Hello PI Forumites,
I currently have a block of vacant land in WA (9 acres) that I bought 50-50 with my mother nearly 8 years ago but now have to sell it as she has retired and needs the money. The land generates no income. It was bought as an "investment". It cannot be subdivided.
Luckily for me the WA market has gone bananas and I will be looking to pocket over $300k in profit on the sale after all taxes etc as my share. I also have another $50k from other investments to put towards a property portfolio.
My question is ….. where to now? Im currently renting in Sydney and happy to stay that way if required. Do I buy a house to live in and then use the $350k equity to buy a few IPs (hopefully CF+), or do I keep renting (at $540pw) and use the money entirely as deposits on the IPs? (I would be looking at living in a $750k house if I had to buy one if that helps).
I would also be interested to know if people generally avoid Sydney in their searches for CF+ properties (residential or commercial)?
Regards,
Ben
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