Hello, My partner and I are looking to buy our first home in Townsville. We have saved a deposit ($130,000) and I have an inheritance of $650,000. We have a combined annual income of >$300,000. We are keen to buy a PPoR in one of the blue chip suburbs (North Ward, Castle Hill etc) for somewhere between $600,000-$800,000 (we know we'll have to renovate at this price point). We are in our mid-30s with two young children. I'm here to learn, and hopefully convince my risk-averse partner to start building a property investment portfolio!
Hi @FNQlder Welcome to PC. Sounds like you are in a great position to buy your home, and also build your real estate portfolio. What is it that your partner is concerned about when it comes to investing?
Hi @Property Twins Thanks for the feedback - it's exciting to get started! I think it's largely a personality issue - he's a very cautious/risk-averse person in most aspects of his life. I'm hoping that as I spend time here, I'll sound a little less uninformed when I say "no risk, no reward"
Solvable =) I'd be making note of what will be the consequence in 10 years of not having taken action and what will it look like if you did take action. Something that has worked personally is making a 100 list of limiting beliefs about any challenge being faced. It has helped just dig deep on whether the fears are real or not. Sometimes just writing things down elevates the fear that goes with it. Especially examining where the belief / fear comes from. Can totally understand your predicament however as it's a large cash amount to 'swap' with an asset. Used to get concerned about it. However the best advice we received from our mum was - it's not that you are spending, you are acquiring something of value in return.
$600-800 is a lot of coin to spend in Townsville. Reserve that sort of money for the likes of Syd, Mel and Bris. Personally I'd look to live in one of the up and coming suburbs with a (much) lower price point without the dodge factor eg Pimlico, Mundingburra, Currajong, Annandale, Pallarenda, older part of Idalia etc.
