Hey guys and girls!
I am currently in need of some much needed advice on purchasing my first of hopefully many IP's
I will lay out my current situation to you guys and where i stand with things at the moment, then i would greatly appreciate any advice or information you guys could spare.
I am currently a 24 year old Electrician working over in WA in the mines.
I already fully own a 2 bedroom apartment in port Melbourne just off the beach, valued at $710000 2 years ago. The apartment if fully paid for and i owe nothing on it.
In my bank account at the moment i currently have around $90000
My thoughts are this at the moment, im looking to get my foot into the market, either with 1 or 2 or even 3 purchases over the next couple of months, i am mainly only looking at melbourne suburbs or rural victoria at the moment as i am familiar with victorian areas.
My question is, Where is good area to get into at the moment, sitting in my current situation, would i be better off buying a handful of IP in rural Victoria with strong rental yields, or purchasing just the one property closer to Melbourne cbd with not so great yields but possibly better CG. Areas i have been looking at lately have been frankston, and also down gippsland, moe, morwell etc.
I am just really unsure about where to start, and how to find a 'great deal'.
How much deposit/s should i be putting down and how much should i be borrowing etc etc.
Should i be keeping the port melbourne place for long term? it currently rents out for around $610 pw
As you can probably tell i am rather new to all of this so any extra information you think i may need would be greatly appreciated.
Thankyou, Kind Regards, Chris
I am currently in need of some much needed advice on purchasing my first of hopefully many IP's
I will lay out my current situation to you guys and where i stand with things at the moment, then i would greatly appreciate any advice or information you guys could spare.
I am currently a 24 year old Electrician working over in WA in the mines.
I already fully own a 2 bedroom apartment in port Melbourne just off the beach, valued at $710000 2 years ago. The apartment if fully paid for and i owe nothing on it.
In my bank account at the moment i currently have around $90000
My thoughts are this at the moment, im looking to get my foot into the market, either with 1 or 2 or even 3 purchases over the next couple of months, i am mainly only looking at melbourne suburbs or rural victoria at the moment as i am familiar with victorian areas.
My question is, Where is good area to get into at the moment, sitting in my current situation, would i be better off buying a handful of IP in rural Victoria with strong rental yields, or purchasing just the one property closer to Melbourne cbd with not so great yields but possibly better CG. Areas i have been looking at lately have been frankston, and also down gippsland, moe, morwell etc.
I am just really unsure about where to start, and how to find a 'great deal'.
How much deposit/s should i be putting down and how much should i be borrowing etc etc.
Should i be keeping the port melbourne place for long term? it currently rents out for around $610 pw
As you can probably tell i am rather new to all of this so any extra information you think i may need would be greatly appreciated.
Thankyou, Kind Regards, Chris