From: J Parker
I have some friends who are keen to get into property investing, but they are both nearing 60 and considering retiring in the next three years. They had an investment unit years ago, which they have subsequently sold, and now retain their money in super and managed funds. Their home is debt free and worth a conservative $800K.
They want to buy a couple of places, sink some large deposits into them and pay down a lot of debt on them whilst still working. They wish to be making an income stream from them by the time they retire. Currently their managed funds are losing them money and their super is untouchable.
My question, on their behalf, is are they too old? What are their chances of getting a loan and, if they can, what options would be best for them? I would presume that they would be better off looking for something with a good rental return, rather than going for cap growth.
Any ideas appreciated.
Cheers, Jacque
I have some friends who are keen to get into property investing, but they are both nearing 60 and considering retiring in the next three years. They had an investment unit years ago, which they have subsequently sold, and now retain their money in super and managed funds. Their home is debt free and worth a conservative $800K.
They want to buy a couple of places, sink some large deposits into them and pay down a lot of debt on them whilst still working. They wish to be making an income stream from them by the time they retire. Currently their managed funds are losing them money and their super is untouchable.
My question, on their behalf, is are they too old? What are their chances of getting a loan and, if they can, what options would be best for them? I would presume that they would be better off looking for something with a good rental return, rather than going for cap growth.
Any ideas appreciated.
Cheers, Jacque
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