Hi Guys,
I've toyed with the idea of getting into property investment for a few years now but I've always found some excuse not to until fairly recently
I have a pre-approval for $270k + ($30k deposit) and I'm tossing up whether to get a unit in west ryde/meadowbank area or a house in the blue mountains (looking at Katoomba)
My strategy is as per Peter Spann's technique ie. do a cosmetic reno on the property (spending about 10% of the purchase price) and revalue after the first year, then draw down on the additional equity using a LOC to use as a deposit for a 2nd property etc...
I only earn $36800 per year (although I should be getting a pay review shortly!!) and I still live at home for now.
In light of what I want to do which area do you guys think would be more productive if any?! (My long term goal is to acquire 15 IP's in 10 years)
ps. I have to make a confession that I signed up for an HK course (yep all 16k of it *sigh*!) I am trying to get out now (very difficult process) because of the increased difficulty in servicing IP loans with that kind of debt hanging over my head...
I've toyed with the idea of getting into property investment for a few years now but I've always found some excuse not to until fairly recently
I have a pre-approval for $270k + ($30k deposit) and I'm tossing up whether to get a unit in west ryde/meadowbank area or a house in the blue mountains (looking at Katoomba)
My strategy is as per Peter Spann's technique ie. do a cosmetic reno on the property (spending about 10% of the purchase price) and revalue after the first year, then draw down on the additional equity using a LOC to use as a deposit for a 2nd property etc...
I only earn $36800 per year (although I should be getting a pay review shortly!!) and I still live at home for now.
In light of what I want to do which area do you guys think would be more productive if any?! (My long term goal is to acquire 15 IP's in 10 years)
ps. I have to make a confession that I signed up for an HK course (yep all 16k of it *sigh*!) I am trying to get out now (very difficult process) because of the increased difficulty in servicing IP loans with that kind of debt hanging over my head...