Hi All,
I’m really interested in getting into the property market. atm, i have about 15k split into shares and cash. Its kinda getting nowhere with the shares. Had me eyes on the 3br property at west footscray , which asking about 240k. Probably have to sacrifice the car to push deposit into 10%, probably more. The property would be my first IP.
The house may need a touch-up here and there, i think.
My questions are:
1. Would you do it in this period of time?? (if you are me) or wait till ….?
2. How much rental can i expect from the tenants in this area? how do you calculate the negative gearing??
3. Or save up a bit more for yarraville/seddon area ?
Thanks in advance for all replies, any suggestion is greatly appreciated.[exhappy]Originally posted by mentee:Hi All,
1. Would you do it in this period of time?? (if you are me) or wait till ….?
2. How much rental can i expect from the tenants in this area? how do you calculate the negative gearing??
3. Or save up a bit more for yarraville/seddon area ?
Thanks in advance for all replies, any suggestion is greatly appreciated.[exhappy]1. Do it now or wait a bit. The market is not moving up so no urgency. But the sooner you get started the sooner you will be ready for number 2…
2. Call a few Agents in the area. They will give you an idea of rental in no time at all.
3. Can’t help with this one as I don’t know the areas.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks Simon.
Here is another thought.
What if i bought the house and use the FHOG benefit, rent out the other rooms to help with the mortgage.
Anyone out there done similar? Is it too much to maintain your property without RE agents? What do they do anyway,real-estate agents?That is certainly a strategy but you will not be able to use this rent to qualify for your loan.
REAs do quite a lot when managing a property – sometimes they are only really appreciated when things don’t go smoothly.
But in the case of you taking in lodgers to help pay the mortgage I would think you wont need one.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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