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From: Mike .
Rent & invest OR buy and invest??
From: Paul
Date: 7/23/00
Time: 11:01:14 PM
Hi there,
Have stumbled upon this forum very recently and found it invaluable so far. Has come at a very fortunate time. If any of the wise heads among you can give us some helpful advice it would be very much appreciated. We are a young family (both students with a young child) therefore we need as much advice as possible. We are all ears.
My wife and I are potential 1st home buyers. We have a deposit of approx 25K and have been attending some "IC" meetings recently. Their plan tells you how to invest and do well without spending any of your own money. The only problem is that we don't have equity, therefore we would be purchasing an IP a long way from home(ie. Brisbane - we are from Melbourne) with our hard earned cash. We are reluctant to go through the club, especially after reading many of the messages posted on this forum. However, we are still keen to invest interstate but more so independently.
Do we: Keep renting at approx 900 month and invest the 25K in an IP in lets say Brisbane.
OR
should we: Purchase a cheap property in far eastern Melbourne for between 90K and 120K and then use the equity in that property to purchase an IP. I assume that if we put down the 25K and receive the 7K 1st home buyers grant, then we would have approx 20 - 25K equity in the home.
Could we purchase an IP soon after purchasing the property?
Like I said, we are all ears. If anyone has better suggestions for us, please feel free to let us know.
If you feel that the information isn't suitable for the forum (eg. too basic etc.) then our email address is:
[email protected]
Cheers, Paul and Sue.
Rent & invest OR buy and invest??
From: Paul
Date: 7/23/00
Time: 11:01:14 PM
Hi there,
Have stumbled upon this forum very recently and found it invaluable so far. Has come at a very fortunate time. If any of the wise heads among you can give us some helpful advice it would be very much appreciated. We are a young family (both students with a young child) therefore we need as much advice as possible. We are all ears.
My wife and I are potential 1st home buyers. We have a deposit of approx 25K and have been attending some "IC" meetings recently. Their plan tells you how to invest and do well without spending any of your own money. The only problem is that we don't have equity, therefore we would be purchasing an IP a long way from home(ie. Brisbane - we are from Melbourne) with our hard earned cash. We are reluctant to go through the club, especially after reading many of the messages posted on this forum. However, we are still keen to invest interstate but more so independently.
Do we: Keep renting at approx 900 month and invest the 25K in an IP in lets say Brisbane.
OR
should we: Purchase a cheap property in far eastern Melbourne for between 90K and 120K and then use the equity in that property to purchase an IP. I assume that if we put down the 25K and receive the 7K 1st home buyers grant, then we would have approx 20 - 25K equity in the home.
Could we purchase an IP soon after purchasing the property?
Like I said, we are all ears. If anyone has better suggestions for us, please feel free to let us know.
If you feel that the information isn't suitable for the forum (eg. too basic etc.) then our email address is:
[email protected]
Cheers, Paul and Sue.
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