Hi PC seniors, I have read the chats here not in depth but to some extent. This is definitely a treasure. I am Collin and I live with my family in Sydney. I have my PPOR and I have some savings. I wanted to use the savings and buy a property as an investment. My wife and I both work full time. We pay extra money every month into our mortgage. We have no other loans other than the home loan. I want to buy a property which will give me a good yield and very honestly I am not worried about the capital growth. I am happy to hold it for 15 years. Will I be buying another property after this investment? Well the answer is no. I have read that property investment is an addiction so I want to keep myself away from all the addictions. My budget is 240k max. I know it's nothing great in today's market but I am sure that there are gurus here who will definitely say yes that's a great amount. My question is with this sort of budget where can i start looking for a property with decent yields. Positive the better but happy to be neutral as well. Saying that I am sure I can manage a small negative gearing impact as well. I am open to anywhere in NSW, VIC, QUEENSLAND, SA and PERTH. If someone can point me in the right direction that will be a blessing I would say. Thanks in advance.
Thanks Trainee for your response. In 15 years I want to try and pay this property off and use the rent as an income. If everything goes right (gggrrrhhh covid) I have another 20 years of work life left and the same for my wife as well.
Say you buy a 240k property. Lets assume it rents for 5% now and rent doubles in 15 years. Say you pay it off. With no growth, in 15 years you get maybe 20k net rent a year. that enough for you to retire on?
I have a super which has done well till now. So I am hoping that the additional 20k will supplement my super.
It's only an addiction if you let it become one. If you get into it sensibly with a clear plan and goal, you will find you can do so much more and be so much better off. Enjoy your journey.
