I am another newbie to the area of property investing. I had considered property investing several times before but never got around to doing anything. I recently read “Rich Dad Poor Dad” and found it slightly motivating in the idea of using other people’s money to make you more wealthy.
I am interested in knowing if there are many people in this forum who hold IPs in Adelaide and how this is panning out for them.
What were your first steps as well and what books or research material would you recommend I look at? [cowboy2]
Smithster,
Grew up in Adelaide for 23 years, then moved to lovely NSW 6+ years ago.
We bought south of Adelaide in Jan 2004 with a guarantor and very minimal savings, 100% plus costs PI loan.
In under 2 years the property increased by over 20%, so we then refinanced with another bank on an IO loan and haven’t looked back.
At the time it seemed like it wouldn’t work to our advantage because we thought we had missed ‘the boom’, but by faith and good fortune we are now looking to buy another block of land, hopefully with no mortgage.
I grew up in this area and believed that it would one day grow in price, but didnt think it would have been so soon.
Good luck!
It is only your thoughts that create your future – Be careful what you think!
Hi Smithster
I would suggest you do a lot more personal research. You and you alone have to be comfortable with your investments.
Own 2 IP in Adelaide. My first step was to “jump in”, mum as gaurentor when I was 18. Capital appreciation of 150% + in 11 years.
Second bought in 2003, gone up 80%+ in that time. Obviously this has been a rising market though. Not expecting to get anywhere near this appreciation in the next 3 years.
My suggestion is to buy with 10km of city, and within 5kms if you can afford it. I’ll leave the rest of the crieteria up to you!!
Regards
Investor1313We actively invest in Adelaide.
We do buy and holds in high capital growth areas
Developments
Renovations
Lease options
Set up multi-tenancy accomodationsThe last 2 are designed to increase cash flow and use it to fund the shortfall in negatively geared high growth properties.
Works well for us! [biggrin]
Investment Property Management
http://www.adprop.com.auHi,
can I ask, does multi-tenancy accomodations work in an area of Adelaide or is it work particularly well in just one of two suburbs? Also, does the property need to be 3BRs or more to do this?
Thanks
Paul[suave2]Multi-tenancies work best in suburbs near universities or houses that are near (within 300 m) to a uni.
Must be 4 or 5 bedroom, numbers just dont stack up with 3 Br. Happy to comment on a specific property if you email me the details. [biggrin]
Investment Property Management
http://www.adprop.com.au
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