Hello folks,
Just after some advice on a step forward.
Situation :
Investment property - Older style house valued @ 500K in desirable part of Sydney. Rented out @ 420/week.
Still Owing 245K.
PPOR - 3 bedroom T'Hse in Sydney. Possible rental returns of 350/week. Still owing 260K.
Bank has now agreed to extend a further loan of $450K.
I am thinking of buying 3/4 bedroom investment prop in Sydney which can
be rented out for about 400/week (may be more) with view towards capital growth.
My better half not so keen as she wishes to do a knock down and
rebuild on invo property 2 years down the road and make that as PPOR.
I am suggesting that we use this opportunity from bank and buy something now. Sell after 2 years
or use equity to do a knock down and rebuild on invo property.
Should I just wait for another 2 years ? Or will I be able to accumulate substantial
equity on existing props in next 2 years which would be enough to use part of it
to do a knock down and rebuild ?
Can someone help me crunch the numbers ?
Any other solution you may have ?
Thanks for your assistance.
Chromium
Just after some advice on a step forward.
Situation :
Investment property - Older style house valued @ 500K in desirable part of Sydney. Rented out @ 420/week.
Still Owing 245K.
PPOR - 3 bedroom T'Hse in Sydney. Possible rental returns of 350/week. Still owing 260K.
Bank has now agreed to extend a further loan of $450K.
I am thinking of buying 3/4 bedroom investment prop in Sydney which can
be rented out for about 400/week (may be more) with view towards capital growth.
My better half not so keen as she wishes to do a knock down and
rebuild on invo property 2 years down the road and make that as PPOR.
I am suggesting that we use this opportunity from bank and buy something now. Sell after 2 years
or use equity to do a knock down and rebuild on invo property.
Should I just wait for another 2 years ? Or will I be able to accumulate substantial
equity on existing props in next 2 years which would be enough to use part of it
to do a knock down and rebuild ?
Can someone help me crunch the numbers ?
Any other solution you may have ?
Thanks for your assistance.
Chromium
