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Greetings from "sunny" Melbourne

Discussion in 'Introductions' started by Disco Dog, 4th Apr, 2016.

  1. Disco Dog

    Disco Dog New Member

    Joined:
    1st Apr, 2016
    Posts:
    2
    Location:
    Victoria
    Hi folks,

    I'm pretty new to the property scene, currently looking for my first IP, and suffering from textbook Analysis Paralysis, three things that work well to make things harder when starting out.

    Lived in Melbourne most of my life, so I know this place pretty well, but open to considering an IP in another state due to the market and prices around here.

    Primary goals with property are to build up a reasonable rental return to supplement my income, and to assist in slowly growing the portfolio over time. I'm fairly young (early 30s), so I'm open to a bit more risk and different ideas.

    I've lurked on PC for quite some time, and learnt a bit from everyone here, so hopefully that helps me starting out. Who knows, one day maybe I'll be able to impart my own advice here!
     
    Mitesh Dedhia and Jacob1 like this.
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,781
    Location:
    Perth WA
  3. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,385
    Location:
    Somewhere in the land of Oz
    Sunny Melbourne lol! Disco stu needs to get out of da club :)

    I know nothing about Melbourne so I'm no help to you. Good luck!
     
  4. Mitesh Dedhia

    Mitesh Dedhia Well-Known Member Business Member

    Joined:
    19th Jun, 2015
    Posts:
    85
    Location:
    Melbourne
    Welcome Disco Dog.
    Question - how many properties are you inspecting on average per week?
     
  5. Disco Dog

    Disco Dog New Member

    Joined:
    1st Apr, 2016
    Posts:
    2
    Location:
    Victoria
    I inspect 1 or 2 properties each weekend, usually about 2 or 3 weekends per month. But I am being turned off the Melbourne market due to the high costs, seeing as I am a first home buyer (investment or otherwise).
     
  6. Mitesh Dedhia

    Mitesh Dedhia Well-Known Member Business Member

    Joined:
    19th Jun, 2015
    Posts:
    85
    Location:
    Melbourne
    I understand completely.. I know the feeling and that's how lot of the people feel in a hot market. I would say don't get turned off, become an area expert - it is a process. More properties you'll inspect better you'll be in understanding the true value of a property. I read one of the property books by Dolf de Roos and I liked his rule to look at minimum 100 properties before you buy anything.

    Good luck!