Hi,
Is borrowing $230,000 (We have $15,000 each for a deposit – 260k.) too much for a partenrship to negative gear with, when my friend and I only Gross about $60,000 together. Would we be safer esp. since this will be our first IP, to go for something around $160k lent. Im finding it hard to do the sums to see where we would really stand.
Thanks in Advance
JaRRn
It is the starting that stops most ppl.
Talk to a mortgage broker and see how much you can comfortably borrow on your combined salaries.
You could also look at including more friends into the venture for a higher priced property.
There are always lots of avenues to take
Russ.
P.S. Read last months API there is an article about tenants in common You might find it interesting.So many +CF properties in Western Australia.Let me help you. And we can achieve a win win situation.Russ.0438 659 411
You’d have to ‘do the numbers’. If the property is right, then you should try and make it work.
Speak to one of the motgage brokers to run some numbers for you quickly to establish where you may or may not be. At least that will tell you what the banks think. Then you can decide if you are comfortable with that level of financial commitment.
James
Hi Jarrn,
Certainly speak to a mortgage broker about your borrowing capacity.
I suspect the other issue for you surrounds the issue of ‘cashflow’ – if this is correct then you can purchase a program along the line of PIA http://www.somersoft.com.
Alternatively I can crunch your numbers (no strings attached) just PM/email me and I’ll do them for you.
Hope this helps.
Derek
[email protected]Read my comments? Think I can help you? PM or email welcome.
JaRRn,
Be careful when investing with friends.
Your priorities and needs may diverge over time. In certain cases preserving the friendship can become hard.
Cheers,
Aceyducey
You must be logged in to reply to this topic. If you don't have an account, you can register here.
