I currently have 2 IP's and plan on buying a 3rd Ip after June. Obtaining finance for the first two IP's was not difficult. Optaining finance for the 3rd IP is likely to be a little difficult but no major problem. Obtaining finance later for a 4th IP will probably not be possible.
My initial investment strategy has been to increase my portfolio to at least 6 IP's over the next 5 to 10 years. Ideally the portfolio would be cashflow nuetral or slightly positve at the end of 10 years. At the moment though I don't see how I can do that.
This is my situation
IP 1 - Valued 365k by residex Nov 2010, weekly rent is $250, owe 160k
IP 2 - Valued 303k by residex Nov 2010, weekly rent is $280, owe 153K
I plan to reduce debt by 14k by the end of June to give a total loan value of around 300k.
-Expected annual net income at the end of June is 62k.
-No debt other than loans for IPs.
-I work overseas so negative gearing and tax issues don't really effect me.
-I have an excellent mortgage broker so no problem there.
Apart from increasing my salary way above 62k, I don't see how I can move on to IP number 4.
There are many people where with portfolios much larger than 3 IPs so I'm really hoping for information/advice on how people grow their portfolios beyond 3 IPs to give me an idea of where to go from here.
Any suggestions, advice or ideas will be appreciated because I'm stumped
My initial investment strategy has been to increase my portfolio to at least 6 IP's over the next 5 to 10 years. Ideally the portfolio would be cashflow nuetral or slightly positve at the end of 10 years. At the moment though I don't see how I can do that.
This is my situation
IP 1 - Valued 365k by residex Nov 2010, weekly rent is $250, owe 160k
IP 2 - Valued 303k by residex Nov 2010, weekly rent is $280, owe 153K
I plan to reduce debt by 14k by the end of June to give a total loan value of around 300k.
-Expected annual net income at the end of June is 62k.
-No debt other than loans for IPs.
-I work overseas so negative gearing and tax issues don't really effect me.
-I have an excellent mortgage broker so no problem there.
Apart from increasing my salary way above 62k, I don't see how I can move on to IP number 4.
There are many people where with portfolios much larger than 3 IPs so I'm really hoping for information/advice on how people grow their portfolios beyond 3 IPs to give me an idea of where to go from here.
Any suggestions, advice or ideas will be appreciated because I'm stumped