Hi all
My partner and I are in need of a little advice and hope someone can point us in the right direction.We are very new to this and have not got any spreadsheets etc to check numbers.
1:My ex-PPOR (3br bk house) is now our IP and valued on the market now for approx. $235k. I refin. last Jan at a very conservative value of 195k (80% 156k) and I owe 146k on a LOC. Renting at 220pw.(Almost neutrally geared).
2:My partner's place (2br unit) is now our PPOR until we finish reno.(approx 2 mths). She payed $243k (owes $170k) 15mths ago and we have references for similar at approx $320k.(Rentable at approx. $300pw)
Our intentions are to make the unit into another IP (because we don't want to live in a unit for too long) and rent ourselves and buy another IP.
BUT we both have redundancy hanging over both our heads with a package of about 20k each.
Do we panic and let the world fall in or do we look to advance more into IP's even if we have to pack shelves at woolies?
Hope this doesn't just sound like too much waffle and not a lot of substance but our aim is to earn an income from IP's and enjoy the fruits of life while we're still youngish.
Regards CJT
My partner and I are in need of a little advice and hope someone can point us in the right direction.We are very new to this and have not got any spreadsheets etc to check numbers.
1:My ex-PPOR (3br bk house) is now our IP and valued on the market now for approx. $235k. I refin. last Jan at a very conservative value of 195k (80% 156k) and I owe 146k on a LOC. Renting at 220pw.(Almost neutrally geared).
2:My partner's place (2br unit) is now our PPOR until we finish reno.(approx 2 mths). She payed $243k (owes $170k) 15mths ago and we have references for similar at approx $320k.(Rentable at approx. $300pw)
Our intentions are to make the unit into another IP (because we don't want to live in a unit for too long) and rent ourselves and buy another IP.
BUT we both have redundancy hanging over both our heads with a package of about 20k each.
Do we panic and let the world fall in or do we look to advance more into IP's even if we have to pack shelves at woolies?
Hope this doesn't just sound like too much waffle and not a lot of substance but our aim is to earn an income from IP's and enjoy the fruits of life while we're still youngish.
Regards CJT