what should i do

[flippinheck]

hello to everyone,

my family and i will be emergrating to oz shortly,gold coast area. we have 400,000 to invest should we buy smaller propertys to let with a mortgage and rent one ourselves or should we just buy and have no mortgage, i am a complete beginer at so any advice woul :confused be great.

 

[kissfan]

Hi flippinheck and welcome to this great forum.

Are you and/or your family planning to settle on the Gold Coast, do you have jobs lined up, are you comfortable with investing. Probably more info is required to give you better advice.

Regards
Marty

 

[agent007]

hello to everyone,

my family and i will be emergrating to oz shortly,gold coast area. we have 400,000 to invest should we buy smaller propertys to let with a mortgage and rent one ourselves or should we just buy and have no mortgage, i am a complete beginer at so any advice woul :confused be great.

Hi Flippinheck,

IMHO, If you don't know what to do, you better keep the money in the Bank while you gain knowledge and research the area. There should not be any reason for rushing.

Cheers,
James.

 

[Garry K]

There is a whole combination of strategys you might adopt, depending on your objectives, short term/long term, income, etc etc.

For instance, with your $400k, you might:

1. Buy a great home to live in $400K. Sit back and relax.
2. Do above, and use the equity to borrow to buy 1 or 2 investment properties.
3. By a really nice home for $300K. Use $100K as deposit on ip and use equity on home to borrow rest.
4. Rent a home to live in, put the $400K in the bank, and have a look around and learn about property in Aus.
5. Buy a fantastic house for $600K, borrow $200K.
etc
etc


The advantage in Aus for ip's is that the interest on the borrowed money is tax deductible. Interest on borrowed money for your home is not.

GarryK

 

[shazza]

If you dont know the GC area then the best idea is to rent for a while whilst you explore and decide which lifestyle would suit you better (exploring is heaps of fun). You'll need to get to know how the Australian property works and the procedures for buying property.
If you want to invest then you really need to wait and research the market or you'll fall over big time - we're not having the CG now that would save you from a bad decision.
Keep reading this forum and any property investing books you can find and you'll get an idea of whats involved.
BTW bring plenty of sunblock - we have summer here for 9 months rather then 2!

Good luck on becoming an Aussie.
cheers Sharyn

 

[Cadbury]

What area?

$400 000 on the Gold Coast won't go far unless you do your homework. It all depends in which area you want to live and what you want to live in. Do the rounds of real estate agents or jump on the net.

 

[Sailesh Channan]

Hi flippinheck

Borrowing money for a home falls in the bad debt category. Therefore you would be better off borrowing as little as possible for your home.

However, once you have purchased your home you can then dip into the equity with a loan and purchase investment properties. This will make the loan tax deductible allowing you to maximise your tax benefits and financial structure.

Regards

Sailesh

 

[Andrew_A]

hello to everyone,

my family and i will be emergrating to oz shortly,gold coast area. we have 400,000 to invest should we buy smaller propertys to let with a mortgage and rent one ourselves or should we just buy and have no mortgage, i am a complete beginer at so any advice woul :confused be great.

I suggest you purchase this book: http://www.where2live.info/theBooks.html "Where to Live on the Gold Coast". It has a 2004 edition and is an excellent suburb by suburb guide of the coast.

Also the idea of renting before you buy anything is very good advice as the market is highly segmented in my opinion and you really need to have a look for yourself at all the different areas before buying.