Total Members: 158,198

junkyster

  • junkyster replied to the topic Investing for the first time in the forum Help Needed! 10 years, 2 months ago

    Terryw wrote:
    Above you seemed to say that there was no loan on the CBD apartment. Are you now saying you are going to mortgage the apartment, borrow money and pay out the townhouse? If so you would be shuffling money around with no benefit.

    That's what I thought, so the shuffling around is optional. I will just refinance if that was the case…[Read more]

  • junkyster replied to the topic Investing for the first time in the forum Help Needed! 10 years, 2 months ago

    Jamie M wrote:
    Yep it's possible – just ensure that the bank isn't crossing up your loans. Also, is there a chance that this property could become an IP down the track (your current PPOR I'm talking about)?

    Possibly, in a few years time (>3 years). We have thought the current place is sufficient for us – until the family grows again.

  • junkyster replied to the topic Investing for the first time in the forum Help Needed! 10 years, 2 months ago

    Hey guys,
    Just spoke to the bank today, they are currently processing the CBD apartment loan. Once approved, I am hoping to pay off the townhouse first.
    From here, I could mortgage back the townhouse on an IO loan to start looking for another investment property.

    Is this feasible?

    Thanks,
    JunK

  • junkyster replied to the topic Investing for the first time in the forum Help Needed! 10 years, 2 months ago

    Thanks @xdrew, that was the same thoughts I have 2 years ago (with less income and without the 2 kids). I thought this year work out our finances better, and work towards our first investment property!

    @TheFinanceShop, yes, definitely change to IO loan when converted to IP – been following that thread as well. The bank approved $435k, so thats…[Read more]

junkyster

Step 1 - 0% Complete

Fill Out Your Member Profile Below

Fill in the required fields below to complete your registration.

Registration not only grants you full access to this website, but will also enable us to send you our newsletter, latest investor tips, strategies and information about events/products relevant to investors. You can opt out at any time.

Used to log in to the website and for targeting with messages. Alphanumeric characters only. No spaces allowed..

Member Login
Lost your password?
×
158,198

Register Free To Unlock Unrestricted Access To PropertyInvesting.com

×
1-Day Millionaire Mastermind Workshop - Only LIVE Training in 2019!