From: Cathy Baxter
Hi
I love this forum it has opened my eyes so much to the possibilities and variabilities with property and wealth.
And yes i do want to make property my "business" - so aptly put by TW (loved your last post).
In fact in a way property is already our business (own a caravan park), but i want more than that. I'm inspired by all the information, questioning, great answers and honesty of the posters.
I love the idea of buying under value, good yields and good capital gain followed by revaluation to enable the use of equity to then buy again. I also believe that the best research you can do is in the area where you live.
Problem is we've researched our area (regional city - NSW) and there are good yields to be had. But the market is flat, dead flat has been for years - absolutely no growth and if there is it would take a squillion years to build up any equity (except the initial period if you buy undervalue - done that).
So we need to look farther afield, however one of the things i hear so often from you wise people is to invest in the area you know and i fully comprehend why this is advisable.
But we feel that with substantial investment in our town (large commercial property and 2 IPs) that to further invest here is getting riskier.
The closest (< 1 hour drive) towns have populations of 2000 (you can buy $40000 houses - but i don't think this is where our future lies).
So - we are now looking at the North Coast. Here is my dilemna - how to research the area and find out if it is suitable.
Can you give me some clues on how to work out if an area has potential when you don't know it so well? Like - where to start, who to talk to? What to investigate?
Also because of our business we have limited ability to get away. I know - get someone else to do it - I've read the "E-myth" and Brad Sugars "Instant Cashflow" (great read and great practical ideas), that's our other project - working "on" the business.
I don't want the answer - like - "this is the spot", although general views on North Coast of NSW would be appreciated. Isn't doing the research part of the fun of IPs?
Would appreciate any help or views. Sorry for the long post i know it covers various ideas and topics. But i know you'll be able to help you're all so clever.
Cathy
Hi
I love this forum it has opened my eyes so much to the possibilities and variabilities with property and wealth.
And yes i do want to make property my "business" - so aptly put by TW (loved your last post).
In fact in a way property is already our business (own a caravan park), but i want more than that. I'm inspired by all the information, questioning, great answers and honesty of the posters.
I love the idea of buying under value, good yields and good capital gain followed by revaluation to enable the use of equity to then buy again. I also believe that the best research you can do is in the area where you live.
Problem is we've researched our area (regional city - NSW) and there are good yields to be had. But the market is flat, dead flat has been for years - absolutely no growth and if there is it would take a squillion years to build up any equity (except the initial period if you buy undervalue - done that).
So we need to look farther afield, however one of the things i hear so often from you wise people is to invest in the area you know and i fully comprehend why this is advisable.
But we feel that with substantial investment in our town (large commercial property and 2 IPs) that to further invest here is getting riskier.
The closest (< 1 hour drive) towns have populations of 2000 (you can buy $40000 houses - but i don't think this is where our future lies).
So - we are now looking at the North Coast. Here is my dilemna - how to research the area and find out if it is suitable.
Can you give me some clues on how to work out if an area has potential when you don't know it so well? Like - where to start, who to talk to? What to investigate?
Also because of our business we have limited ability to get away. I know - get someone else to do it - I've read the "E-myth" and Brad Sugars "Instant Cashflow" (great read and great practical ideas), that's our other project - working "on" the business.
I don't want the answer - like - "this is the spot", although general views on North Coast of NSW would be appreciated. Isn't doing the research part of the fun of IPs?
Would appreciate any help or views. Sorry for the long post i know it covers various ideas and topics. But i know you'll be able to help you're all so clever.
Cathy
Last edited by a moderator: