My total income (including rental) is $92 K pa. MB says the highest I can go is a $700 k loan.
Wouldn't the MB mean 700K in loans all up? So 700K minus what you already owe the bank/s is what you can borrow??
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My total income (including rental) is $92 K pa. MB says the highest I can go is a $700 k loan.
It has great security too ..... the local motorcycle club (CCMC) is in the same street.
I can't believe I'm going to say this but I think I have changed my mind again! ....
I Can easily believe you! At least you're exploring options.. Just don't explore them for the next 5 years. Good luck!
Alex, it's great you're exploring options, am in the same boat as you. Also been looking in similar areas to you, and tossing up between Brisbane and Perth. I really think Brisbane is the way to go for IP, Perth prices are mad, crazy, it's just too hot everywhere here and I see a lot of overpriced rubbish. I've not been able to find anything that would be close to neutral gear in Perth, Brisbane. the sums add up nicely!
THANKS FOR THOSE PROPERTY cycles links, according to the first one then we should be looking at Brisbane and Sydney right now, and then Hobart and Adelaide.
I am so over Perth, so much overpriced rubbish out there, things selling as soon as they're listed unless they are duds, then i look at the Brisbane market and lose this sense of angst I have when looking at Perth market.
The numbers stack up well too in Brisbane, and I can even look at long term dev blocks which bring in good rent, so i can hold and land bank for the future. Can't find anything within 20k if Perth where I can do the same, yet can find multiple properties within 7 k of Brisbane CBD.
My total income (including rental) is $92 K pa.
As a low income investor I really need to be as close as I can get to neutral cashflow.
Somersoft is an interesting place... people on 92k salaries considering themselves underdogs.
Somersoft is an interesting place... people on 92k salaries considering themselves underdogs.
I thought Alex said on another thread that her properties were barely cash flow neutral?
Yes, but I think she also said as she is living with her parents they will take rental income into consideration until she moved into one.
PPOR loan $175 K - * Valued at minimum $360 K - Rented out for $330 per week
IP loan $200 K - * Valued at minimum $250 K - Rented out for $290 per week
...
My payg is $60 K as a permanent substantive government employee
Im pretty sure it was a gross figure Fifth. The MB was just filling her full of confidence I'd say. Don't worry, she's changed her mind another 3 times since then