HI All
Just wrote the longest thread and went to post it and lost it hear I am starting it again.
We started investing in the year 2010 we have 5 investments plus our PPOR . We originally had a strategy of buy and hold thinking we would but 12-14 propertys sell a few in a few years and pay some debt down living off the rent.
As time has gone on we feel that this may not be fast enough for us now as we are in our 50s and would like to retire in approx 5 years.
Currently we are thinking we need to make growth happen, we have considered the following
Buy house put Granny flat at the back this will create cash flow not sure about growth
Buy house do a reno which should create a better rent and be revalued at a higher price ( currently our purchases have been approx 280k - 320k not sure if we would have to buy in a higher price bracket to create a better profit ????
Not sure what other strategy we could use any suggestions from this forum is appreciated ??
We have been looking in the Newcastle, Central Coast area, but both have either had growth or are experiencing growth ( if only we had bought there 2 years ago.. we would have made a profit . Timing is obviously very important We have looked at Queesland, the areas have been Woodridge , Redbank Plains etc . I also read on the weekend that Morayfield and Banora Point have a 10% predicted growth in the next 5 years any thoughts on these areas ?
The only negative thing is that we live on the Central Coast and if we were to do a reno I am not sure how easy this would be if we chose Queensland
Any thoughts, suggestions regarding the above post is appreciated
Thank You
Just wrote the longest thread and went to post it and lost it hear I am starting it again.
We started investing in the year 2010 we have 5 investments plus our PPOR . We originally had a strategy of buy and hold thinking we would but 12-14 propertys sell a few in a few years and pay some debt down living off the rent.
As time has gone on we feel that this may not be fast enough for us now as we are in our 50s and would like to retire in approx 5 years.
Currently we are thinking we need to make growth happen, we have considered the following
Buy house put Granny flat at the back this will create cash flow not sure about growth
Buy house do a reno which should create a better rent and be revalued at a higher price ( currently our purchases have been approx 280k - 320k not sure if we would have to buy in a higher price bracket to create a better profit ????
Not sure what other strategy we could use any suggestions from this forum is appreciated ??
We have been looking in the Newcastle, Central Coast area, but both have either had growth or are experiencing growth ( if only we had bought there 2 years ago.. we would have made a profit . Timing is obviously very important We have looked at Queesland, the areas have been Woodridge , Redbank Plains etc . I also read on the weekend that Morayfield and Banora Point have a 10% predicted growth in the next 5 years any thoughts on these areas ?
The only negative thing is that we live on the Central Coast and if we were to do a reno I am not sure how easy this would be if we chose Queensland
Any thoughts, suggestions regarding the above post is appreciated
Thank You