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I really havent thought about it to be perfectly honest. I just cant see myself "working for the man" until retirement age… 55 years of age and retired sounds great to me.. How does that put a slant on things? quick retirement suiting a strategy of buy, renovate cash out as opposed to waiting for time based CG? is that the kind of thing you mean.. sorry im such a newb
yeah a little scary..but i am determined!!!!!!
Rusty! that doesnt make me feel good! lol
awesome responses on this thread and thank you all for them. @catalyst… yes, i do see your point about going regional being contradictory to my aim of capital growth. I guess the reason for regional is that its more affordable (and serviceable) to start a portfolio without having to pay the city prices
Great advice from everyone here! Will definately engage a broker and see what i can borrow and take it from there. Without finance, the idea is dead in the water.
Thanks all, will definately hang around and absorb all the info/advice i can get
Regards
Rob
Hey Derek,
My current bank based on my current salary were prepared to lend me 860 odd thousand (no i didnt go for the lot but a fair chunk). We have owned houses before and this is our first build but have never gone for investment properties. I guess the reason why we havent invested before was my salary was always quite low, until now. I know i cant go for higher end properties and dont really want to. My plan is for 1 or 2 regional properties, wait for some capital growth and add to the portfolio after that
My aim is to retire with an income stream being a landlord. Nothing too flash but i do want to retire before 60
Well, after just finishing our build (with a project builder) im not sure that subdivision or development are the angles my nerves can handle. Not sure what a GF is (sorry dont have the lingo yet) but definately looking at something a little cheaper that needs not too much work, (ie maybe update floors and kitchen for example) for immediate capital gain..
Not to cash it in but to rent out and hope that a little bit of time will also contribute to the capital gain. Use the gain to leverage second investment, rinse and repeat! lol.. im sure its not that easy, but its the crux of my strategy which is admittedly only hours old
Thanks guys, i have never considered using Super as i didnt know it existed (the option to use it).
@qlds007 – would love a copy as ive never considered this option. I have about 70k in super so its definately an option!
@catalyst – what do you suggest instead of my strategy of buy and wait?
So much to consider but im determined to build a portfolio!
Regards
Rob
Thanks red123nz!
Wish i did this 10 years ago when i first thought of it… It was actually the bank themselves that suggested i look at another property (said when they were checking my serviceability of current home loan). Will continue to read to see if there are better strategies than what i outlined above.
