As a noob to investing with a lot to learn I have been pouring over this forum for months and have learnt and loved all the advice!
My husband is a carpenter and we have spent the last 5 (had 2 kids in between) years renivating ou PPOR in croydon Vic.
Our snapshot situation:
Bought for $315k in 2008 3 and 1 and converted to 4 and 2. Made open plan and did complete Reno. We have approx $250k in equity.
Are getting pre-approval now and will have to have that before sept (before bub 3).
We only earn $60k a year, so we can't afford to have neg geared investment, unless it was for a short time while we add value to make it positively geared.
We would consider moving out while we rent our current PPOR for $485 p/w, and reno'd the next IP and possible subdivided. Still would depend if we could afford that?
Or we could get a unit, Reno quickly and make it positively geared, sit on it and so again as soon a the banks will loan more money.
We've looked at the regional thing, but with the 3rd kid on the way, I'd like to have something not to far away while we have to do renos.
What are your thoughts? I would so appreciate the advice from ppl who are already a few stops along the train line we are about to jump on.
My husband is a carpenter and we have spent the last 5 (had 2 kids in between) years renivating ou PPOR in croydon Vic.
Our snapshot situation:
Bought for $315k in 2008 3 and 1 and converted to 4 and 2. Made open plan and did complete Reno. We have approx $250k in equity.
Are getting pre-approval now and will have to have that before sept (before bub 3).
We only earn $60k a year, so we can't afford to have neg geared investment, unless it was for a short time while we add value to make it positively geared.
We would consider moving out while we rent our current PPOR for $485 p/w, and reno'd the next IP and possible subdivided. Still would depend if we could afford that?
Or we could get a unit, Reno quickly and make it positively geared, sit on it and so again as soon a the banks will loan more money.
We've looked at the regional thing, but with the 3rd kid on the way, I'd like to have something not to far away while we have to do renos.
What are your thoughts? I would so appreciate the advice from ppl who are already a few stops along the train line we are about to jump on.