Hi everyone,
I've finally saved up enough to buy my first IP and I'm pretty keen to get into the market ASAP! However, after browsing through numerous properties on RE.com and reading on SS, I'm interested to know the thought process and stories behind your first IP when you started out.
Would/did you start off with :
1. A cheaper, older, run down property (requiring more maintenance on an on going basis) and renovate to increase CG,
OR
2. A more expensive, newer/renovated property where all the hard work has been done (less ongoing maintenance).
I am a FHB, my strategy is buy & hold and I'm looking into regional towns around Melbourne. To qualify for the 50% stamp duty reduction, I would need to live there for 12 months before renting it out. Initially I was after a no-fuss, set and forget IP, but then I thought I could take advantage of this period to add some equity to fund my next IP. I would like to continue buying every 1.5-2 years (assuming sufficient CG/CF and my salary permits).
However, I have no experience in renovating whatsoever - this would mean pretty much using tradies for everything (except probably pulling carpets/tiles out with a hammer and painting).
I'm sure most people here would have been in a similar position at some stage - can you please advise on what you would do if you were me and why, given my situation?
Would also appreciate stories of your own experiences around renos on your first IP as a newbie and what you would have done differently in hindsight
Cheers,
Seapig
I've finally saved up enough to buy my first IP and I'm pretty keen to get into the market ASAP! However, after browsing through numerous properties on RE.com and reading on SS, I'm interested to know the thought process and stories behind your first IP when you started out.
Would/did you start off with :
1. A cheaper, older, run down property (requiring more maintenance on an on going basis) and renovate to increase CG,
OR
2. A more expensive, newer/renovated property where all the hard work has been done (less ongoing maintenance).
I am a FHB, my strategy is buy & hold and I'm looking into regional towns around Melbourne. To qualify for the 50% stamp duty reduction, I would need to live there for 12 months before renting it out. Initially I was after a no-fuss, set and forget IP, but then I thought I could take advantage of this period to add some equity to fund my next IP. I would like to continue buying every 1.5-2 years (assuming sufficient CG/CF and my salary permits).
However, I have no experience in renovating whatsoever - this would mean pretty much using tradies for everything (except probably pulling carpets/tiles out with a hammer and painting).
I'm sure most people here would have been in a similar position at some stage - can you please advise on what you would do if you were me and why, given my situation?
Would also appreciate stories of your own experiences around renos on your first IP as a newbie and what you would have done differently in hindsight
Cheers,
Seapig