Hello all[exhappy],
Firstly, I’d like to say that I feel so relieved that I googled upon this forum. I’m moving to Melbourne and can’t wait to go thru these posts.
Just wondering on any expertise, words of advice for a Newbie?:-
As a true investor, I intend on arraning a mortgage as soon as I arrive even tho I’ve never been to Melbourne before (not willing to waste money paying rent!)!
I’m gonna arrange a low doc mortgage and buy an appartment somewhere close to CBD. My budget is $250K.
The plan is to live there for a year or 2 and then rent it out, while I then buy the family home.[biggrin]
1. Are there any tax pitfalls I need to watch out for?
2. Are interest only mortages advised? (I’m a low tax rate payer)
3. What areas are good for rental? Are properties near universities r usually good investments?
4. Which appartments offer better yields..1beds or 2 beds?
Any adivce is greatly appreciated.
Many Thanks[exhappy]
TC
Personally I would always buy 2 bedroom rather than a single. That way you have more chance that an owner occupier will buy the property rather than just an investor. The only problen you have is that $250,000 is a little limited for the better areas. You might try East St Kilda and areas such as Bentleigh also re good value. On the other side there are areas like Altona. I know of a weather board house with a Unit behind where the asking price is only $260,000. I would suggest that if you are moving here you either invest a few weeks to work out where you want to live or you rent so that you can gain an understanding of the market.
Nigel Kibel
http://www.propertyknowhow.com.au
check out my new web siteAustralian and New Zealand The United States Property Researcher and education
One Day property investment research workshop The United States. Please register your interest
http://www.changingplaces.com.au Buyers advocate.Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Originally posted by Nigel Kibel:On the other side there are areas like Altona. I know of a weather board house with a Unit behind where the asking price is only $260,000.
If it’s for both, that does sounds good. And the casual reader could not be excused for thinking that you got both in the price. Though if you read it several other times, I admit to some creeping ambiguity.
So I did a realestate.com.au search on Altona to check it out.
What do we have here?
A house in Altona with a unit behind it. The asking price is $260k. That description does sound good, even if ‘superb’ is spelt wrongly.
Scroll down and the facts are revealed. The house is $260k but the rear town house is $380k. So it’s not $260k for the lot, but $640k! Again the ad has ambiguity, just like the post quoted.
Look at the sales rep’s name and the user quoted above. Coincidence huh?
The take home lessons are:
1. Read the fine print
2. Beware of forum users with vested interests and stuff to sell
3. Beware of spruikers trying to make a deal sound better than it is by omitting salient factsmouth
Originally posted by mouth:Originally posted by Nigel Kibel:On the other side there are areas like Altona. I know of a weather board house with a Unit behind where the asking price is only $260,000.
If it’s for both, that does sounds good. And the casual reader could not be excused for thinking that you got both in the price. Though if you read it several other times, I admit to some creeping ambiguity.
So I did a realestate.com.au search on Altona to check it out.
What do we have here?
A house in Altona with a unit behind it. The asking price is $260k. That description does sound good, even if ‘superb’ is spelt wrongly.
Scroll down and the facts are revealed. The house is $260k but the rear town house is $380k. So it’s not $260k for the lot, but $640k! Again the ad has ambiguity, just like the post quoted.
Look at the sales rep’s name and the user quoted above. Coincidence huh?
The take home lessons are:
1. Read the fine print
2. Beware of forum users with vested interests and stuff to sell
3. Beware of spruikers trying to make a deal sound better than it is by omitting salient factsmouth
Nice work detective [thumbsupanim]
I mainly buy for clients. I was just using that as an example. Clearly if someone searched they would have found my name. I was just refering to the area. I was not trying to sell the property. Infact if you bothered to read my post I referred to St Kilda or Elwood. I am handlying this property in Altona for a friend. You would not have to be smart to see my name on it. My main focus is that I research overseas properties and buyers advocacy in Australia. I used the Altona property as an example. Try reading my other posts.
Nigel Kibel
http://www.propertyknowhow.com.au
check out my new web siteAustralian and New Zealand The United States Property Researcher and education
One Day property investment research workshop The United States. Please register your interest
http://www.changingplaces.com.au Buyers advocate.Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Hello Mr Cloth,
We did exactly what you are thinking.We found in the prahran, south yarra, toorak area you can find slightly run down 1960s-1970s smallist 2br for 250-300k. With a little elbow grease and 10-20k budget you can make a nice little place for 2 year stay that is rentable when you leave.
These areas are also very pleasant, surrounded by $1m+ (ie toorak is most expensive place in Melb) properties and 10 min by train to the CBD.
Mat
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