newbie investor / mum of 3 (need help pls) :)

Hello,

We're actively looking for a property investment that would help us pay off our mortgage sooner and give us some passive income later on. We're quite terrified of what we're about to do (we're risk averse and easily stressed LOL), so we're just thinking of just one property that we can keep long term and if we have the guts maybe get 1 more.

However we have no idea where to look and what to look for ....nsw qld melb? new or existing?

It took us 2 years just to find our current home. We went through and lost heaps of auctions from Randwick to Moorebank and we ended up in Campbelltown, so I can't imagine having to go through it all again with our first investment, now with 3 kids under 4yrs to keep us even more 'on our toes'! LOL

Anyway sorry I'm blabbing now... I've been reading somersoft and propertychat but everytime I research on a location it seems we're already around 2+ years late ...so here I am now, joining the forum to hopefully gain some valuable knowledge and advice just to help us get started towards the right direction.

We've been spending lots of our time on realestate.com and weekends doing inspections, so I do hope to be able to pick your brains so we can get our first investment asap and go on back to spending quality time with the kids.

Thank you all in advance!

Cookie

 

Slow down a bit!

It is not simply a matter buying a property, paying off your mortgage and enjoying passive income. If only it was that easy!

Take time to read through threads on this forum, read books on investing, investigate finance options etcuntil you understand thoroughly the risks and rewards of property investment.
Marg

 

thank you we're definitely taking all the time we need. our "asap" can take months and years even based on experience haha!

yes im sure it's not that simple, I can see that in the threads (lots of jargon in them too )... ive been talking to some groups, brokers, other investors, and reading online, im just getting different/ and even contradicting info so just wanted to consult the property gurus here as i suspect some people i talked to are just trying to get money (?)

 

Haha - yes most likely! There's plenty of people in property who are mainly looking to make themselves rich.

Have you spoken to a broker yet? Once you know your borrowing capacity it might give you a bettter idea of the types of properties you need to look for, which will then help you determine the area. For eg if you need a subdividable block to give you the cashflow you're after, you can probably rule out most areas of Sydney if you're in a single average wage with 3 kids.

 

Hi @cookie_anch

Welcome to PC

Wow 2 years to find your home - that would have taken patience

As already suggested on this thread, read up on PC and Somersoft, build your knowledge base, read books, and get a team around you to help you move forward and to hold you accountable.

You can always have a buyer's agent help you source the property (based in the city where you are purchasing). Having said this, you do need to own the decision making process

 

Take it seriously. The 'im just a newbie hahaha' thing turns people off who might try to teach you.

Work on your own thinking first. If you are looking for the perfect investment, dont bother. Your ppor search tells me you didnt have much of a plan to start with. This time, plan first.

 

Work on your strategy to get from step 1 to step 3.

 

hello sorry i didnt understand ^... should i post more details on savings amounts, our current equity etc?

 

oh sorry. im serious about this but didnt know laughing or trying to make a light intro is not allowed.... im keen to learn dont get me wrong, apologies if you got turned off.

we had a plan and saved a lot of deposit to be honest but timewise it just didnt work out because of the crazy auctions.

...own thinking would be to buy house/land because land appreciates. just need insights on buying new or existing, sydney or melb or qld.
any help would be greatly appreciated

 

yes have spoken to brokers and they calculated we have a lot of equity 500k and both me and husband are working fulltime, so the groups ive spoken with are saying we can pretty much buy house and land. im just wondring why 3 of the groups i talked to are all pointing to new houses in southeast queensland. is the area good for income and growth?

 

thanks working on it! love the cartoons, hi ho hi ho

 

i thought of buyers agent but have heard bad stories about them not really helping you and just after a sale

 

hi stupid question but can i ask what and how a subdividable block can give cashflow? can i pm you?

 

Right now, you are a fat dolphin surrounded by sharks. Do not sign anything. Do not agree to anything.

 

Sure!

But in a nutshell, for everyone's benefit, doing a subdivision can allow you to 'manufacture' capital growth. You then have options to sell the block to reduce debt on the retained house or your PPOR debt, which in turn increases cashflow; build on the block for cap growth and additional rental income (cashflow), or build on the back and sell, to further reduce debt on PPOR or the retained property.

 

aah gotcha! we thought of buying and selling as well originally... we're just unsure of where good growth is. all we know is sydney east and southwest but we cant afford houses in eastern suburbs now and unsure if new houses in southwest would grow more given that there's a lot being built now