My husband and I are a classic example of what goes wrong when you don't know what you are doing. However knowing our mistakes - not holding/selling to soon/combined with losses made during the GFC and ill health have resulted in us trying to rebuild again.
We are both 50 (with a ten yr old child), and currently have 2 properties. A beach-side unit in a sought after location owing $153k/value $430k-rent $320pw. A house also in a good spot purchased November 2014 for $525/owing $530k-rent $435pw. We wish to buy one further property to complete our portfolio with the idea of holding all for a 10 year period and then living in unit 1 and selling off the rest of the portfolio. We currently have a job where our accommodation is provided free of charge. We now have the option of buying another beach-side unit ($350k) facing the sea in a group of 6 single storey. It is a good location, and the price is right, but my question is would it be best to settle for this unit, or look for a house which may have greater capital growth over this period. We just want to get it right this time!!Any suggestions welcome.
We are both 50 (with a ten yr old child), and currently have 2 properties. A beach-side unit in a sought after location owing $153k/value $430k-rent $320pw. A house also in a good spot purchased November 2014 for $525/owing $530k-rent $435pw. We wish to buy one further property to complete our portfolio with the idea of holding all for a 10 year period and then living in unit 1 and selling off the rest of the portfolio. We currently have a job where our accommodation is provided free of charge. We now have the option of buying another beach-side unit ($350k) facing the sea in a group of 6 single storey. It is a good location, and the price is right, but my question is would it be best to settle for this unit, or look for a house which may have greater capital growth over this period. We just want to get it right this time!!Any suggestions welcome.