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well well.. we finally did it! we got the keys, 2 days ago, to our first IP! We had to do it the hard way and get mortgage insurance etc etc etc but hey we got the house at a good price, near the water and in a suburb that is booming.. and that needs improvement so yippe!!! Thanks to all that has helped us with their advice.. and we will be seeking some more when we go for property number 3! (2nd IP)
BYE for now and thanks!
Romina!!!
Hi all, we are back… and with good news.. I have gone back to work, and although I miss baby very much (my parents baby sit mon-fri) I know I am doing it to venture into the PI world…
now… my hubby is still on 34-35K and I am on 43K… we have a $192K loan, 1 dependent and general monthly payments (insurance, groceries etc)… what is our best option? I was looking to buy something with a tenant in and keeping it for say 6 months, then freshening it up a little and then selling it.. what is the options available? Our dream way of doing this would be buying at a great price, renovating it and reselling it, but everyone is advising against that, and to buy something with a tenant instead.. things is, we are hoping to move back to Italy in 3 years, so we can’t really buy something with a long term tenant in there….
any suggestions?
Thanks
Romina[baaa]
Originally posted by romyluca:My mum bought a house back in 1997 in wavell heights for $160 (incredible to believe I know) and now you will not get that house for less than 650K.
Romina[headphone]
That’s 160K of course….
By the way, we bought our house in Nov 2004, it is a low set brick/tile, 3 bedroom (Small ones) no built ins, small lounge and dining plus kitchen.. The block is big (709) and it’s a corner block. The area is extremely central and if it was not for the people around here this area would be worth a fortune…
Romina[strum]hi.. brisbane not much better (consideting the city.. I mean melbourne and sydney at least have a little life)… we bought an ex housing commission house at redcliffe, needed rennovating, (it was all masonite/fibro so we gyprocked the whole thing inside) took down walls, opened up areas.. polished floors, re-did electrical everything you can think of) no water views (about 1km from water), in a housing commission rental area with a few problem people (loud screeching cars, kids that around midnight come into our fully fenced yard, neighbour that screams his head off swearing often to his defacto and parents… well not the best of areas.. and we paid the “bargain” price of $221,500.00….. we know eventually the price will rise in value (now it has been valued at around $280,000.00 but until the “rubbish” people remain here… the good people will stay away… My mum bought a house back in 1997 in wavell heights for $160 (incredible to believe I know) and now you will not get that house for less than 650K.
Townhouses in Chermside are $350K plus (reasonably new). In the valley you can get studio apartments for around 190K which is quite reasonable for a single person with a job in the city.
Byez,
RominaRomina[headphone]
Hi and thanks for this opportunity..
my questin is:How can we possibly borrow a pi property when we only have 1 income? (which when you deduct the mortgage, expenses etc… really leaves nothing). We enquired with regards to borrowing based on equity but the repayments for both properties are impossible to repay…
Which brisbane areas might pick up in the future? We live at redcliffe and were wondering if this area may be reaching a boom at any time soon..
When?
thanking you heaps
Romina
