Hi Guys,
Firstly want to say thank you to everyone for helping me purchase an IP almost 4 years ago. This is an amazing forum and all comments and thoughts are much appreciated.
- Currently have an IP, we borrowed 100% of the price and than a little more to tidy up, about 490K in total, currently the house is worth no more than 500K (being modest). Rent and Tax return currently covering monthly payments at today's interest rate.
- My primary residence is worth about 350K and owe about 45K to the bank.
- Combined family income is about 95K with two kids (6 and 4 years of age)
QUESTION
- Its about that time when we start thinking about schools. We want to buy a house within a good school zone worth roughly about 700K (including renos).
What do we need to do?
Are we dreaming? Should we just sell both properties and purchase our dream home and live in it? Can we purchase a second IP at 600K and rent it for a number of years than move in and keep the other two properties?
All thoughts and comments are much appreciated. I'm hoping to visit the bank manager soon to see what they think about our grand plan but thought i would post this and get some unbiased thoughts.
Thanks and looking forward to some thoughts.
Joe
Firstly want to say thank you to everyone for helping me purchase an IP almost 4 years ago. This is an amazing forum and all comments and thoughts are much appreciated.
- Currently have an IP, we borrowed 100% of the price and than a little more to tidy up, about 490K in total, currently the house is worth no more than 500K (being modest). Rent and Tax return currently covering monthly payments at today's interest rate.
- My primary residence is worth about 350K and owe about 45K to the bank.
- Combined family income is about 95K with two kids (6 and 4 years of age)
QUESTION
- Its about that time when we start thinking about schools. We want to buy a house within a good school zone worth roughly about 700K (including renos).
What do we need to do?
Are we dreaming? Should we just sell both properties and purchase our dream home and live in it? Can we purchase a second IP at 600K and rent it for a number of years than move in and keep the other two properties?
All thoughts and comments are much appreciated. I'm hoping to visit the bank manager soon to see what they think about our grand plan but thought i would post this and get some unbiased thoughts.
Thanks and looking forward to some thoughts.
Joe