From: Mark Portelli
Hi. Ive been reading this forum for quite a while and have certainly learned a lot. First time posting and would like some opinion.
We currently have two IPs,townhouses 5ks from bris CBD, originally purchased via Inv. Club. Bought 2 years ago with a 106% loan for both.Borrowed 365K and they are currently "worth" about 390-400K for both ( these are local RE appraisals so I conservatively say they are worth at least the total paid - 106% With all outgoings they cost us 57/wk to keep.
Our home is worth 450K with a LOC of 65K.Its acreage and are building a home on it hence LOC. Once completed the property will be worth 650K+
Against what we have we can borrow 400k to purchase more IPs. with experience we want +ve cashflow prop. and preferably in Sydney.
There lies the problem. Can buy in the outer west ie Blacktown/Quakers Hill/Penrith etc but not +ve gear - houses seem to be selling quicker than hotcakes!
One idea Ive got (and I know its not new) is to purchase land and build duplex sell one off keep the other to achieve lower than wholesale price and hopefully +ve cashflow from the remaining prop.
Problem is financing - I dont think 400K is enough. the other option is to arrange for 2 or 3 other players to duplicate the idea over and over or find someone like Micheal Yardney in Sydney.
Any thoughts?
Thxs
Mark P
Hi. Ive been reading this forum for quite a while and have certainly learned a lot. First time posting and would like some opinion.
We currently have two IPs,townhouses 5ks from bris CBD, originally purchased via Inv. Club. Bought 2 years ago with a 106% loan for both.Borrowed 365K and they are currently "worth" about 390-400K for both ( these are local RE appraisals so I conservatively say they are worth at least the total paid - 106% With all outgoings they cost us 57/wk to keep.
Our home is worth 450K with a LOC of 65K.Its acreage and are building a home on it hence LOC. Once completed the property will be worth 650K+
Against what we have we can borrow 400k to purchase more IPs. with experience we want +ve cashflow prop. and preferably in Sydney.
There lies the problem. Can buy in the outer west ie Blacktown/Quakers Hill/Penrith etc but not +ve gear - houses seem to be selling quicker than hotcakes!
One idea Ive got (and I know its not new) is to purchase land and build duplex sell one off keep the other to achieve lower than wholesale price and hopefully +ve cashflow from the remaining prop.
Problem is financing - I dont think 400K is enough. the other option is to arrange for 2 or 3 other players to duplicate the idea over and over or find someone like Micheal Yardney in Sydney.
Any thoughts?
Thxs
Mark P
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