What would you do?

Hi, my name is Leah
This is my first time posting so please be kind :)

I have been working for a building company for 3yrs.
Last yr my boss was doing a unit development- so I bought 1x unit at 190k (w/ the rest sold at 220k)
My loan w/ the bank is 150k at a 3yr fixed rate of 4.59%
I have no other debts.

Im keen to get into property investing, and have since been utilising my contacts at work for their advice.(accountants, land developers, r/e agents & of course my boss). I've also been reading property books, and read 'your property investment' mag. As well as going through forums etc

My question to everyone here is, what would you do next if in my situation!?
-Buy an established house & hold or sell
-Buy off the plan again (& get good deals through my boss) & hold or sell
-Dont buy, but rather keep researching for a couple of yrs
-Anything else!?

I'd appreciate your opinion
Kind Regards,
Welcome... questions off the top of my head:

Is the unit you bought completed or yet to be built?

Are you going to live in or rent out?

Are any of the other units for rental (as far as you can tell)? How much rent can they get?

How much more can you borrow?


The Y-man
Hi leah

My strategy is hold and hold for Capital Growth.

If you can afford to: I suggest buying established property and holding.

Property Investing is actually an easy process if you don't let it become too complicated.

When you sell you need to think about the Stamp Duties you have already paid and the realestate agent's fees you are about to pay. Your overall loss then could be over 30k depending on how much your purchase was.
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Thankyou for your quick response.
Answers are as follows:
The unit is complete, and is my PPOR.
Others are currently being rented out for $220p/w
Am yet to see how much more I can borrow- I should probably check that out! Thanks

Kind Regards,
Agree with the Y-Man.

If you are able to buy OTP at a discount, you are effectively creating "free" equity. This could help you leapfrog into further properties, depending on your serviceability. As well, this will maximise depreciation if you pay a bit of a tax. And you know the quality of the building.
Thank you both for your advice.
I understand that I am in a great position for off the plan deals.
I also understand that at the end of the day though, my boss is also looking to make money too. So i just want to tread cautiously! (despite my boss being best mates with my dad!)
Thanks again,
and please keep the opinions coming!
Kind Regards,
I have been working for a building company for 3yrs.
Last yr my boss was doing a unit development- so I bought 1x unit at 190k (w/ the rest sold at 220k)

-Buy an established house & hold or sell
Leah,when you look at your question in simple terms,you are already a property investor,you just have to be very carefull with the next step,if and imho there is always a big if when anyone takes a gamble and jumps into the 2nd investment,i don't like otp deals,but in your case with all the pre sales data that you would have in front of you,that data may well take
all the uncertainty and wariness,away from you in different ways the simple part is making the offer,most not all of my small inner circle of property investors would not go near any off the plan deals,the market has to be
right for anyone to make money,if it was me i would target,already built
houses ,but we all think different,you just have to do the number on each deal,every thing works when the property market is growing,just work the numbers,and learn how to say "no",very powerfull word..good luck
Thankyou Willair for your advice. Much appreciated.
I agree that OTP investment needs to be approached caution.
Main thing I discovered is expected completion date & actual completion date can be extremely different. So I have learnt if I was to do this again, I can add in liquidated damages for every day it goes over the schedule date(which would of saved me a lot of hassle had I known that before) lol
Thanks again :)
first step - find out how much you can borrow.

second step - figure out where you can afford to buy and what area's would be a good investment area.

third step - see what is available in said area, and if anything would suit you.
Why not get adventurous.

Have you considered looking for a house on a large block suitable for subdivision and having your boss build a dwelling or duplex on the new lot?

That way you might (if you buy well of course) make a profit on the block of land as well as the discount going through you work with the build.

Would pay to have a look at this website for tax requirements before going down that road.


Some food for thought.

Either way my vote would be for buy and hold (either off the plan or established).


Thankyou Fourex,
This is something I will need to look into deeper, as I have little understanding of the process of subdividing. Therefore your attachement is much appreciated.
Thanks again,