Hi all,
Firstly, would like to say thanks to everyone on here sharing information as I'm a big believer in investing in yourself before anything else. The wealth of knowledge I've found reading different posts is very inspirational.
I'm looking for some advice. I bought my PPOR 4 yrs ago on the Gold Coast for $370k and owe $311k. I would love to start increasing my net worth by purchasing an IP (ideally would like several IP's and one day have a passive income) but don't know where to look or whose advice I should follow in order to get there.
With the view to upgrading in the next 4-5 years, I have previously rented out my PPOR for$385 pw and know I could still get this if not more. With this in mind do I switch to IO and put the savings aside for a new deposit? Or should I keep as P+I and slowly save up another deposit. Ideally, would like to keep our current PPOR and turn into an IP in the future. Do I purchase a PI purely to reduce my tax and aim for CG or doI buy and hold, keep as IO and use any other funds (eg tax savings) to help pay of current mortgage? I'm confused. Your thoughts will be appreciated.
Firstly, would like to say thanks to everyone on here sharing information as I'm a big believer in investing in yourself before anything else. The wealth of knowledge I've found reading different posts is very inspirational.
I'm looking for some advice. I bought my PPOR 4 yrs ago on the Gold Coast for $370k and owe $311k. I would love to start increasing my net worth by purchasing an IP (ideally would like several IP's and one day have a passive income) but don't know where to look or whose advice I should follow in order to get there.
With the view to upgrading in the next 4-5 years, I have previously rented out my PPOR for$385 pw and know I could still get this if not more. With this in mind do I switch to IO and put the savings aside for a new deposit? Or should I keep as P+I and slowly save up another deposit. Ideally, would like to keep our current PPOR and turn into an IP in the future. Do I purchase a PI purely to reduce my tax and aim for CG or doI buy and hold, keep as IO and use any other funds (eg tax savings) to help pay of current mortgage? I'm confused. Your thoughts will be appreciated.