Hey all.
I'm new here but have been avidly reading as much as possible from this forum to garner the awesome knowledge that you have accumulated here on this forum.
I feel as though I have been thinking a bit traditionally in my thinking and after reading how some forum members are conducting their finances I believe that I could be a bit more forward thinking and possibly purchase 1 or 2 IPs.
Current Situation!
We currently have a unit as a PPOR that is valued at around $550K.
We have about $60K outstanding on the loan (with about 200K in the offset acct). (We could have started a lot earlier it seems!)
My wife and I have a combined income of about 100-120K after tax.
Our intentions:
With our current 200K in cash, we should be able to put a deposit down on 1 or 2 IPs in the 300-400K range. Although this will increase our interest on our PPOR (bad debt) it will enable us to start building up our portfolio rather than waiting to pay off the loan on the PPOR.
Our current PPOR will in the end become another IP when the time is right which is why most of the cash is in our offset account.
Question:
Given our current scenario, is the above possible as well as a good plan of attack? We won't be going out and buying any property we see of course but definitely choosing properties that we believe will be a good investment.
Thanks for the help!
I'm new here but have been avidly reading as much as possible from this forum to garner the awesome knowledge that you have accumulated here on this forum.
I feel as though I have been thinking a bit traditionally in my thinking and after reading how some forum members are conducting their finances I believe that I could be a bit more forward thinking and possibly purchase 1 or 2 IPs.
Current Situation!
We currently have a unit as a PPOR that is valued at around $550K.
We have about $60K outstanding on the loan (with about 200K in the offset acct). (We could have started a lot earlier it seems!)
My wife and I have a combined income of about 100-120K after tax.
Our intentions:
With our current 200K in cash, we should be able to put a deposit down on 1 or 2 IPs in the 300-400K range. Although this will increase our interest on our PPOR (bad debt) it will enable us to start building up our portfolio rather than waiting to pay off the loan on the PPOR.
Our current PPOR will in the end become another IP when the time is right which is why most of the cash is in our offset account.
Question:
Given our current scenario, is the above possible as well as a good plan of attack? We won't be going out and buying any property we see of course but definitely choosing properties that we believe will be a good investment.
Thanks for the help!