Hey guys, my names Ash. I actually opened my first thread here in the "where to buy" section in regards to what i am currently in the midst of doing or wanting to do. So if you'd like, you can find out a bit more about where i am currently in life in regards to property by reading that thread. A bit about myself, I'm 26. Oddly enough all i think about and have been thinking about for the past 3-4 years have been investing in property and getting my foot into the market. Aiming for 2016 to be my year i finally manage to not only get my first IP, but also my second. Easier said then done though. Happy to have finally signed up, looking forward to gaining more knowledge through everyones insight as i have been doing anyways for quite some time prior to signing up. Anything you feel like asking, just go for it and ask! I am quite easy going. Cheers
Thanks! Do you mean area wise? If so. I have my eye on a handful of suburbs & areas tbh, back in my area is an option around the Ringwood area. But i personally feel more drawn to making my first investment in the North or West, close to the CBD preferably within 15km. Coburb/Reservoir/Preston, and Sunshine are the ones that kind of stand out for me. (even though Sunshine has a pretty bad rep at the moment and has had for quite some time)
Yeah Melbourne, its my first investment, so i don't really feel comfortable actually looking at different states even though i was actually looking at some point at a couple of places in Hobart but went back to the Melbourne market rather quickly. I def am, i know for a fact a lot of people are over paying when it comes to properties around my area, Croydon specially. I think it will cool down, that's why i am not in a rush and wont really over pay just for the sake of getting into the market. But the thing is, my weakness at the moment is even when i feel like i find a pretty decent buy i second guess myself until its already under contract and i miss out. It happened with me last week with this property in Sunshine. I thought it was a great buy tbh, house on a huge block of land, tenanted to long term tenant, very reasonable price compared to the blocks/sizes being sold around it. By the time i tried justifying it to myself, it was gone and i was back searching.
When it is a busy market, you need to be able to make decisions quickly. After looking at your general search criteria, make sure you have a spreadsheet template handy where you can quickly plug in numbers for purchase price, deposit, loan amount, estimate rent, etc so that you can calculate yield and cashflow. If the numbers don't stack up, move onto the next. It helps to have a spreadsheet with multiple columns for yield / cashflow comparisons of individual candidate properties ( for quick comparisons ). Also use other rows to make note of other factors for a decision, suitability of location, future potential, advantages and disadvantages, etc. If any of these factors for an individual property also don't stack up for your strategy, move on.
Yeah, it can happen like that. I just found an awesome old car at a great price, almost too good. By the time I got around to calling a couple of days later it was gone... You can jump in and do some of the due diligence during the cooling off/building and pest inspection period - although I'm not familiar with VIC.
Thanks for your advice, appreciate it! I actually do that, not a spreadsheet specifically but its my own little black book with all my notes on all the properties i am looking at with little notes etc on them in regards to different aspects. I think i know myself, at the moment my problem is i keep second guessing myself even when i find a pretty decent deal.I tend to stall/procrastinate until the point that i loose out on it. Which is something i need to work on for sure. Yeah? What car was it, you a car enthusiast?
It was a 2 door 70's Ford V8. I should know better, old cars are a money pit. I'm an everything enthusiast
