Hi all,
After being out of the loop for a while (I’ve been looking after my newborn son), I finally found some time to do a bit of research and see what’s out there. I must say that I am getting increasingly frustrated as I wasn’t having any luck finding a positive cashflow property before the birth and I’m not finding any now. I’ve driven around and spoken to several RE agents who give me a pitying smile and tell me I have missed the boat.
I read a thread recently in General Property saying that there were still positive cashflow properties in Vic (where I live) but I must be going wrong somewhere.
I’m not asking anyone to take me by the hand and show me a property that I should buy but some pointers on the following would be appreciated:
Am I naive in thinking that:
a) there are positive cashflow 3 bedroom houses out there under $100K? If not then what price range should I be looking at? I’m not interested in capital gains at this starting point, I just want to get a foot in the door.
b) will 10K for a deposit and 20K equity in my house get me anywhere with finance? If not then how much should I save?
c) I’ve been checking the usual websites for ideas(ie. domain, realestate on ninemsn) but are there any other good sites I should be focusing on?
I just need some tips and encouragement as I believe I am almost on the right track but I am starting to lose motivation.[confused2]
Any comments would be appreciated.
Thanks
MinxiiHo Minxii,
$30K is an adequate amount to get you started on a purchase of approx. $200K,
Extracting your current available equity at a higher LVR may give you a higher deposit; this option will involve LMI,
Talk to a mortgage broker to see what options are available to you, Cheers.Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hey Minxii,
Don’t know about the finance side, you’ll have to check with one of the MB’s on here, but as far as properties in Victoria under 100K, here’s a few I sourced from http://www.realestate.com.au in less than 5 minutes using the Advanced Search (stipulating 100K max). By the way, I didn’t even have to get out of my chair:
These ones even come with acreage!!!
And this one even has a current long term tenant:
Now if you’re looking for something a little closer to Melbourne CBD, well I’m afraid you going to have up your limit as 100K in Victoria is only going to get something like one of these babies!!!
Jo
Thanks Jo,
Sorry I should have been more specific… I was thinking of houses in larger regional towns. Places like Donald and Watchem which are out in the middle of nowhere and (so I have been told) decreasing in population don’t seem to me to be a good investment. Also I believe there was talk and a lot of hoo ha going on about considering the area around Mildura (could that be near Sea Lake??) for the waste dump. The places like this I have seen, seem to all have their faults or am I just listening to the wrong people?
Also thanks Steve, at least now I am hopeful that I can approach a mortgage broker without feeling foolishly naive!
Cheers
MinxiiHey Minxii,
As per the last paragraph of my post which highlighted same, with respect to 100K this is about as good as it gets in Victoria. Sure there will be people that will tell you otherwise, although I’d imagine not too many realistic ones (people) that is. Unfortunately, even if you do find something <100K in a regional town the population and infrastructure may not be substantial enough in size/potential to make investment worthwhile. It really depends on what you want, how much you want to spend and HEAPS of research.
Not exactly my cuppa tea either, but then it’s horses for courses I guess!!![blush2]
Jo
Just about how much equity you have, I just posted this…
https://www.propertyinvesting.com/forum/topic/14431.html
It might help a bit.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
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