Hi everyone !
Ive posted here a few times. My boyfriend and I pretty much feel ready to go for our first IP. Weve paid off our credit card debt but I do still have car payments for 2 more years.
My question is this - do any of you experts/regulars think that $30,000 will be enough money down to buy our first property, a townhouse that is $300,000? . $30,000 is what we currently have.
My boyfriend and I both have good jobs (both 6 1/2 years at the same place of employment). Our credit is fine. Together we earn just over $100,000.
We live with our parents (no rent). The townhouse will rent out for approx $340 per week. We would rent it out for a year or two and then probably move in, and hopefully look for another IP. We are not eligible for the FHBG.
I am pretty sure we need more money but Im getting impatient, and getting worried prices will start rising.
Any honest advise is most welcome. We thank you in advance, Shopgirl
Ive posted here a few times. My boyfriend and I pretty much feel ready to go for our first IP. Weve paid off our credit card debt but I do still have car payments for 2 more years.
My question is this - do any of you experts/regulars think that $30,000 will be enough money down to buy our first property, a townhouse that is $300,000? . $30,000 is what we currently have.
My boyfriend and I both have good jobs (both 6 1/2 years at the same place of employment). Our credit is fine. Together we earn just over $100,000.
We live with our parents (no rent). The townhouse will rent out for approx $340 per week. We would rent it out for a year or two and then probably move in, and hopefully look for another IP. We are not eligible for the FHBG.
I am pretty sure we need more money but Im getting impatient, and getting worried prices will start rising.
Any honest advise is most welcome. We thank you in advance, Shopgirl