hey guys,
as some of you know i purchased an investment property in frankston with my partner last year and i have renovated it and now found tennants for the place. its pulling nearly 5.5% so its not straining our pockets whatsoever and i am managing it myself. So we are out of pocket roughly $50 each.
i am now going to move into a fulltime role where i currently am (part-time earning $33k) now will be on $55k+ and my partner on $30k. So roughly $80-85,000 combined.
i want to move on to our next project but have no clue what to do.. can anyone just throw up some suggestions. After re-drawing about $50,000 equity. should i a) build some townhouses in a rural area (eg bacchus marsh)? b) buy somewhere i want to live in the future (essendon, 2 Br Unit and rent it out for the time being? c) renovate a property in somewhere like brunswick. i have no clue as you can probably tell.
i have not gone to bank to see what i can borrow at the moment as tennants have not moved in yet (2 more weeks) and have uni exams comin up.
anyone? sugestions?
anyone?
Hi wealthyjvd
I think all your options are ok. From my point of view I probably wouldn't go with options "a" and "c" because it'll be quite a long time to payday. Option "b"' is ok but you've already got one negatively geared property. Albeit, not negative by much.
Possibly do a little research on the various positive cash flow strategies in the market place.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
yeah im looking at cash flow positive thanks paul – definately no units (or anything <10k) that you can buy and rent for positive cashflow.
may be through value adding though
thanks
anyone else?
I am also not keen on trying to predict where you will live, I have purchased two properties in my life trying to predict where I wished to live at a later date. Needless to say, both were a flop. Yes I made money, but No, I did not live there. i.e. How many children will you have, what promotions will you get from work etc.
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