Hi,
I am about to settle on my first IP - purchased for $315k. Once this is all complete I will have aprox. $40k in cash remaining, and I'm looking for ideas on what to do with it.
I'm 23, live in a granny flat on parents property and earn aprox. 70k pa. I am aiming to move out soon, hopefully within a year or two. I also have $30k in a Vanguard High Yield fund, which I would like to keep their.
The options I have running around in my heard are...
1. Hunt for and buy 2nd IP leaving me with pretty much 0 in the bank - spend the next 1-2 years saving for PPOR deposit.
2. Put 30k into the managed fund and keep 10k for rainy day.
3. Keep the 40k in the offset and look to buy IP in the 450-600k range in a few years.
4. Use 40k to purchase PPOR while prices are reasonable and move out.
Any comments or criticism is welcome!
I am about to settle on my first IP - purchased for $315k. Once this is all complete I will have aprox. $40k in cash remaining, and I'm looking for ideas on what to do with it.
I'm 23, live in a granny flat on parents property and earn aprox. 70k pa. I am aiming to move out soon, hopefully within a year or two. I also have $30k in a Vanguard High Yield fund, which I would like to keep their.
The options I have running around in my heard are...
1. Hunt for and buy 2nd IP leaving me with pretty much 0 in the bank - spend the next 1-2 years saving for PPOR deposit.
2. Put 30k into the managed fund and keep 10k for rainy day.
3. Keep the 40k in the offset and look to buy IP in the 450-600k range in a few years.
4. Use 40k to purchase PPOR while prices are reasonable and move out.
Any comments or criticism is welcome!