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G'day this is my first post
My wife and I are mid 40's I earn 70k, she 42k.
We have 50k mortgage on PPOR (house) worth about 350k 400m from coast nr Bundy Qld. The area is steadily growing but there is still a lot of land around, and the area just had massive unit development and I believe it will take an long time for the slack to be absorbed. (If interested look at Bargara on Google earth clicking on the diffrent timelines) In the 20 yrs I have lived here I have seen the huge growth in SEQ, Bris, GC and SC.
My theory is sell here and invest in SEQ (approx $450-$550 property) where hopefully the growth will be better than here over the next 10-15yrs. Then remain living here, but rent something nice. At present a waterfront place worth say 600-800k will rent for approx $400 p/wk.
Has anybody done something similar and what am I forgetting?
Thanks BB
Hi BB
Welcome to the forum. Hope you enjoy your time here.
Another idea would be to redraw the equity out of your current Home near Bundy, as a deposit for an investment property in SEQ, e.g. find a SEQ property, use your home equity to put down a 20% deposit and finance the rest of the purchase price with an 80% LVR loan (+ purchase costs). Then rent the SEQ propertty. This now leaves you with two properties with capital gain potential.
There are specailists, like Richard and Terry, on this forum who will be able to help you with this strategy.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
