Hello i my wife and myself are thinking of entering the market and getting an IP.
we are staying at my father’s place atm and dont pay rent.
we worked out that we can afford $450 p/w on savings and want to use this for a mortgage.
can anyone recommend or point me in the right direction on how to effectively use this money on an IP and what to look for in a prop, price, features, best loan, and other little tips that can be of help to a newbie couple to the market?
and we are looking for a prop on the central coast.
thanks in advance
regards
jasonaJason, the best way to ge tht answers to your questions is to browse this forum and read as many books as you can.
Steve’s book is a great help but as is many others. Eg, Anita BEll’s books also VERY good and there are a tonne of other ones too. THose were the books we have considered our bibles as well as this forum.
Don’t frett, time is on your side and it is best to investigate everything before you dive in. We are not even in the country but are doing heaps of research from here in London so that we will be ready when we get home at xmas.
It’s all up to you to find the answers to your questions. I can tell you now, the answers are hard to find and we are still finding our answers too.
Good luck mate and you will get there.
Steph.Here for a good time not a long time, just do it!.
thank you very much. deeply appreciated.
regards
jasonHi Jason,
As cremin said, read as much as you can… Jan Somers’ books are okay too, she’s been shot down a few times on this forum, but there’s some handy bits for people starting out…
Read, research and read some more… and don’t do anything until you feel comfortable with it… however, be sure you do do something eventually… a lot of people talk about buying an IP, and a lot of those people never follow through with it…
cheers
rHey Jason,
I am from the Coast aswell and my situation is exactly the same. Except me and my partner have Car Loans and Credit cards we need to get rid of first. But we are saving towards a deposit.
I have got a tonne of knowledge on property on the Coast and especially for your first step, as I am in the same boat. I have been keeping a close eye on the market since the beginning of the year.
I have read Jan Somers, Anita Bells, and Steve’s books and have really given myself a good base of knowledge. And with this new found knowledge I’m pretty pumped about property.
What area are you looking at and what price range??
Cheers
TeyluCentral Coast NSW
“What have you done to make your life better?”
(American History X)thanks teylu…
car loan and credit card aswell.. im definitely in the same boat.price range based on our income and borrowing power, probably $300K max.
jason
Jason,
Terrigal, the Woy Woy Peninsula, and most of the Beach Side communities are quite pricey.
Value for money I believe seems to be North (Wyong Shire) and locations in close proximity to Gosfoord CBD, if the Council put through that Spurbest Proposal and Mariner look for Gosford to turn in a Cool and Hip area of the Coast. Value in any kind of Property looks good.
Advice buy a shack and make it a Palace then use the equity after a few years or depending on market trends earlier.
Wyoming is looking promising and Lisarow with alot of money get put back in to Community Facilities like roads, Shopping Centres, Parks and Medical Centres.
The trick with just about all Real Estate is get in to see the Agents or call them. The majority of quality bargains never usually make it any further than the Agents desk.
Cheers
TeyluCentral Coast NSW
“What have you done to make your life better?”
(American History X)Jason
If you change your mind to sunny Queensland let me now.
Cheers Richard
[email protected]There is no such thing as a problem. Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
Teylu
your right about wyong is jumping but don’t forget the morisset area on the main train line to sydney 1/4 acre blocks with house still available
aaronTeylu,
We had a big car loan/wedding to pay off and a massive credit card debt that had crept up on us over a couple of years. Took us 9 months to pay off $17000 of debt. BUt we are officially debt free now and are about $7300 + in savings!! Woohoo!! Not too far off a decent deposit, that is by the time we end up back home at xmas time.You’ll make it! Keep you chin up cobber.
Steph.Here for a good time not a long time, just do it!.
Jason – You sound like a nice, motivated young guy who is trying to do the best by your family. The only advice I have for you is to STAY CLEAR OF ANYONE WHO IS TRYING TO SELL YOU COURSES ON HOW TO BECOME A MULTI-MILLIONAIRE IN A FEW YEARS type schemes. Some of these schysters are charging up to $15,000 for these courses when all you need to do is read as many good books as you can on reputable property investment strategies. Like you – I’ve only just started learning the tricks of the trade and I’m probably a lot older than you. I have however – got a good nose for smelling out rats and enough wisdom not to get caught out by them – I hope. [
] [] [] []Also, remember “If it sounds too good – it generally is“
thank you all for your feedback:)
much appreciated.
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