Hi All,
Just wanting some advise. I am 26 and have a PPOR in Brisbane and a new IP in Toowoomba which is neutrally geared. Based on bank valuations and market values if I sold my PPOR in Brisbane I could potentially walk away with $200k after paying out my mortgage.
It is getting difficult for me to buy a third property as I am on a single income and with a $500k loan for my PPOR and a $400K loan for my IP. I am still able to save around $700 each week for a deposit for a second IP, however, I am thinking it may be wiser to sell my house - walk away with $200k and potentially buy 2 or 3 properties that are cheaper and positively geared (or very close too) and I can go and rent somewhere. That way I have more properties and all my loans are tax deductable.
If you were in my position would you sell and use the profit to buy 2 or more IP's - or would you stay put as my PPOR is in a very good area (Gumdale) and has attracted considerable capital growth in the last 12-16 months. Keeping in mind I do not pay Capital Gains tax in my PPOR and it could potentially double in the next 10-15 years.
Any help / advise would be much appreciated.
Just wanting some advise. I am 26 and have a PPOR in Brisbane and a new IP in Toowoomba which is neutrally geared. Based on bank valuations and market values if I sold my PPOR in Brisbane I could potentially walk away with $200k after paying out my mortgage.
It is getting difficult for me to buy a third property as I am on a single income and with a $500k loan for my PPOR and a $400K loan for my IP. I am still able to save around $700 each week for a deposit for a second IP, however, I am thinking it may be wiser to sell my house - walk away with $200k and potentially buy 2 or 3 properties that are cheaper and positively geared (or very close too) and I can go and rent somewhere. That way I have more properties and all my loans are tax deductable.
If you were in my position would you sell and use the profit to buy 2 or more IP's - or would you stay put as my PPOR is in a very good area (Gumdale) and has attracted considerable capital growth in the last 12-16 months. Keeping in mind I do not pay Capital Gains tax in my PPOR and it could potentially double in the next 10-15 years.
Any help / advise would be much appreciated.