Nearly two years ago I bought my very first property in Mt.Wgtn after so much struggle saving up for a deposit. I live in that property and plan to do so for at least 3-5 years, if not more. Very recently a 3bed-1 bath house on the same street I live in, right opposite my house actually, has been put up for auction. I am thinking of buying this property as an investment so I can rent out the three rooms in it (individually as opposed to a family rental). If I can get it, I also plan to manage it as I live across the road. It is weatherboard, so no leaky issues at a glance. But I will get a builder to check. Cross-lease with one other property, small-ish floor area, 20-30 years old, tidy and clean but not modern-modern. I also managed to get an e-valuation done through the bank.
When making an offer for a rental property, would I be right if the maximum price I offer does NOT go beyond what the e-valuation says? Is that the rule of thumb? And the income from the three rooms, let's say a total of 500pw should cover mortgage payments + rates + insurance + maintenance, yes?
I have no experience buying investment property at all and your comments would be very much appreciated! Thanks in advance!
When making an offer for a rental property, would I be right if the maximum price I offer does NOT go beyond what the e-valuation says? Is that the rule of thumb? And the income from the three rooms, let's say a total of 500pw should cover mortgage payments + rates + insurance + maintenance, yes?
I have no experience buying investment property at all and your comments would be very much appreciated! Thanks in advance!
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