Hi all
Been looking as a visitor (Passive i know) for quite a while now but have decided to get active, register and start learning more.
A little on my story.
Im a brit who moved to Adelaide over 2 years ago now. Have been working on a work permit now for the same company and will be able to apply for permanent residency in March. I live in my own home purchased last year in Hallett Cove. I live with my partner who is an Ozzie which helped us greatly with our purchasing power as my residency status affects my borrowing power afaik.
Over the past year or so i have done a lot of reading about property investing, from various authors. I plan to start our portfolio soon after March next year and go from there, however making the transition from reading about it to doing is always the toughy initially. Myself and my partner are always researching areas fairly local to us as we feel its the most sensible thing to do to start off with.
My initial feelings are to star of with a lower prices unit nr the City Center first as the initial outlay will be cheaper then maybe focus on some coastal suburbs down south.
I've also been trying to further my knowledge with seminars however i only seam to be able to find "free" ones which are OK to some extent but i know the real reason behind them.
Our brief situation is:
My Income (29 yrs) $55,000
Partners 27 (yrs) $38,000
PPOR Purchace: $306,000
3 Bedroom, 1 Bathroom, Double Garage
700sqm Roughly
Loan (P&I) Half fixed/Half Vari $ 267,000 approx
No other dept. Cars paid for etc
Currently i wouldn't think our house is worth a lot more in value however all the similar sized houses in the area seam to go for around $350 and a block of land next door to us is on the market for $320 and its smaller than ours!
I now have a conundrum. We currently pay more of our loan than we need to just while rates are low but my query is, do we try and pay down the loan as much as we can and have the house revalued in march to see if we have enough equity to buy a $250-280k unit nr the city, or try and save money in an account for a deposit instead?
I also have the advantage at work of learning from my Boss as he is a mega Entrepreneur which has allowed me to recently start my own side business along side his, which hopefully when up and running should allow me to save more for to get the ball rolling.
Any hints/tips and advice would be great.
Thanks for reading
Been looking as a visitor (Passive i know) for quite a while now but have decided to get active, register and start learning more.
A little on my story.
Im a brit who moved to Adelaide over 2 years ago now. Have been working on a work permit now for the same company and will be able to apply for permanent residency in March. I live in my own home purchased last year in Hallett Cove. I live with my partner who is an Ozzie which helped us greatly with our purchasing power as my residency status affects my borrowing power afaik.
Over the past year or so i have done a lot of reading about property investing, from various authors. I plan to start our portfolio soon after March next year and go from there, however making the transition from reading about it to doing is always the toughy initially. Myself and my partner are always researching areas fairly local to us as we feel its the most sensible thing to do to start off with.
My initial feelings are to star of with a lower prices unit nr the City Center first as the initial outlay will be cheaper then maybe focus on some coastal suburbs down south.
I've also been trying to further my knowledge with seminars however i only seam to be able to find "free" ones which are OK to some extent but i know the real reason behind them.
Our brief situation is:
My Income (29 yrs) $55,000
Partners 27 (yrs) $38,000
PPOR Purchace: $306,000
3 Bedroom, 1 Bathroom, Double Garage
700sqm Roughly
Loan (P&I) Half fixed/Half Vari $ 267,000 approx
No other dept. Cars paid for etc
Currently i wouldn't think our house is worth a lot more in value however all the similar sized houses in the area seam to go for around $350 and a block of land next door to us is on the market for $320 and its smaller than ours!
I now have a conundrum. We currently pay more of our loan than we need to just while rates are low but my query is, do we try and pay down the loan as much as we can and have the house revalued in march to see if we have enough equity to buy a $250-280k unit nr the city, or try and save money in an account for a deposit instead?
I also have the advantage at work of learning from my Boss as he is a mega Entrepreneur which has allowed me to recently start my own side business along side his, which hopefully when up and running should allow me to save more for to get the ball rolling.
Any hints/tips and advice would be great.
Thanks for reading