Hi Guys,
New to the forum and property investing, spent a few hours browsing, seems a great community. I don’t have any properties or investments to date but am in a situation to make a move in the short term. The first step was subscribing to API this week!
As the subject matter is so diverse I didn’t really find a forum topic that related to my situation, I am curious though, of which direction to take and am seeking advice on such.
My current status is; single 33yo male living in Brisbane, earning $70 – $80k per annum, have with no debt. I have accumulated $30,000 and am looking to make this money work harder then gaining 6% interest in a savings account.
Initially I thought to use the FHOG to purchase a property for myself but now wonder if I could use this these funds more wisely.
I see my options as the following:
• Use the FHOG and buy a house/unit as a residence and invest later
• Use the cash I have saved to purchase a rental property and continue renting myself
• Purchase an inner city studio/one bedder to live in until I have equity to purchase a second property.Are there other ways I could use this money that I haven’t considered or which of the above would be the best for my situation moving forward?
Any advice appreciated.
Brad.Brad
Welcome to the forum and i hope you enjoyr your time with us.
Certainly i would look to take advantage of the FHOG and Stamp Duty concession and then after the qualifying period look to rent the property out and move again.
Property selection is important as financing a inner city unit / 1 bedder (depending on the size will not be easy in the current climate).
Property accumlation does take time but the early you start the quicker you get there.
I have written in July API magazine which you might find of interest.Richard Taylor | Australia's leading private lender
Hi Brad,
Welcome to the forum and the world of property investing
I'd utilise the FHOG and purchase your first home.
I love to add value to places – gives me equity without having to wait for the growth.
So I'd be inclined to purchase something that could do with a little work, you could carry out some renos (or outsource the work) during the 6 months that you are required to occupy the property.
After the renos, have it revalued, access the newly created equity (via a top-up on your current loan) use it as a deposit on your second property.
It's thinking out side the square a little and probably not to everyones taste – but that's what I'd do.
Cheers,
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks Folks,
I’ll be sure to add API July to my list of reading materials.
-Brad.
Hi Brad….. Your in a pretty good position. I would be doing somthing like Jamie suggested where I would buy somthing that needs a bit of work and or buying a bit further from the city on a big block with the potential to subdivide down the track.
Although I am no longer single one good way to help out with the mortgage is to get a friend to move in. This can go a long way. Even if you aren't really struggling you could look to use that money towards renos for the house each week.
brale wrote:Thanks Folks, I'll be sure to add API July to my list of reading materials. -Brad.Check out next months issue of Your Investment Property (YIP) as well
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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