Hi all
We have bought a house just over a year ago for $150K and have renovated it to "executive style" with the initial intention of selling it for around $100K profit. We wanted access to "cash" to buy another house and do it again and build up our "cash" resources to eventually buy a business and yet another home.
We dont have any savings left as we have put everything into the renovations of this house - approximately $35,000 and we havent paid much off on our mortgage as we didnt intend on keeping it initially so the interest only was ever paid. Our plan was that we sold this property, buy a reliable vehicle we desperately need (we have just had a child) get married and renovate another couple more houses. We were told to buy and sell is the way to go to get wealthy.... we need more than one opinion please.
Since having a child I guess your values in life change but we would still like to jump on the property ladder and get ahead in life and build a portfolio, not struggle. We have currently a household income of $43k (I am on maternity leave at the moment) $80k when I return to work soon.
Our main question is, how do we afford to keep this house and rent it out and buy another one for us to live in and get access to money for a new vehicle, get married (not extravagent) and more renovations on the next house??? Or do we go with our first option of having to sell the house in order to get "cash"
We have done a spectacular job on this house and we could get $275 p/wk in rent and our repayments are $258 per week or if we sold we would get quite easliy $240-260k.
We are young and naive in this field and would really appreciate "your" advice.
We have bought a house just over a year ago for $150K and have renovated it to "executive style" with the initial intention of selling it for around $100K profit. We wanted access to "cash" to buy another house and do it again and build up our "cash" resources to eventually buy a business and yet another home.
We dont have any savings left as we have put everything into the renovations of this house - approximately $35,000 and we havent paid much off on our mortgage as we didnt intend on keeping it initially so the interest only was ever paid. Our plan was that we sold this property, buy a reliable vehicle we desperately need (we have just had a child) get married and renovate another couple more houses. We were told to buy and sell is the way to go to get wealthy.... we need more than one opinion please.
Since having a child I guess your values in life change but we would still like to jump on the property ladder and get ahead in life and build a portfolio, not struggle. We have currently a household income of $43k (I am on maternity leave at the moment) $80k when I return to work soon.
Our main question is, how do we afford to keep this house and rent it out and buy another one for us to live in and get access to money for a new vehicle, get married (not extravagent) and more renovations on the next house??? Or do we go with our first option of having to sell the house in order to get "cash"
We have done a spectacular job on this house and we could get $275 p/wk in rent and our repayments are $258 per week or if we sold we would get quite easliy $240-260k.
We are young and naive in this field and would really appreciate "your" advice.