Hello, been reading these forums a lot in my spare time. and wanted to know if building a duplex south of Perth would be a good first IP.
Will be close to all amenities. large industrial area close by, school, shop, doctors etc.looking at getting a 450k loan 50k deposit. paying $400-450 per side. $3200-3600/month
Little about myself:
Ever since i watched Dragons Den i've always wanted to be an investor lol
im 20, live in Perth and have a stable FIFO job paying 102k/pa Gross. which also pays 170$ for each week i complete (PIP) that is payed to me when i leave the company. I'm doing 4weeks/1week and spend around $300 give or take on my 1 week off, the 4 weeks i might spend $20 all up on drinks.
Have no debt. no car loan. $50k saved.Would really appreciate some advice on whether it would be a good idea to start off with a Duplex.
My 2nd option was to build a PPOR for $350k on the coast. "edit" with 7k gov. grant. – and my company also does salary sacrifice which is maximum of $1000 from each pay, so i dont pay tax on the 1k.
Is there any reason you are set on building rather than finding and buying an existing dwelling? Sounds like it would be difficult to manage a build if you are FIFO for four weeks of every five.
itsandrew
Go as far as you can see and you will see further.
Lolitsalan wrote:Hello, been reading these forums a lot in my spare time. and wanted to know if building a duplex south of Perth would be a good first IP.
Will be close to all amenities. large industrial area close by, school, shop, doctors etc.looking at getting a 450k loan 50k deposit. paying $400-450 per side. $3200-3600/month
Little about myself:
Ever since i watched Dragons Den i've always wanted to be an investor lol im 20, live in Perth and have a stable FIFO job paying 102k/pa Gross. which also pays 170$ for each week i complete (PIP) that is payed to me when i leave the company. I'm doing 4weeks/1week and spend around $300 give or take on my 1 week off, the 4 weeks i might spend $20 all up on drinks.
Have no debt. no car loan. $50k saved.Would really appreciate some advice on whether it would be a good idea to start off with a Duplex.
My 2nd option was to build a PPOR for $350k on the coast. "edit" with 7k gov. grant. – and my company also does salary sacrifice which is maximum of $1000 from each pay, so i dont pay tax on the 1k.
Hi Lolitsalan
It hard to say if its a good idea for you to start with a duplex in Perth as I have never built there – what I can say it I have built around 15 "dual Occupancy/duplex" dwellings over the years and have I made good money on them – It comes thru buying the land at the right price and engaging a good builder mostly on a turn key basis.If the numbers work then you should look at it – a way to minimise the risk would be to consider selling one unit and keeping one unit. And if you can sell one unit off the plan even better
The other point is that building a new dwelling is an interesting experience make sure you have a fixed price contract if at all possible and know that a the one place fixed is NOT fixed is in a building contract as they can still hit you up for variations. Make sure you can afford the payments and have a bit of spare cash just in case.Good luck I Hope that helps
cheers
im 20, live in Perth and have a stable FIFO job paying 102k/pa Gross. which also pays 170$ for each week i complete (PIP) that is payed to me when i leave the company. I'm doing 4weeks/1week and spend around $300 give or take on my 1 week off, the 4 weeks i might spend $20 all up on drinks.
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