Hi All
I've been reading here on and off for a few years and found this site very informative.
I owned an IP with my brother several years ago and we sold it when I bought my own home, and now I'm looking to get back into property again.
Reading some posts here got me thinking about what I'm actually trying to achieve so I can get a plan together before I start, and I would like to get feedback and suggestions.
I currently live in a duplex in Sydney, I owe just under 200k, and estimate the value of the property at 750k - we bought it just over a year ago at 690, have made a few improvements and values in the area seem to be climbing steadily.
So I estimate I have about 500k equity in this place, but with 2 young children there is not a lot of spare cash flow currently.
Long term I want to achieve enough income from IP's that I can retire early or at minimum only work part time (I turn 40 this year)
So now I'm considering what and where, how much I should be spending ect.
I think I'd prefer to buy something within a few hours of Sydney to start with, something that I can keep a bit of an eye on myself to do maintenance.
Also on my mind is should I focus on paying of my PPOR first?
Cheers
I've been reading here on and off for a few years and found this site very informative.
I owned an IP with my brother several years ago and we sold it when I bought my own home, and now I'm looking to get back into property again.
Reading some posts here got me thinking about what I'm actually trying to achieve so I can get a plan together before I start, and I would like to get feedback and suggestions.
I currently live in a duplex in Sydney, I owe just under 200k, and estimate the value of the property at 750k - we bought it just over a year ago at 690, have made a few improvements and values in the area seem to be climbing steadily.
So I estimate I have about 500k equity in this place, but with 2 young children there is not a lot of spare cash flow currently.
Long term I want to achieve enough income from IP's that I can retire early or at minimum only work part time (I turn 40 this year)
So now I'm considering what and where, how much I should be spending ect.
I think I'd prefer to buy something within a few hours of Sydney to start with, something that I can keep a bit of an eye on myself to do maintenance.
Also on my mind is should I focus on paying of my PPOR first?
Cheers