Hello all,
I’m new to this forum and know nothing about property investment apart from the fact that it has made a few of my friends very rich!
I’m 28 years old, have $150,000 in cash and am still renting – pretty pathetic hey. This may sound silly, but I’ve been trying to work out if I should buy a property to live in (PPOR?, sorry don’t know the terminology) before buying an IP or vice versa… Can anyone provide some advice? I rent in Carlton North (Melbourne) purely for lifestyle reasons as I can’t afford to buy in the area I live in…
Thanks in advance!!!Smirkky
I’d be tempted to buy the investment property first and have someone else pay off your mortgage for you. Plus you can get tax advantages from an IP then if you were living in a house that you were buying.
You also need to look at the figures and what type of returns etc you’ll get.
Betty Blockbuster
mate if you’ve got $150,000k cash u can buy anywhere!!!!!!!!!!!!!
i have about 20k in cash and i can buy anywhere!!!
as for what u want to do 1st?
what do you want to do 1st, i just got my 1st IP and i dont have a home in my own name yet, but i live with my family ( i’m only 19, not some 32 year old freeeek!!)u’d have to look at what u want, the way i see it, it aint much piont having a house to rent and renting yourself! but u defently need to buy some property and soon!
Hi Smirkyy,
I’m far from the expert, but $150k = 2 * $75k deposits. Would make a great deposit on a PPOR AND and IP.
Cheers
My vote is IP, IP and another IP!
Enjoy the Carlton lifestyle while making money from property investing… can’t get much better than that.
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auThanks for all the advice, folks [
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Yes, I do feel abit silly sitting on my hands and not taking any action in the past, but I suppose hindsight is always perfect! I was on the verge of buying a house in Northcote in 2001, but it is heaps more pricey now []
Can anyone recommend a reliable & honest buyer’s advocate in Melbourne (do they exist???)? I’m partial to the northern suburbs as I’ve lived in that neck of the woods for a long time, but would also consider the bayside surburbs. Thanks again.Hi Smirkyy
Yep, sure can…
Check out Janet Spencer at http://www.buyersolutions.com.au/
Or David McRae at http://www.david.mcrae.net/
These are both honest and professional buyers advocates (no other reason for me referring – no kick backs or anything like that).
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auThanks for your help, Stu… much appreciated!
Also, cheers to all who responded[]Hi Smirkyy,
I agree with Stuart IP IP and another IP, We are in the process of selling our house. We are then going into the rental market, because there seems to be lots around our way at the moment sitting just waiting for someone to love them. We then plan to use our money to do just that. We plan to do minimum of 4 before we then go back into our own place. I suppose it comes down to what do you think will get you to where you want to be quicker ! Well thats what was our decider[
]We thought why didn’t we do this in the first place, but it takes longer for the penny to drop sometimes.[]Work out your goals and your answer should come to you!!!
Good Luck MaryMary & Greg Bridges
It’s better to give a little than to never give at all.Hi Smirky, just a word of encouragement as I think you’ve just stepped outside the square and on the road to success.If you listen to the fast track tape I’m pretty sure Steve say’s he’s still renting as a business choice so go for it and I’m sure you will be a champion.
wayne
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]We thought why didn’t we do this in the first place, but it takes longer for the penny to drop sometimes.[
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