Hi all,
I am very new to the property arena and have just bought my first home. I am extremely interested in property investment and would like to know what some of my options might be regarding acquiring an IP.
My partner and I have just bought our first home for 240,000 with a loan of 210,000. We have now reduced this to 190,000 and continue to pay $500 a week off this.
In about 12-24 months time i would like to acquire a cheap 3 bed IP in my suburb for around 210,000 - 220,00.
Am i best off continue to pay my existing loan at an accelerated rate or should i put this extra amount aside for deposit for my IP? Or should i look at buying sooner? Any other ideas? I live close to the Geelong area and would definately like to slowly aquire a decent portfolio. If i should post any more info about my situation to help in answering this please let me know.
cheers Brett
I am very new to the property arena and have just bought my first home. I am extremely interested in property investment and would like to know what some of my options might be regarding acquiring an IP.
My partner and I have just bought our first home for 240,000 with a loan of 210,000. We have now reduced this to 190,000 and continue to pay $500 a week off this.
In about 12-24 months time i would like to acquire a cheap 3 bed IP in my suburb for around 210,000 - 220,00.
Am i best off continue to pay my existing loan at an accelerated rate or should i put this extra amount aside for deposit for my IP? Or should i look at buying sooner? Any other ideas? I live close to the Geelong area and would definately like to slowly aquire a decent portfolio. If i should post any more info about my situation to help in answering this please let me know.
cheers Brett