Hey everyone,
I've been a long time lurker and have unfortunitley allow work to get the better of my over the last few years. Anyhow, I've initiated my 'get out of the rat race' strategy and purchased a investment property yesterday.
I just wanted to float my current strategy and get some opinions on the structure.
I currently own 50% of a invement property with my brother and will be drawing down some equity from that to assist with the deposit.
I then am intended on financing as much as possible as interest only with an off-set account to enable me to save for the next deposit.
All income from the property will go into a seperate bank account that will solely be for this property (all monies in/out) to make it easier from a tax perspective.
I plan on purchasing a property per year moving forward and just wante to double check that I'm not going to trip myself up on any traps for young players.
FYI; Property it within 5km of Brisbane CBD, $590k after all purchase costs, returning $700p/w. Long term stragety is to hold and continue purchasing property that doesn't limit my cashflow by much.
This is a little rushed as I'm still tying up loose ends at work and trying to chase finance, so apologies for the loose nature of it.
Thanks in advance.
Felix
I've been a long time lurker and have unfortunitley allow work to get the better of my over the last few years. Anyhow, I've initiated my 'get out of the rat race' strategy and purchased a investment property yesterday.
I just wanted to float my current strategy and get some opinions on the structure.
I currently own 50% of a invement property with my brother and will be drawing down some equity from that to assist with the deposit.
I then am intended on financing as much as possible as interest only with an off-set account to enable me to save for the next deposit.
All income from the property will go into a seperate bank account that will solely be for this property (all monies in/out) to make it easier from a tax perspective.
I plan on purchasing a property per year moving forward and just wante to double check that I'm not going to trip myself up on any traps for young players.
FYI; Property it within 5km of Brisbane CBD, $590k after all purchase costs, returning $700p/w. Long term stragety is to hold and continue purchasing property that doesn't limit my cashflow by much.
This is a little rushed as I'm still tying up loose ends at work and trying to chase finance, so apologies for the loose nature of it.
Thanks in advance.
Felix