Hi all
Im a first time poster and have been reading thru a few posts over the last couple of days. I will continue to do some reading however I just wanted to get some opinions about the best way to go for me.
Heres my situation
Age: 32
Location: Mackay Qld
Work: Engineer at a coal mine (I work away from home during the week with meals and accom provided). Therefore dont have a lot of time to research and view properties etc.
Income: $110k/annum
Current property: I bought land and engaged a builder to build a 3bdrm rendered block house which was completed in in 2008. Total cost around $370k. Current value around $410k. Im am currently owner occupier (I stay there on weekends however I have a couple of friends renting the other 2 rooms for $120/week each). Current equity of around $80k.
I am interested in getting into property development such as a small townhouse development in Brisbane or small subdivision (one block into 2 blocks etc) but dont have any experience.
I was thinking of engaging a property development consultant to do all the work incl finding the property, due dilligence, project management etc however im concerned that they will take the majority of the profit etc.
Alternatively im thinking of just buying an IP. What should I be looking for when buying an IP?
Any opinions/ideas welcome.
Thanks in advance.
Regards
Daniel
Im a first time poster and have been reading thru a few posts over the last couple of days. I will continue to do some reading however I just wanted to get some opinions about the best way to go for me.
Heres my situation
Age: 32
Location: Mackay Qld
Work: Engineer at a coal mine (I work away from home during the week with meals and accom provided). Therefore dont have a lot of time to research and view properties etc.
Income: $110k/annum
Current property: I bought land and engaged a builder to build a 3bdrm rendered block house which was completed in in 2008. Total cost around $370k. Current value around $410k. Im am currently owner occupier (I stay there on weekends however I have a couple of friends renting the other 2 rooms for $120/week each). Current equity of around $80k.
I am interested in getting into property development such as a small townhouse development in Brisbane or small subdivision (one block into 2 blocks etc) but dont have any experience.
I was thinking of engaging a property development consultant to do all the work incl finding the property, due dilligence, project management etc however im concerned that they will take the majority of the profit etc.
Alternatively im thinking of just buying an IP. What should I be looking for when buying an IP?
Any opinions/ideas welcome.
Thanks in advance.
Regards
Daniel