I'm keen to purchase IP number 2.
My situation:
I bought property 1 for 195K. I spent 18 months living in it as a PPOR renovating. 6 months ago I converted it into an IP and its renting for $330pw.
Currently it has approx 175k owing and a non renovated unit is the same block sold for 240k earlier this year, easily putting my property at an estimated value of 250k - 270k.
I have 10k in an offset account and currently no job (But should pick one up at about 50kPA soon).
How do I get the equity out?
How do I move banks with IP2 and carry the equity?
Will I have difficulty borrowing enough to purchase a second IP for around 200k to 300k?
With property 1 being natural, will that affect my borrowing power at all?
Cheers
My situation:
I bought property 1 for 195K. I spent 18 months living in it as a PPOR renovating. 6 months ago I converted it into an IP and its renting for $330pw.
Currently it has approx 175k owing and a non renovated unit is the same block sold for 240k earlier this year, easily putting my property at an estimated value of 250k - 270k.
I have 10k in an offset account and currently no job (But should pick one up at about 50kPA soon).
How do I get the equity out?
How do I move banks with IP2 and carry the equity?
Will I have difficulty borrowing enough to purchase a second IP for around 200k to 300k?
With property 1 being natural, will that affect my borrowing power at all?
Cheers