All Topics / General Property / New to Property investing

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  • Profile photo of smartcubesmartcube
    Member
    @smartcube
    Join Date: 2010
    Post Count: 29
    September 29, 2010 - 1:07 am

    hi all,
    iam new to investing in property.i live in melbourne SE suburbs.i want to start investing in pro.have savings of 80k and a decent income of 80k+ partner income of 50k.we dont own a house we are still renting(due to conveience to work)paying rent of 1500pm.i need to advise on how to start/where to start with investing in property.is this the right time to buy investment property or for that matter any property?

    Waiting to hear from you all gurus…so i can learn from ur EXP and act wisely.

    Thanks.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    September 29, 2010 - 9:10 am

    Hi

    Welcome to the forum.

    What's your goal? What are you trying to achieve from investing in property?

    If your aim is to create wealth over time by buying and holding properties, then the time to buy is now (time in the market becomes more important than timing the market).

    If you're looking to buy and sell – Melbourne might not be the ideal place at present. It's experienced some massive growth over the last 12 or so months so you may have missed the boat. The good news is that there are thousands of other property markets around the country that are all at different stages of the property cycle.

    If your looking for cashflow (which I suspect you're not from you're other post on tax savings) then you might want to look at regional areas with higher yields.

    Based on the info provided above, your $80k savings and income would suggest that your borrowing capacity will be pretty strong.

    Cheers

    Jamie
     

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Kaz YoungKaz Young
    Participant
    @kaz-young
    Join Date: 2010
    Post Count: 25
    October 1, 2010 - 4:43 am

    Hi Smartcube,

    First of all – congratulations on having a handy deposit saved – that's the hardest bit!

    My suggestion would be think about the sort of investing strategy you're interested in using first up so that the decisions on where, when, how to buy can be based on that.

    Are you wanting to buy and hold, are you more interested in tax minimisation or cash flow, are you wanting to actively participate in your property investment using things like renovation or development.  Do you have disposable income, what level of risk are you comfortable with.  Those sorts of questions will help you.

    Have a read about the types of strategies and assess what your specific needs and goals are so that you can make your 'plan of attack'.  Once your know what strategy you're coming in with it'll help you make the decisions on where, when etc.

    Best of luck!

    Kaz

Viewing 3 posts - 1 through 3 (of 3 total)

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