I know this is a very individual thing and depends on many circumstances such as income, area of investment..... However i'm grappling with how much to invest on my first property. Any advice/personal experience would be greatly appreciated. Ok, so i have
-a deposit of around $40,000
-yearly income of around $50,000 after tax
-paying $80 a week in rent
-have a pre-approval of a loan for around $380,000 max.
Im looking at getting an apartment, and have my eye on one, which will probably go for around $345,000 (probably $290 per week in rent)
Do you think this is too much for a first investment property? Considering i would like to invest in more property in the future. Should i go for something in the 200's or early 300's? Im 50/50 at the moment and would appreciate some advice
Thanks in advance
-a deposit of around $40,000
-yearly income of around $50,000 after tax
-paying $80 a week in rent
-have a pre-approval of a loan for around $380,000 max.
Im looking at getting an apartment, and have my eye on one, which will probably go for around $345,000 (probably $290 per week in rent)
Do you think this is too much for a first investment property? Considering i would like to invest in more property in the future. Should i go for something in the 200's or early 300's? Im 50/50 at the moment and would appreciate some advice
Thanks in advance