Does anyone have any current advice/research on IP's in Bendigo? We're considering investing $200-300K. We're in our early 50's, semi-retired, own our home outright and are wrestling over the idea of whether we should draw down about 1/3rd of our unpreserved (tax free) super to fund an IP so as to spread our investment risk.
Our current thinking is to purchase a rental property somewhere close to Bendigo's inner CBD, hold it for 2-5 years and then depending on the market and the property type we might consider either of two alternatives: (1) fixing and flipping the IP or (2) we may decide to sell our primary home in Melbourne and convert the IP to our primary residence. There is a 3rd alternative (of course) which may be to sell both the IP and primary residence (at the 5-year interval) and locate elsewhere.
In any case, we'd be looking to hedge our bets - looking for good rental return and potential capital growth so that we've got room to move according to any change in our 5 year plan. This modest approach would help us pass the sleep test as we're conservative/balanced investors - not currently relying on rental returns to supplement our living costs however by the 5 year mark, we anticipate that we will need to liquidate some capital so as to generate some cash flow to cover living expenses.
Has anyone got any ideas, advice or experience that could help our thinking along?
Our current thinking is to purchase a rental property somewhere close to Bendigo's inner CBD, hold it for 2-5 years and then depending on the market and the property type we might consider either of two alternatives: (1) fixing and flipping the IP or (2) we may decide to sell our primary home in Melbourne and convert the IP to our primary residence. There is a 3rd alternative (of course) which may be to sell both the IP and primary residence (at the 5-year interval) and locate elsewhere.
In any case, we'd be looking to hedge our bets - looking for good rental return and potential capital growth so that we've got room to move according to any change in our 5 year plan. This modest approach would help us pass the sleep test as we're conservative/balanced investors - not currently relying on rental returns to supplement our living costs however by the 5 year mark, we anticipate that we will need to liquidate some capital so as to generate some cash flow to cover living expenses.
Has anyone got any ideas, advice or experience that could help our thinking along?