2nd Attempt At Property

Who can say pabbs? I wish it were that easy to post an area that wanted to buy in and get a yes or no answer. I’m afraid it aint easy. Given that you said your nervous about getting back into pi, all the more reason to conduct a lot of your own research to ascertain if an area you wish to buy has some potential.

Eric

I agree with hmackay Research, Research, Research really that’s your only savior.

You being here and getting assistance is a great start to overcome your nervousness, I know it’s very hard the second time around although there are people out there that do it differently.

Personally I haven’t looked into the Geelong region, but we are great believers of the Perth market, especially neutral or slightly negative geared properties in high growth suburbs.

Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.au

Hi Pabbs

Sounds to me you need a combination of both capital growth through direct property investment as well as some positive cash flow to counter balance the negative gearing.

Roy and his team at GPS network have a good range of property which could be the way to start with. If you are looking at holding long term and prepared to accept short term fluctuations in the market I think now is as good as any time to buy.

Dependant on equity and borrowing capacity why not consider a combination of both as I mention. A wrap, Lease Option or second mortgage lending will give you a higher cash flow and you could use this to offset any effective cash shortfall.

With a well chosen property the amount of shortfall would be reduced after the Depreciation and Write Off benefits have been factored into the equasion.

You may be better off starting by getting your borrowing capacity and finance choices set up first so you are aware of your options. Happy to crunch some numbers if you feel we can be of assistance.

Cheers Richard
[email protected]
http://www.yourstatefinance.com

IP funding and US property finance
our speciality

I think if you are local to Geelong and you seem to feel comfortable there, then I would suggest you really focus there. Better to get a really good deal in Geelong then ‘nearly’ get a really great deal anywhere else.

Get on the phone/internet/ground and get to know the Geelong market like the back of your hand. Find out all the numbers on the houses, flats and units.

Then try and get a feel for the potential demand in the area. Get onto the relevant internet web pages – ie Geelong local Government etc. Speak to local business groups to find out if there is potential new businesses opening up locally and see if that gives you any direction for potential housing demand.

And most of all start viewing the properties and speaking to the agents.

It seems to me that there are opportunities everywere – and if you are in Geelong (and you seem to be gravitating the the local market) then maybe you should just become a key investor in Geelong. There are plenty of other people making money in Geelong property I’m sure – so why not you.

Good luck. Let us know how you go.