First up, I'm a public servant, divorced with three adult daughters. I'm renting in Canberra but have just bought a weekender property about 3 hours' drive from Canberra.
I'm hoping to be able to start investing in property in the next 12-18 months, just as soon as a save up another deposit.
A year ago I wasn't very healthy, financially speaking. I had credit card debt, child support obligations and a wish to invest in property. Now I've paid off the credit card debt, I'm no longer paying child support and the only debts I'm left with are my holiday home and my car (salary sacrificed).
I've got some research to do, I need to find out the best entity to use for my investment properties. Yes, I intend to have more than one.
Thanks.
Welcome to the forum! Where are you looking to purchase?
Well, I wouldn't mind something local, but I'm not fixated on that. One option I've been thinking about is group accommodation, and with a town of multiple universities and loads of young professionals, it might be a goer, providing I can find the right property.
Having said that, Canberra's not exactly cheap, so regional NSW is also an option that I'm considering.
Right now my main focus is on saving up some money for a deposit.
Hi Sambo
Welcome aboard – always good to see a fellow Canberran on the forum
You're right – the local market isn't cheap. It's also heating up in the lower end of the market – so properties around the sub $450k mark are being snapped up quite quickly with a lot of competition.
I see value in the inner north from a CG point of view. But it's expensive and the yields will be terrible so the holding costs will be quite high.
Stick around, read up and ask questions
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]
Welcome to the Forum. I think you are thinking in the right direction. First, just save up money for you deposit and then start looking around to find a property that would be good for you. I like to invest in residential single family 2-3 bedrooms homes. It always gives me a good cash flow.
Hi Sambo,
My question would be .
Where is your weekender ?
How much time do you spend there ?
How much is it costing you to hold on too ?
Are you emotionally attached to it.
Why not start your investing now by renting it out, you can always use it as a weekender a few years down the track after you have built up your portfolio.
Just my two cents worth
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