this is my first post although I have been reading forum for a while and enjoying all the helpful information and comments. I am wanting to buy my first IP. I am looking at a few different places such as Whyalla Playford SA and Norlane Vic. I have equity in my PPOR and am able to probably buy 2 places and still have some equity left. Any comments about either of these areas or other suggestions. I feel exicted about the prospect one minute and then fearful the next minute. I would look at buying under $250K for each property. The other thought I had was maybe it is better to spend more on one property. Looking for cashflow positive property if possible. I also own a few acres of land – VG valuation $90K. I dont have a mortgage on this place. Any suggestions would be appreciated.
Hi Kemjay.
I live in SA and do business in our "Golden Triangle' of Whyalla, Port Augusta and Port Pirie. Whyalla is interesting. 5 -6 years ago the locals were saying, "whoever is the last to leave please turn off the lights". That was then, this is now!
SA is riding again on our own resource boom; maybe not to the extant of WA but a boom non the same. Investing in Whyalla, and not the outlining rural areas, should be a sound investment for the longer term as long as the crest of the country's resource boom continues rising. However, it does beg the question as to why Whyalla? If it is investing into a less expensive IP then you could really look at most of Adelaide's surrounding suburbs. i.e. Port Noarlunga – 25 -30 mins from the Adel CBD via the Southern Expressway, new train line, major new shopping complex The Collonades, and so on. Now here's the kicker! Brand new (max depreciation!) house and land under $300K. The latest Property Investor Magazine has Port Noarlunga the fastest growing suburb in Adelaide at 11%.
Anyway, do your homework but for goodness sake do something! There is never a perfect time to start investing but you have to start sometime. Do your homework and due diligence and then strike. GOOD LUCK!!CHEERS!
TCTC62 wrote:Anyway, do your homework but for goodness sake do something! There is never a perfect time to start investing but you have to start sometime. Do your homework and due diligence and then strike. GOOD LUCK!!
Good advice. It's normally the hardest part of investing – overcoming that inititial fear. The first IP's the hardest – after that it'll all be about the numbers and the greatest fear will be hitting a serviceability wall and not being able to buy more
All the best with your investing.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Forget about buying two just focus on getting one.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
