Hi Guys,
This is my first post. Ive been reading about various forms of investment and wealth creation sometime now. It’s finally time that i’ve taken a look at my situation and decided to ‘have a go’… rather than reading for entertainment.
I have recently graduated university and am on a relativley small income. I am currently renting a property with my best friend on the northern beaches of Sydney. My first thoughts were to look for a property to buy that we could live in and pay off a loan rather than paying rent, however, our combined income seems to no where near enough to get into a two bedroom flat in the area.
I have started to consider dirt-cheap units else where. I guess im looking for a property that can atleast service the loan it was purchased with and if possible provide a bit of a surplus that could be used to pay the loan off quicker or possibley a slush fund for maintenance or un expected expenses.
now… The call to action. What do you think the best way to move towards owning my first property is. How do i find out how much a particular property is being rented for or should be rented for if it is vacant. Are there any implications with first homebuyers grants in regards to investment property?
Ill leave it at that for now.
Thanks
Mike
At this point i have no deposit. I may have access to some money however. I planned to knuckle down and save for the next 6 months and look at purchasing something in the 60-90K range.
Where can i find information on no-deposit loans?
Am i able to use the first home buyers grant on the first property that i intend living in for 6 months even if i have owned an investment property previously?
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