Hello all, I’ve decided to take the plunge and am currently looking to purchase an IP. Looking in Melbourne at 1 br flat/unit.
Everyone talks about buying the RIGHT property not buying a dud. I’d like to know what makes a property a good one.
My current criteria is: It must be in a good location – close to train/trams / close to universities / shops. I’m looking to spend $150K to $175K on something that needs a little tender loving care (my dad’s a builder so he can do the renovations without the cost of labour – lucky me!. It also needs to be light/bright inside and have internal laundry facilities.
Can anyone tell me if I’m on the right path or not! As it’s my first foray into Property investing I currently feeling a little nervous because my knowledge is still limited.
Any advice would be so appreciated!!!!
Tan
Hi Tanya
Welcome to the forum
Generally speaking you seem to have the right ideas for purchasing an IP. One bedders can make life a little difficult when it comes to renting or onselling but if you are in a location near a uni or college it may not be too bad.
The only other thing that comes to mind is look at whether the amount you want to spend is a good buy in that building/area. Just because you have 175K to spend doesn’t mean that the unit is worth that. Make sure you carry out your due diligence and see what other units in the building/area have sold for.
Well done for taking the plunge-and have fun!!
markk
Happy Hunting
http://www.kentscollections.comDepends a lot on what your goals are. What do you hope to acheive by buying this property? Is it an IP or PPOR? With that in mind, you’ll be better able to work out whether or not it’s a good one. Look at the rental return, BC fees for a flat, rates, location (is it inner city or further out). How long do you expect to keep it? Give us some more info and maybe someone can give you some more specific advice.
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