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sorry mate, i got stopped at you earning 150,000 at 26 years old. holy cow. nice work mate!
Anyhow, Im 18 and have just about put enough money away between me and my girlfriend to buy an investment property in Melbourne (15-20k). As we still live with our parents, this is an excellent buy opportunity, no bills wotsoever, and if you dont start young, you'll be living 40k out of the city, and really, the majority doesn't want that in Melbourne! As im currently studying Banking and Finance, i love the stock market for short term boost, then plan to have property in the long term. Thats just a background check out of the way haha. Btw Rich Dad Poor Dad = TOP BOOK! took me 2 days to read it haha.
Buying a unit close to the city ( <10-15k) is an excellent choice, i believe, history shows us that they have excellent long term growth, are easily rentable, and finding a run down one, and spening say 5-7k fixing it up adds huge value and excellent potential.
Buying a two bedroom is an excellent idea, and renting out the other room (providing the missus is fine with it haha), this gives you the opportunity to rent it out to a broad variety of people. Also, i;d go with something close to where you work and live (well you'll be living in the same house) that way if any work needs to be done, you can be the electrician, plumber, painter or whatever it may be. I'd also recommend pumping in as much money into the principal as possible, this allows you to pay down the loan quicker, and while interest rates are low (and will continue to go low) this is an excellent opportunity to do so. I say this because while you a paying down the loan, this also (providing you go variable) it decreases your interest repayments, so whilst that is happening, and your rent is rising over the years, your winning!
However, im no mortage broker, or planner, but you stated that you want the FHOG, now this only applies to you if it is your principal place of resident, so im not sure how you would go in terms of allowing other to rent it off you and what not, maybe the government see's this as ok, maybe not, good to check it out. But i like the second idea!
Also, don't buy at auction, big mistake, and always find out why the owner is selling! Death of family member is a plus
lolWith that price range in mind i wouldnt consider buying a house, sub-dividing then building a town house, so the whole land concept is not applicable at this stage. That comes next!
Anyway mate, hope i helped you, even if it was the slightest bit. Cheers
John.
anyone else have a comment?
thanks btw
lol
