Hi everyone.
I am new to the forum and investment property. Started renting out 5 years ago so I thought was the right time to start thinking to buy a property. My budget is really low, let`s say around $350,000. I am looking for an IP in Melbourne and repay the loan with the rent. I need to borrow around $270,000 which will make $1780/month @ 25 years.
I`ll be renting out another place.
Do you reckon it is a good plan? 25 years look a bit too much to me but it is the only way to make it. There is also the chance I`ll be relocating overseas within 5 years so that`s another reason to buy an IP.
Thank you all,
Luca
I am new to the forum and investment property. Started renting out 5 years ago so I thought was the right time to start thinking to buy a property. My budget is really low, let`s say around $350,000. I am looking for an IP in Melbourne and repay the loan with the rent. I need to borrow around $270,000 which will make $1780/month @ 25 years.
I`ll be renting out another place.
Do you reckon it is a good plan? 25 years look a bit too much to me but it is the only way to make it. There is also the chance I`ll be relocating overseas within 5 years so that`s another reason to buy an IP.
Thank you all,
Luca