Hi everyone
Looking at buying another IP and crunch the numbers, my budget is $370k (includes stamp duty so really $354k). My strategy is to hold a mix of cash-flow and capital growth property.
Currently pay FN $3100 combined (me $1800, wife working 4 days $1300) – the loan for the unit I purchased 2 years ago in the northern area is $214k, currently rental $230 per week to long term tenant.
The total loan will then be $584,000.
Not many options within my range (Windsor gardens, Gilles Plains, Ingle Farm etc) for house with a decent big block > 700m2 so I thought maybe I should look at Elizabeth area and pick 1 standalone house (<$270k (inc stamp duty etc) or 2 semis (hopefully next to each other) for (~$350K inc stamp duty etc).
With a 13 month old toddler and planning to have another one at end of 2012, beginning 2013, I was thinking maybe sell the unit and then buy the house (or semis) - bring loan down to managable position in order not to overstretch as we will be back to one income.
Perhaps I should just wait...
Cheers
Clem
Looking at buying another IP and crunch the numbers, my budget is $370k (includes stamp duty so really $354k). My strategy is to hold a mix of cash-flow and capital growth property.
Currently pay FN $3100 combined (me $1800, wife working 4 days $1300) – the loan for the unit I purchased 2 years ago in the northern area is $214k, currently rental $230 per week to long term tenant.
The total loan will then be $584,000.
Not many options within my range (Windsor gardens, Gilles Plains, Ingle Farm etc) for house with a decent big block > 700m2 so I thought maybe I should look at Elizabeth area and pick 1 standalone house (<$270k (inc stamp duty etc) or 2 semis (hopefully next to each other) for (~$350K inc stamp duty etc).
With a 13 month old toddler and planning to have another one at end of 2012, beginning 2013, I was thinking maybe sell the unit and then buy the house (or semis) - bring loan down to managable position in order not to overstretch as we will be back to one income.
Perhaps I should just wait...
Cheers
Clem