My business partner and I are looking to get our first Investment property. We are thinking about buying a section and then building.Then we want to rent the house out.Any advice would be very much apriciated, Is this a good Idea or should we just look for positvely geared property to start off.
Welcome dude,[cowboy2]
Why are you investing?, what do you hope to acheive?, what do want it to provide you?:These are some questions i started with before deciding a strategy to use.It’s hard to choose a good road when you haven’t got the destination.[guitar]
lifexperience
Hi Joni,
I am assuming you are looking at buying a section (of land??), build on it, then rent it out as your IP.
Why???
Building can be far more expensive than buying an established home, but it depends on where you are looking at doing this…it may vary from one place to another.
My advice would be buy established IPs (much cheaper) and all the hassles have been ironed out before you even came along!! LOL
Jo
Hi Joni,
Congratulations on wanting to ‘do something’ for your future – you are already ahead of the pack. The challenge is for you to actually do something as distinct from someone who just wants to do something. There is a big gap between wanting and doing.
I would advise you to work out what you really do want to achieve and how. There are many ways to invest in property and not every method suits everyone – so ultimately you will need to determine what suits you.
Your decision here could also determine whether or not a trust is required. It will also give you time to find good team members such as a broker and accountant and maybe even a solicitor to assist you with the legal side of things.
Make haste slowly here and it may end up saving you considerable sums of money later on.
For me I would buy a property that suits your beliefs and philosophy and hang onto it for the long haul. Buy and hold it and learn some of the finer details of investing – buying a property is only one part of the equation.
As time goes buy you can then explore more property investment strategies as your knowldege levels improve and your expertise and experience grows.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
