Well, after we told ourselves we'd wait at least 2 years before re-entering the market (to work up finances again) we've decided to look for a second investment.
We currently have a rental property in Frankston North (bought in Feb '10) and a PPOR in Upwey (bought in Oct '10).
The property we're looking at is acerage in the region of Ballarat. It would be a far smaller loan to cover any potential purchases (2 or more acres for < $100k-$120k). I have a fair idea of where and it is a little bit out of Ballarat proper but I'd like to ask people whether, on face value, a purchase in the general region (say max. 20mins out of Ballarat proper) would be seen as a good move? It'd virtually reach the limit of our current borrowing power as I've recently taken a substantial pay-cut for permanent work while I build a small business on the side.
Could we be purchasing elsewhere for that price that would give more bang for our buck? Keeping in mind I'm looking at a long-term investment (10-20 years) before considering any residental developments.
We currently have a rental property in Frankston North (bought in Feb '10) and a PPOR in Upwey (bought in Oct '10).
The property we're looking at is acerage in the region of Ballarat. It would be a far smaller loan to cover any potential purchases (2 or more acres for < $100k-$120k). I have a fair idea of where and it is a little bit out of Ballarat proper but I'd like to ask people whether, on face value, a purchase in the general region (say max. 20mins out of Ballarat proper) would be seen as a good move? It'd virtually reach the limit of our current borrowing power as I've recently taken a substantial pay-cut for permanent work while I build a small business on the side.
Could we be purchasing elsewhere for that price that would give more bang for our buck? Keeping in mind I'm looking at a long-term investment (10-20 years) before considering any residental developments.