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Hey Ben and Everyone,
That does actually sound like a pretty smart strategy about increasing the value and therefore gaining equity. I didn’t really think about it like that! The only problem is I’m sort of looking for a property where I can set and forget it as I’m likely to buy at a place that will be a fair travel distance away so would make it difficult to reno it over a short amount of time.I really appreciate everyone’s replies as doing a ton of reading is one thing but gaining a person’s perspectives is very very helpful.
Regards.
But wouldn’t I be building equity effortlessly if a tenant is paying the mortgage of a place off, whilst I am still saving my own money in an effort to get a second IP asap, eventually doubling, tripling, quadrupling etc the more that are bought and paid off over time. The only thing that worries me about flipping property is Property gains tax, where the amount of profit you make might not be worth the effort?
Hey Guys,
Thanks for the insight and reply. I really appreciate ANY feedback. I should have said earlier, I have been looking at investing in rural areas where the prices are cheaper. I’m not looking at a palace straight up, just something that would hopefully be positively geared (I know, easier said than done and what everyone is always looking for!!). Something like a cheap small unit or possibly house, between the 100k and 200k max. I plan to start small and work up from there. I just want to get into it as soon as possible as you know the sooner you buy, the sooner its paid off and the sooner you are making money to buy more. I am aware that I should also be wary of what the market is doing also and to not just buy for the sake of it I should not.
Thanks guys!
