Hi All
I am after some guidance, I am a 24 year old male currently earning $170,000 gross a year and paying an average $60,000 in tax p/a I have a very stable job as I have been with the company for 4 plus years.Over these last 4 years I have wasted a lot of money on depreciating assets as you do when young.
I currently am renting in a duplex in Caloundra on the Sunshine Coast with my mum and the owner is keen to sell it, I have had it evaluated at between 350,000-360,000.
I cant see my income changing a hell of a lot over the next coming years as I have good job security.
Should I buy this duplex on interest only and rent it out to my mum and (live at my girlfriends house) legally ?
Or should I buy it on principal and interest and live their?
I expect to have 20% deposit around June at the latest the owner is in no rush to sell and happy to wait for me
Also if I was to buy the property it will be a private sale how much do you think I can knock off the price ?
I do not want to be living with my mum for the rest of my life and plan on getting either another investment or a house for myself when I return from working away.
My dad also lives in Redcliffe and is telling me I should look at investment properties down that end of town, but I think the sunshine coast option as I can trust my mum isn't going to destroy the place. and I don't have to pay agent fees
I like to have my fingers in every pie. I find myself becoming more money hungry each day and am currently having a go at the share market. I am playing with $25,000 at the moment but am looking at getting a margin loan and buying in some managed etf funds.
After all I just want to bring my taxable income down. Any advice would be greatly appreciated.
I am after some guidance, I am a 24 year old male currently earning $170,000 gross a year and paying an average $60,000 in tax p/a I have a very stable job as I have been with the company for 4 plus years.Over these last 4 years I have wasted a lot of money on depreciating assets as you do when young.
I currently am renting in a duplex in Caloundra on the Sunshine Coast with my mum and the owner is keen to sell it, I have had it evaluated at between 350,000-360,000.
I cant see my income changing a hell of a lot over the next coming years as I have good job security.
Should I buy this duplex on interest only and rent it out to my mum and (live at my girlfriends house) legally ?
Or should I buy it on principal and interest and live their?
I expect to have 20% deposit around June at the latest the owner is in no rush to sell and happy to wait for me
Also if I was to buy the property it will be a private sale how much do you think I can knock off the price ?
I do not want to be living with my mum for the rest of my life and plan on getting either another investment or a house for myself when I return from working away.
My dad also lives in Redcliffe and is telling me I should look at investment properties down that end of town, but I think the sunshine coast option as I can trust my mum isn't going to destroy the place. and I don't have to pay agent fees
I like to have my fingers in every pie. I find myself becoming more money hungry each day and am currently having a go at the share market. I am playing with $25,000 at the moment but am looking at getting a margin loan and buying in some managed etf funds.
After all I just want to bring my taxable income down. Any advice would be greatly appreciated.