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I’m 30, single, no kids, no intention to settle down in next 7 8 years.
I live in North Sydney, a 5 min walk from where I work. We are lucky we pay a very cheap rent, because properties are really expensive to buy around here. It also saves me commute time which is great.
Can I buy an investment property and redraw equity for buying the second one, or does it have to be the place I live in?
So basically what you suggested but instead of home and investment property I’d get 2 investment properties.
Figures above are for houses only, I’m looking at 3 and 4 bedroom houses.
There are a few projects government has approved for next few years, that’s why I think it will have growth, and the town has schools, tafe, uni, … . Crime rate is at NSW average, unemployment is 9%, population 10,000, 45% rent and 55% are owner occupied.
I’m not sure what else to look at. And I don’t know if these stats are good or not.
Thanks Terry, will reach out after figuring out where and what to buy.
TheNewGuy, how can I calculate future growth?
Below is growth stats for the past 6 years:
2010: 3.77%
2011: 13.31%
2012: 1.78%
2013: -10.48%
2014: 22.35%
2015: 1%I’m renting, sharing with my brother. At the moment my mind is set on building wealth, lifestyle can wait for a few years. So I’m not thinking of buying a house to live in (unless it is a good idea with financial advantages and gets me closer to my goal)
What would you guys do with $1m? I can also partner with my brother, which will give us around $1.8m
