Hello PC! It's everybody's go-to line but we too have been lurking in the background learning from this forum. We're a professional couple (25-27 years old) who recently bought our first property in North-east Melbourne (planned to be PPR for the next 3-5 years). We are very young in our journey but reading these forums makes us want to take property decisions seriously. To be completely honest, were not sure of what pathway we will take just yet, or our strategy (we have read that it's important to have a razor sharp focus on your strategy, but honestly speaking we don't even know what strategies are available). We have a lot to learn. We're quickly realising that although there's no one right way to invest in property, it appears there are many wrong ways. We have many questions, and will probably see you around the forums! BSS
Welcome BSS. Some strategies to start learning about: Buy & hold --》 CG, Cashflow or balanced (both) Flipping Buy, improve/reno (ie. Manufacture CG), then sell. Rinse & repeat. Develop - either greenfield, subdivisuon &/or knockdown/re-build Just to get you started.... BTW, congratulations on stepping into the property market. Smash that non-deductible debt as fast as possible.
Thanks for taking the time to reply, Indifference! Will start reading on these strategies. We'll give it our best shot!
I'd not pay down your PPoR debt. It sounds like you may turn it into an IP in a few years? Instead, set up an offset account and build that up so that if you turn the current PPoR into an IP you have a larger debt and can take your saved funds out of the set off account to help you buy your next PPoR.
Thanks so much for the reply, Wyllie! To give you more information, the property we bought is on a main, busy road (which I've read to be a no-no!). However the reason we decided to do this was with the future in mind. We haven't decided on what we will do with it just yet, but the plan is either turn it into our clinic (health professionals, property is close to major hospital) or develop it (we hear development is less restricted on a main road?). It's land is 650sqm rectangular. The property is in the banyle city council. That's the plan, but no doubt the more we learn it may be amended.
Welcome to the forums...great place to learn. Apart from the strategies @Indifference mentioned, there's one doing "house and land". Carefully purchasing a lot in new land estates early on and building a cost-effective house on it to rent out or sale straightaway. Few of the PC'ers are doing this and there are some threads in detail for this strategy. Cheers
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