Hi everyone. I’m looking for some advice on my next property purchase.
My situation: I own two units, both worth 200k each, I have a $67,500 mortgage over both (135k total). The investment unit returns $220/week gross. I earn 60-70k a year and have about 15k to invest over and above my equity, no debts currently.
Im looking at buying a house around the 350k mark on the Gold Coast, perhaps around Ashmore. An area where you can get an unrenovated 3-4 bedroom house on a decent sized block of land. My idea would be to rent it out or possibly to live in and improve it slowly over 5 years or so.
Anyway I’m single and 31 and am not afraid of being very aggressive investment wise.
Anyone got any ideas for my next property purchase?
Thanks in advance for any help
Hi,
Thanks for your post and welcome to the community!
Your Qld plan doesn’t sound too aggressive to me (yet everyone is different), so I think that you need to perhaps rethink how you can maximise your wealth building opportunity.
Aggressive in my book (for someone in your position) would be to buy the block, renovate the front and subdivide and develop the back.
Of course the risks are higher… but that’s what agressive means!
You’ve done well to be in your position, the real skill now is to think about what made you a success and replicate what you’ve done to upscale your achievements.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
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