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From: Martin Vandenberg
Hi there all. What a great forum this is!
I'm just after a bit of advice to get me started, so here's a few questions, and if anyone can help, it would be greatly appreciated.
I'm engaged, and my fiance and I are keen to get into IP's. Neither of us has any equity, and we earn around 65k gross per year combined. She has the higher income, so the purchase would probably be made in her name. I plan to go up north to Darwin etc, in order to find work in the aviation field, and my fiance will probably join me if I settle there with work, as she is highly employable, in a year or so.
We've had a few different thoughts of how to go about getting started, and I'd like to know what people think would be the best option.
First, is to buy a property here, and rent it out, with the aim of getting something with a positive or near positive cashflow.
Second, is to buy a property using the FHOG of 7k, and living in it and doing some renovations, before moving north, and then renting it out.
Also on my mind is whether to go for a P&I loan, or an interest only? Would P&I be better so we could get some equity on which to buy further IP's? Or would the extra cashflow be better?
I've probably left out some important details which may limit your answers somewhat, but any considerations or ideas to take into account would be appreciated.
Regards,
Martin
Hi there all. What a great forum this is!
I'm just after a bit of advice to get me started, so here's a few questions, and if anyone can help, it would be greatly appreciated.
I'm engaged, and my fiance and I are keen to get into IP's. Neither of us has any equity, and we earn around 65k gross per year combined. She has the higher income, so the purchase would probably be made in her name. I plan to go up north to Darwin etc, in order to find work in the aviation field, and my fiance will probably join me if I settle there with work, as she is highly employable, in a year or so.
We've had a few different thoughts of how to go about getting started, and I'd like to know what people think would be the best option.
First, is to buy a property here, and rent it out, with the aim of getting something with a positive or near positive cashflow.
Second, is to buy a property using the FHOG of 7k, and living in it and doing some renovations, before moving north, and then renting it out.
Also on my mind is whether to go for a P&I loan, or an interest only? Would P&I be better so we could get some equity on which to buy further IP's? Or would the extra cashflow be better?
I've probably left out some important details which may limit your answers somewhat, but any considerations or ideas to take into account would be appreciated.
Regards,
Martin
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