VIC Where to buy my First IP & Strategy

Discussion in 'Where to Buy' started by Spreading_Wings, 18th May, 2017.

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  1. Spreading_Wings

    Spreading_Wings New Member

    Joined:
    10th Feb, 2017
    Posts:
    3
    Location:
    VIC
    Hello All, I would like to buy my first IP, my budget is 450k + stamp duty. Ideally would like to buy IP all under 450k. I have been tracking Cranbourne, however it seems to have increased in price significantly in last few months.

    I am not sure of strategy either, initially i wanted to buy established house with 600 sqm+ land which could be subdivided in future. But now it seems to be hard to achieve within my budget in Melbourne. So, I am having second thoughts and thinking about buying relatively new house instead.

    Please suggest me how to go ahead and areas or what to look for investment property location, really confused about how to choose location?
     
  2. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    31st May, 2016
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    Location:
    Australia
    @Spreading_Wings

    What is your long term goal with this property purchase? What would you like it to do for you?
     
  3. Spreading_Wings

    Spreading_Wings New Member

    Joined:
    10th Feb, 2017
    Posts:
    3
    Location:
    VIC
    Long team goal would be to generate enough passive income and retire on that rental income. Short term goal would be to get balance of CG & Cashflow, so I can use equity to buy another IP sooner (perhaps about 1 to 1.5yr later).
     
  4. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Location:
    Australia
    Would be good to speak with someone to clarify your goals, so they can help you point in the right direction.
     
  5. Spreading_Wings

    Spreading_Wings New Member

    Joined:
    10th Feb, 2017
    Posts:
    3
    Location:
    VIC
    Thanks - happy to discuss or open for your other suggestions - I met some people, but they all seem like want to sell developers stock.
     

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