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What would you guys do in my shoes?
and this is okay for me as me and my partner are both currently paying a combined AUD21,000 per annum for renting a 2br inner city apartment. We thought since we're paying that amount, we might as well own a place ourselves and we worked out that we'd make a loss of about the same amount interms of outgoings if we were to live in one room and rent out the other room in the apmt.
Do you guys have any better suggestions ? I am by no means an expert and I'm sure there are many much more experience players out there who can perhaps give me a guidance or two.
and..also, buying a 1mil asset would be top notch but thinking that I have to take 800k loan.. it would be quite impossible for me to service the loan. Thats almost $6,000 per month. Hmm... . . . . I wish I was that rich, then problem solved !
I will need just under AUD200,000 p/a salary to have a AUD800,000 loan with the current market. Frankly speaking, I dont earn that kind of money. I'm just in my mid 20s now but hopefully one day, I will be on that kind of salary.
60% of me tells me to go ahead with the initial plan of purchasing a half a million 2 bedder with water views ...1km from the city.. 40% of me is listening to several of you guys who adviced me to go for a house in less posh and high end suburbs..
Sigh, this property investing is tough !
I will need just under AUD200,000 p/a salary to have a AUD800,000 loan with the current market.
yes was talking about a 1mill+ commercial eg:
one I am currently looking at 20 yr lease with national tenant income $152000
tenants pay outgoings etc after repayments of 9.85% loan would be 1050000
giving a $49000 pear year return while it pays itself off these types are hard to find but are there if you look hard enough
good luck with your endevour.