Hi everyone!
Just throwing out my situation to see if anyone would like to offer any advice:
I want to get started in property investing, but I have a bit of debt and no savings. Obviously the first step is to pay off debt and start saving for a deposit, right? I just have a fear of missing out on great opportunities and want to get started right now! Haha.
My end goal is to live off investments by 40 years old (13 years away) and I'm thinking about $100k/year would be OK (at current living costs).
I'd ideally like to do it myself (I recently got married, but a man is not a financial plan!!). However, my husband is a CA/Treasury Policy Analyst, so he is a great source of information on the financial side of things! I have a $5k cc debt and a $60k job. I also have HECS - not sure if that's relevant - do I need to try and pay that down ASAP?
I am thinking of getting $100k IP (Bathurst, Wagga, Bendigo, Ballarat?) that is close to positive geared, then after 12-18months, get a $200k IP, and build up that way. I'd love to get into commercial investments as well.
My husband and I are happy renting (Sydney house prices are ridiculous) to have a nice place to live in while I build up my investment portfolio.
The other thing is that we'd like to start a family in the next 1-3 years also..!
I'd love to hear any advice if anyone has a moment!
Thanks!
Just throwing out my situation to see if anyone would like to offer any advice:
I want to get started in property investing, but I have a bit of debt and no savings. Obviously the first step is to pay off debt and start saving for a deposit, right? I just have a fear of missing out on great opportunities and want to get started right now! Haha.
My end goal is to live off investments by 40 years old (13 years away) and I'm thinking about $100k/year would be OK (at current living costs).
I'd ideally like to do it myself (I recently got married, but a man is not a financial plan!!). However, my husband is a CA/Treasury Policy Analyst, so he is a great source of information on the financial side of things! I have a $5k cc debt and a $60k job. I also have HECS - not sure if that's relevant - do I need to try and pay that down ASAP?
I am thinking of getting $100k IP (Bathurst, Wagga, Bendigo, Ballarat?) that is close to positive geared, then after 12-18months, get a $200k IP, and build up that way. I'd love to get into commercial investments as well.
My husband and I are happy renting (Sydney house prices are ridiculous) to have a nice place to live in while I build up my investment portfolio.
The other thing is that we'd like to start a family in the next 1-3 years also..!
I'd love to hear any advice if anyone has a moment!
Thanks!