Firstly reading through countless threads, finding all sorts of valuable information, I would like to say thankyou to all of the posters who kindly share their advice, thoughts and time to someone like me new to property investing.
We would like to make the next step and purchase another IP.
We own our own home valued at $350k, we also have an IP which we brought 1 year ago for $150K (valued now at $165K) and we rent out at $200 per week. We owe $80K on this IP.
Our goal is to have 5 IP before my OH retires in about 15 years, with the majority of properties owned. I am not sure if this is unrealistic, but we are comfortable with this goal.
Our first IP was close to home and we manage ourselves, but now we are thinking outside the state and looking at Bendigo and after reading through threads, we are thinking Kangaroo Flat or Golden Square.
I would just like to know others thoughts on should we jump right in and buy another if we are in the position to do so and what price range would you be looking at if you were us.
Another query is when RE have properties advertised eg $350K - $400K what prices are they after (do they expect someone to offer $390K even if they have it as $350K or do you offer say $340K hoping they may take you up on that). Apologies in advance if this is a silly question
We would like to make the next step and purchase another IP.
We own our own home valued at $350k, we also have an IP which we brought 1 year ago for $150K (valued now at $165K) and we rent out at $200 per week. We owe $80K on this IP.
Our goal is to have 5 IP before my OH retires in about 15 years, with the majority of properties owned. I am not sure if this is unrealistic, but we are comfortable with this goal.
Our first IP was close to home and we manage ourselves, but now we are thinking outside the state and looking at Bendigo and after reading through threads, we are thinking Kangaroo Flat or Golden Square.
I would just like to know others thoughts on should we jump right in and buy another if we are in the position to do so and what price range would you be looking at if you were us.
Another query is when RE have properties advertised eg $350K - $400K what prices are they after (do they expect someone to offer $390K even if they have it as $350K or do you offer say $340K hoping they may take you up on that). Apologies in advance if this is a silly question