Hi I am new to forum and have been thinking of buying IP for ages now.
Situation, I have my PPR paid for, worth about 450000 outer melbourne. I have 100000 in bank from inheritence. Have bought some shares.
I would like to buy a small unit in the city and also another investment property but not sure where. The problem is that the bank will only let me buy a property worth 350000 as I am on very little income.
It is better to buy one IP and put as much down as I can on it or buy 2 cheaper places and put say 50000 on each one? We are looking to retire in 10 years so can see ourselves downsizing and living in the city. Thanks for your opinions
Situation, I have my PPR paid for, worth about 450000 outer melbourne. I have 100000 in bank from inheritence. Have bought some shares.
I would like to buy a small unit in the city and also another investment property but not sure where. The problem is that the bank will only let me buy a property worth 350000 as I am on very little income.
It is better to buy one IP and put as much down as I can on it or buy 2 cheaper places and put say 50000 on each one? We are looking to retire in 10 years so can see ourselves downsizing and living in the city. Thanks for your opinions