to build wealth, and retire comfortably - I'm also happy to become an investor/developer/renovator full time in say 10 years time.
Although I work a white collar job I grew up with a builder father and picked up many of these skills while growing up and certainly enjoy getting my hands dirty (I've now reno'd 3 of my PPOR's myself to get to where I am now). So renovation is a bit of a passion.
So first plan was to invest in run down Sydney houses, do some reno work then rent out. I just don't see the value at present though - I see Sydney at its peak. I have now started looking at Brisbane as I see it about to grow - done a fair amount of research and have some suburbs in mind - can pick up a couple of houses for say $500K each and rent them out. Disadvantage is I would need to pay a BA (and its proving hard to find one at present) and also obviously very hard to renovate something in a different state.
Or wait for a Sydney correction before moving into that market. What do you think?
- 32 yo, 3 young kids - salary approx 170K
- Wife works PT approx $30K
- Live in Sydney house valued at $1.2M owe $350k
- No investments.
- No cash, no debts.
I've researched property investment for about 12 months now and ready to take the plunge. I have the $850K equity to invest above, and pre-approved for IP loans.
Bit confused about strategy though...basically I just want to build wealth, and retire comfortably - I'm also happy to become an investor/developer/renovator full time in say 10 years time.
Although I work a white collar job I grew up with a builder father and picked up many of these skills while growing up and certainly enjoy getting my hands dirty (I've now reno'd 3 of my PPOR's myself to get to where I am now). So renovation is a bit of a passion.
So first plan was to invest in run down Sydney houses, do some reno work then rent out. I just don't see the value at present though - I see Sydney at its peak. I have now started looking at Brisbane as I see it about to grow - done a fair amount of research and have some suburbs in mind - can pick up a couple of houses for say $500K each and rent them out. Disadvantage is I would need to pay a BA (and its proving hard to find one at present) and also obviously very hard to renovate something in a different state.
Or wait for a Sydney correction before moving into that market. What do you think?