Where to start???

[canbdom]

Hi All,
I am about to embark on my investment journey and not really sure where to buy. I like the idea of buying either a block of units or a house with a granny flat or similar attached. I have up to $600K to invest, does anyone have any suggestions on what areas to look at? I was thinking perhaps Albury?
Any thoughts/suggestions would be much appreciated..
cheers

 

[macca446]

Hi All,
I am about to embark on my investment journey and not really sure where to buy. I like the idea of buying either a block of units or a house with a granny flat or similar attached. I have up to $600K to invest, does anyone have any suggestions on what areas to look at? I was thinking perhaps Albury?
Any thoughts/suggestions would be much appreciated..
cheers

Well you really need first to have a planned strategy and a goal,and learn as much as you can through reading books and also there is great info in the forum.

Macca446

 

[Colin Rice]

Well you really need first to have a planned strategy and a goal,and learn as much as you can through reading books and also there is great info in the forum.

Macca446

Good one Macca446.

Property is the vehicle and strategy is the driver.

 

[D.T.]

Good one Macca446.

Property is the vehicle and strategy is the driver.

And goals are the fuel

 

[vaughan]

And goals are the fuel

And tenants are the passengers.

 

[nhg]

And tenants are the passengers.

On the road to financial freedom.

 

[ok180]

Surely an apartment OTP is the way to go.

 

[geoffw]

Hi All,
I am about to embark on my investment journey and not really sure where to buy. I like the idea of buying either a block of units or a house with a granny flat or similar attached. I have up to $600K to invest, does anyone have any suggestions on what areas to look at? I was thinking perhaps Albury?
Any thoughts/suggestions would be much appreciated..
cheers

I'd be looking at places where you can put in a granny flat, otherwise you're limiting your options.

Suggestion- look at large regional, with a reasonable sized university and/or defence, in NSW (because of granny flat laws).

Newcastle, Wollongong, Wagga Wagga are possibilities. I've even heard of three bedroom granny flats (60sqm) being built to provide for students.

This would be a cashflow play. At your stage you may want to be looking at properties to provide you with good growth- possible with a granny flat helping you to offset the negative cashflow.

 

[Shahin_Afarin]

I like the block of units strategy. If you can find something well priced with the potential of strata titling then it is certainly a good long term strategy with immediate cashflow benefits. With $600k you would be looking at places like Albury however make sure that you do your DD and ensure that you can strata title the units which will give you the ability to sell individually.

Some of those places in Albury need some work on the inside so def some scope to manufacture CG.

 

[Truly Exotic]

I like the block of units strategy. If you can find something well priced with the potential of strata titling then it is certainly a good long term strategy with immediate cashflow benefits. With $600k you would be looking at places like Albury however make sure that you do your DD and ensure that you can strata title the units which will give you the ability to sell individually.

Some of those places in Albury need some work on the inside so def some scope to manufacture CG.

seconded with TFS, finding out if a block of units is strata-able is the hard part,
fireproofing, etc. etc. is something thats not easy to find out if at all, unless there are holes in teh wall you can poke at

 

[Jenko]

On the road to financial freedom.

And deprecation is the cream.

 

[nhg]

seconded with TFS, finding out if a block of units is strata-able is the hard part,

A way around that (if it's not allowed) is to have it set up as a UNIT TRUST and each unit is worth x-shares, and set up a strata board. I think there are limitations on how much LVR banks lend against them. Around 70%.