Hi
I was hoping for some advice. I have the aim of becoming a full time investor within 2 years. At present I can negotiate with my employer to drop to 4 days a week – I can choose where I work – either Sydney or Melbourne. I have a reasonable portfolio already but need to rely on my salary for cashflow for future deals at present (assume salary of 150k after 20% drop for 1 day off).
Where would you work from Sydney or Melbourne? The deals I want to start on a buy/renov/sell and by/subdivide/build/sell.
Thanks in advance
D.
Hi D
If you want tokeep it really simple, i.e. "Where would you work from Sydney or Melbourne?", I'd suggest you stick with the market you're most familiar with. This is because IMHO there are plenty of buy/renov/sell and by/subdivide/build/sell in either Sydney or Melbourne. There are certainly advantages in starting off in a market you know. Good luck.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi chuckles,
It does not matter whether you base yourself in Sydney or Melbourne. There are plenty of opportunities. if I were in your situation I will invest in different states in Australia. Each state within Australis is like a mini-market in itself and may go through its property cycle. This ensures you are not putting all your eggs in one basket. Also, you need to balance your portfolio with few buy & hold properties and few trading properties (renovation, subdivision, etc).
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