Where to buy investment Brisbane South or logan for $350k or under

Hey guys,
I'm currently renting in runcorn with my partner
We are looking to buy our first property that has either cashflow (renting out room/s) or capital growth
Plan is to save whilst living there for second investment property
preference is south brisbane as work is eight mile plains

At the moment we are quite lost where to start.
We were enquiring to buy an off the plan apartment ?Mahogany? 1.5 bed for $352k 5 mins from garden city (upper mount gravatt
but my gut thinks not good idea

I was reccomended by a work college to buy 2nd hand home in marsden and diy renovate as they've seen others with results..

Also looking at some of the house and land packages are very attractive and the 15k grant.. but im guessing its not the most wise decision

I'm still very lost making a decision. definetly would love to hear your thoughts

Thanks
Will
 
I would look up Nixba's thread called Property investing is becoming addictive as it might give you some good ideas about which way to proceed .
Hugh
 
I'm still very lost making a decision. definetly would love to hear your thoughts

Hi Will,

What and where to buy is dependent upon your chosen investment strategy.

Unfortunately the mistake I see newbies and sometimes not so newbies is that they are property focused instead of strategy focused which is like putting the cart before the horse.

You see property is merely the vehicle. Your strategy is how you intend driving that vehicle to get to where you are wanting to go (ie need $xx income for financial freedom in 21/2/2025). No good buying a small shopping car if you intend driving interstate on a family holiday.

What strategy/s are best for you is determined by where you are wanting to go, the time frame you want to get there in and how hands on along the way you want to be ( manual/automatic etc) - all based around your personal risk profile.

I hope this provides some food for thought.

What is your chosen investment strategy?
 
Hey guys,
I'm currently renting in runcorn with my partner
We are looking to buy our first property that has either cashflow (renting out room/s) or capital growth
Plan is to save whilst living there for second investment property
preference is south brisbane as work is eight mile plains

At the moment we are quite lost where to start.
We were enquiring to buy an off the plan apartment ?Mahogany? 1.5 bed for $352k 5 mins from garden city (upper mount gravatt
but my gut thinks not good idea

I was reccomended by a work college to buy 2nd hand home in marsden and diy renovate as they've seen others with results..

Also looking at some of the house and land packages are very attractive and the 15k grant.. but im guessing its not the most wise decision

I'm still very lost making a decision. definetly would love to hear your thoughts

Thanks
Will


I totally agreed with Rick.

You need to work out what strategy you want to use or develop your skill around the selected strategy.

Renovation - cosmetic ? or structural ? do you want to do it yourself or engage tradesmen/builders ? do you have trade background ?

Off Plan - do you know the completion time ? do you want to settle it or flip it before completion ? what's the developer past project ?


All the strategies take time to learn and to be profitable.


I hope this help :)
 
Hey guys,
I'm currently renting in runcorn with my partner
We are looking to buy our first property that has either cashflow (renting out room/s) or capital growth
Plan is to save whilst living there for second investment property
preference is south brisbane as work is eight mile plains
At the moment we are quite lost where to start.
We were enquiring to buy an off the plan apartment ?Mahogany? 1.5 bed for $352k 5 mins from garden city (upper mount gravatt
but my gut thinks not good idea
I was reccomended by a work college to buy 2nd hand home in marsden and diy renovate as they've seen others with results..
Also looking at some of the house and land packages are very attractive and the 15k grant.. but im guessing its not the most wise decision
I'm still very lost making a decision. definetly would love to hear your thoughts
Thanks
Will

You're going to buy your own place 1st? Are these questions for your own place or for the investment property later or both?
Generally off the plan is not recommended, depending on many variables: can be overpriced, size, location, BC fees, etc... Upper Mt Gravatt is a decent location. What is 1.5 bedrooms, with 1/2 a bedroom or a study nook? 1 bedroom units are not the best idea out in the burbs, more inner city, 2 bedroom is better.
Marsden has a bit of a bad rep as a suburb, but might be a good place to start if you can find a good deal. Avoid bad streets, bad neighbours, main roads. You need to research to see if you can make money. No point buying a shitter, spending money doing it up and finding it's not worth much more. Do you have any skills in renovation? Don't do structural renos. Don't spend too much. Maybe do a cosmetic reno but stick to budget eg. 5% of the purchase price (eg. 350,000x5/100=17,500). Only do things that increase perceived value, don't rip out kitchens and bathrooms, just paint, taps, light fixtures, that sort of thing.
Don't rush in to anything.
Get advice.
This forum is a great start.
Look up the thread on books to read. Read at least 3 eg. Somers, Lomas and McKnight.
Good luck :)
 
Hey guys,
I'm currently renting in runcorn with my partner
We are looking to buy our first property that has either cashflow (renting out room/s) or capital growth
Plan is to save whilst living there for second investment property
preference is south brisbane as work is eight mile plains

At the moment we are quite lost where to start.
We were enquiring to buy an off the plan apartment ?Mahogany? 1.5 bed for $352k 5 mins from garden city (upper mount gravatt
but my gut thinks not good idea

I was reccomended by a work college to buy 2nd hand home in marsden and diy renovate as they've seen others with results..

Also looking at some of the house and land packages are very attractive and the 15k grant.. but im guessing its not the most wise decision

I'm still very lost making a decision. definetly would love to hear your thoughts

Thanks
Will
For the same price as that unit you could purchase a house at Algester. http://www.realestate.com.au/property-house-qld-algester-118355319
 
I totally agreed with Rick.

You need to work out what strategy you want to use or develop your skill around the selected strategy.

Renovation - cosmetic ? or structural ? do you want to do it yourself or engage tradesmen/builders ? do you have trade background ?

Off Plan - do you know the completion time ? do you want to settle it or flip it before completion ? what's the developer past project ?


All the strategies take time to learn and to be profitable.


I hope this help :)

Thanks scha9799 .yes i guess im looking at a property and basing my decision depending if i see potential in the house. Structural from what i've heard is quite the task especially if your new to renovations so its most likely something i will steer clear from.

Off the plan is to be completed mid 2016. it appears though really the expenses of apartments are just not worth the value for a first home buyer.
 
You're going to buy your own place 1st? Are these questions for your own place or for the investment property later or both?
Generally off the plan is not recommended, depending on many variables: can be overpriced, size, location, BC fees, etc... Upper Mt Gravatt is a decent location. What is 1.5 bedrooms, with 1/2 a bedroom or a study nook? 1 bedroom units are not the best idea out in the burbs, more inner city, 2 bedroom is better.
Marsden has a bit of a bad rep as a suburb, but might be a good place to start if you can find a good deal. Avoid bad streets, bad neighbours, main roads. You need to research to see if you can make money. No point buying a shitter, spending money doing it up and finding it's not worth much more. Do you have any skills in renovation? Don't do structural renos. Don't spend too much. Maybe do a cosmetic reno but stick to budget eg. 5% of the purchase price (eg. 350,000x5/100=17,500). Only do things that increase perceived value, don't rip out kitchens and bathrooms, just paint, taps, light fixtures, that sort of thing.
Don't rush in to anything.
Get advice.
This forum is a great start.
Look up the thread on books to read. Read at least 3 eg. Somers, Lomas and McKnight.
Good luck :)


Thanks Azazel.
With houses
Is there any suburbs you can recommend south side that are affordable safe working class area. Obviously logan area is most likely.. any suggestions would be much helpful
 
Hi Will,

What and where to buy is dependent upon your chosen investment strategy.

Unfortunately the mistake I see newbies and sometimes not so newbies is that they are property focused instead of strategy focused which is like putting the cart before the horse.

You see property is merely the vehicle. Your strategy is how you intend driving that vehicle to get to where you are wanting to go (ie need $xx income for financial freedom in 21/2/2025). No good buying a small shopping car if you intend driving interstate on a family holiday.

What strategy/s are best for you is determined by where you are wanting to go, the time frame you want to get there in and how hands on along the way you want to be ( manual/automatic etc) - all based around your personal risk profile.

I hope this provides some food for thought.

What is your chosen investment strategy?

Hi Rick, thanks for your input!
Plan of strategy is buying home that will get us away from rent, save for 2nd deposit to buy second property and continue these steps.
A house would be first preference and renting out a room also beneficial.
Any clue of areas where i could buy houses where rooms are likely to rent for under 350k?
 
Hi Rick, thanks for your input!
Plan of strategy is buying home that will get us away from rent, save for 2nd deposit to buy second property and continue these steps.
A house would be first preference and renting out a room also beneficial.
Any clue of areas where i could buy houses where rooms are likely to rent for under 350k?

What's your destination?
 
Thanks Azazel.
With houses Is there any suburbs you can recommend south side that are affordable safe working class area. Obviously logan area is most likely.. any suggestions would be much helpful

I'm more familiar with the Northside prices, Sunnybank and Moorooka are good but maybe out of that price range? Wacol is not the worst out that way for workie/ratbag ratio.
 
South Brisbane area.

No I think the intent of the question was your long term plan

Willm, Hugh72 is on the mark.

I am asking you where you are wanting to go with your investing. Investing is merely your vehicle to get you to where you are wanting to go.

Where is your destination or in other words why are you investing. What are you ultimately trying to achieve/goal?
 
Agree with Rick comments here.

My most commonly asked question is 'Where should I buy?'

I always try to take investors back a few steps. Why are you property investing in the first place? What are you trying to achieve, your end goal and why? Once you have these answers, the where to buy and what to buy will answer itself.

Also form the best team you can. I see investors wanting to enter the market without a good mortgage broker, accountant, solicitor etc. It makes the journey so much harder and if things aren't setup right from the start, it's alot harder to undo them.

Hope this helps,
Michael
 
Willm, Hugh72 is on the mark.

I am asking you where you are wanting to go with your investing. Investing is merely your vehicle to get you to where you are wanting to go.

Where is your destination or in other words why are you investing. What are you ultimately trying to achieve/goal?

Oh sorry , my misinterpret.
My goal is to retire working from job as soon as possible and have more time for other things in life.
Which of course does mean having properties with cashflow.

Plan - buy affordable house / apartment south brisbane with potential of capital growth or rent room whilst save for 2nd investment property.
Use 2nd to rent out and then buy 3rd, 4th , 5th etc.. until enough cashflow to support a living.
 
Agree with Rick comments here.

My most commonly asked question is 'Where should I buy?'

I always try to take investors back a few steps. Why are you property investing in the first place? What are you trying to achieve, your end goal and why? Once you have these answers, the where to buy and what to buy will answer itself.

Also form the best team you can. I see investors wanting to enter the market without a good mortgage broker, accountant, solicitor etc. It makes the journey so much harder and if things aren't setup right from the start, it's alot harder to undo them.

Hope this helps,
Michael

I sure hope it all answers itself Michael. I'm doing my best in spare time to do due diligence online on suburbs of interest. The hardest pard is figuring out when its actually a good opportunity to build more property from.
 
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