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  • Profile photo of eljayceeeljaycee
    Member
    @eljaycee
    Join Date: 2004
    Post Count: 6
    November 6, 2004 - 1:24 pm

    What about the other way?
    Renting my place out for 240p/w with roughly 65k equity and buying another place to live in for about 180K?

    Sorry for being a pain. But I really don’t want to have to sell my place or rent in a new town if I do move.

    If you could email the other info to me, that would be great.
    Thanks for all you help

    Profile photo of eljayceeeljaycee
    Member
    @eljaycee
    Join Date: 2004
    Post Count: 6
    November 6, 2004 - 9:43 am

    And I thought I had included everything someone would want to know LOL

    Single, no dependants.

    I was either looking at purchasing a property for rental with purchase price around $180K with a rental around the 180 p/w mark.

    Or renting this place out for rental of 240p/w and buying else where (to live in) for the same above price of 180K.

    Depends if I move interstate or not. I’m sorry I don’t think I’m putting down in writing what I’m thinking of.

    I am determined not to be like mother with absolutely no money at 65. I have always wanted to be in the property game.
    I have read 0 – 100properties but couldn’t relate it to me (single income)

    Thanks again.
    LJC

    Profile photo of eljayceeeljaycee
    Member
    @eljaycee
    Join Date: 2004
    Post Count: 6
    November 5, 2004 - 5:01 am

    Thanks for the reply.

    I have a secure job, but I guess I just have the urge to go to somewhere warmer. When I had orginally thought of doing this, my aim was to ease the monthly burden by selling this place, using the equity on a cheaper home to reduce the monthly payments. But of course since then my brain has been working over time and in the process getting my thoughts all mixed up.
    I would not move unless I had another job to go to and I am trying to move with work (public service) but if I can’t I am willing to stay put *sigh*.

    I bought the property for 185,000 2 years ago and had it valued 6mths ago at 240,000. Due to a marriage payout I now only a 160,000 mortgage.
    I am making 520.00 p/f payments which only leaves me about 500.00 p/f in my pay to pay for everything else. I don’t think a bank would touch me would they?
    A real estate agent told me that I could probably get about 230-245p/w rent for this place.

    However – if I did it the other way and bought somewhere in Townsville or Perth and rented it out then I would probably only get 160 p/w rent with a purchase price of about 180,000.

    I’m not a really ‘money’ type person, my ex did all that so I am learning while stumbling. I stuffed up already and had to re-finance the house – I had a equity home loan but found I was eating into my equity so bailed out after loosing 7K and went for the standard variable.

    Thanks for letting me ramble LOL

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