Financial musings.
There's at least one shoebox apartment for sale in the area for what would buy a full-sized house anywhere else.
As an investment property with renters, it would run about $24K per year for an interest-only mortgage, which would be claimable on tax. It would generate perhaps half that in rent (possibly more if renting to techheads, as it's almost next door to the local ADSL2+ exchange). And given local property price directions, it could probably be sold for a multi-hundred-thousand-dollar profit in two to three years.
Even if you don't personally make enough income to be paying $24K in tax each year, it'd be interesting to split the property between two or three people. With three, it shouldn't be too hard to scrounge up $8000 per person in the month before the end of the tax year, advance-pay the interest on the mortgage for the next 12 months, claim it back on tax four weeks later and not have to worry about paying the mortgage for another year. The rental income could then be put towards upkeep and fees, any excess distributed in the appropriate month next year, and the property sold or revalued a year later.
Startup costs would be about... $25-30K? (Stamp duty etc.)
Even without prepaying, the interest would be about $2k per month, minus whatever the rental income was (probably about $1kpm?), so something like $70 per week per person for three people, $55pppw for four, just over $40 for five.
Not bad, for a potential payout of tens of thousands per person.
As an investment property with renters, it would run about $24K per year for an interest-only mortgage, which would be claimable on tax. It would generate perhaps half that in rent (possibly more if renting to techheads, as it's almost next door to the local ADSL2+ exchange). And given local property price directions, it could probably be sold for a multi-hundred-thousand-dollar profit in two to three years.
Even if you don't personally make enough income to be paying $24K in tax each year, it'd be interesting to split the property between two or three people. With three, it shouldn't be too hard to scrounge up $8000 per person in the month before the end of the tax year, advance-pay the interest on the mortgage for the next 12 months, claim it back on tax four weeks later and not have to worry about paying the mortgage for another year. The rental income could then be put towards upkeep and fees, any excess distributed in the appropriate month next year, and the property sold or revalued a year later.
Startup costs would be about... $25-30K? (Stamp duty etc.)
Even without prepaying, the interest would be about $2k per month, minus whatever the rental income was (probably about $1kpm?), so something like $70 per week per person for three people, $55pppw for four, just over $40 for five.
Not bad, for a potential payout of tens of thousands per person.