Just remember that vendor financing can be complex, and there are not too many sellers that would be willing to go ahead with it. I've tried it myself and many sellers have very traditional thinking about selling their property
interesting how the government is steering FHBs to new properties… Personally, I don't like buying new homes – they're harder to negotiate the price for, and they tend to be more expensive than existing homes
However, even though the mine is closing, arent there other mines around the area which will still help to maintain some of the demand for properties there
i was thinking about investing in clarendon vale – but discovered that the area was really bad. you could have a number of tenant problems and house problems. be aware of this, and make sure you do your due diligence on the property
Since your aim is to have positively geared properties, I would suggest that you ensure that your current negative properties are counterbalanced by +ve geared properties. You could also turn the -ve geared ones into positive geared by paying down more of the balance – or even consider selling the -ve geared proeprty and using the profits for buying +ve geared ones only
hey bass, i've done travelling while property ivnesting too. itcan be a very fun and rewarding experience. I talked to my accountant before I left Australia though just to sort out my accounting
I found some vendor finance for deposits on realestate.com.au… but they were quite rare and in NSW …. you're criteria of narre warrne might be very strict
I prefer postiive cash flow investing. It may be more of the get rich slow strategy – but its more safe and secure. Negative gearing takes money out of your pocket
For me, I already know how to do the calculations so I just punch in the formulas in Microsoft Excel. Makes life much easier for me especially as I have the flexibility to change things easily. You can add calculators in Excel as you see fit, from stamp duty calculator, home loan calculator etc..
Property will be in Sydney. Area I am thinking are Blacktown, Senven Hills and Penrith. What are you thoughts? I am thinking of a house than an Unit.
I think a house in the west is a good idea.
To get you more familiar with how to go about it- I'd suggest you read some property investing books. For example, check out Kiyosaki's books as well as Steve's books
Investing in real estate in a pretty safe bet anyway. However, yeah, I would assume that the rental for mining spots would be quite high and you would be able to make a decent profit.
Personally, I’d stick towards more populated areas (like you said, Wollongong). Pretty sure that its value will start to increase as the area becomes more populated. Good luck though!
Hey, congratulations on your first (potential) investment.Melbourne I find is a pretty safe bet. Just look at the eastern suburbs. If your rich (like 1-2mill? I’d suggest looking somewhere along Kew.
