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From: Mike .
Help which step to take first
From: leanne
Date: 24 Feb 2001
Time: 09:03:02
Hi I have become an avid read of this forum, many thanks for all the advice. My husband and I are putting all the steps into progress towards our 1st IP.
I found a financial advisor and we are refinancing our loans and should be home free owning everything in 3 years. Our home is worth 140,000 in the Geelong area. He says there is plenty of equity there to buy an IP. How long should we wait before looking to buy?
I have read lots of books and I'm LEARNING HEAPS. I'm a bit worried about whether to buy in Melbourne or in my own area which won't cost as much, but what about c/growth?
How do I research the melbourne market to find out which areas or better? Are we better to start off small? Also after buying the IP are there lots of on going costs how much extra should I borrow to cover this? We earn about $50,000 between the pair of us and have 4 kids and also pay maintenance so we can't afford to stuff this up. But I do see it as being possible and the only real way to actually make some dosh for us in the long run.
It's all a bit scary but I'm going to give it a go, any helpful advice would be really appreciated.
Thanks heaps, Leanne.
Help which step to take first
From: leanne
Date: 24 Feb 2001
Time: 09:03:02
Hi I have become an avid read of this forum, many thanks for all the advice. My husband and I are putting all the steps into progress towards our 1st IP.
I found a financial advisor and we are refinancing our loans and should be home free owning everything in 3 years. Our home is worth 140,000 in the Geelong area. He says there is plenty of equity there to buy an IP. How long should we wait before looking to buy?
I have read lots of books and I'm LEARNING HEAPS. I'm a bit worried about whether to buy in Melbourne or in my own area which won't cost as much, but what about c/growth?
How do I research the melbourne market to find out which areas or better? Are we better to start off small? Also after buying the IP are there lots of on going costs how much extra should I borrow to cover this? We earn about $50,000 between the pair of us and have 4 kids and also pay maintenance so we can't afford to stuff this up. But I do see it as being possible and the only real way to actually make some dosh for us in the long run.
It's all a bit scary but I'm going to give it a go, any helpful advice would be really appreciated.
Thanks heaps, Leanne.
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