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From: Kal Gould
Hi all,
I am a new user of this site and have found the info quite helpful.
My dilemma.
I have one IP valued at 230K returning $250 p/w. It has good depreciation attached due to renovations recently performed. I also have the family home valued at 340K. Both are in a good capital growth area. Borrowings are 175K on IP, 170K family home and a LOC at 61K, total 406K. All are cross colateralised. Our combined income is 115K before tax. Savings are around 10K
I am thirsty for more IP's and we need a larger house for the family. (Extending current house is not an option)
Do I,
(a) Rent out family home, rent ourselves and use equity for more IP's?
(b) Sell family home, buy again and try for another IP with what's left?
(c) a combination or other suggestion?
I am able to do 80% of renos and would also like to try my hand at speculation.
Regards........Kal
Hi all,
I am a new user of this site and have found the info quite helpful.
My dilemma.
I have one IP valued at 230K returning $250 p/w. It has good depreciation attached due to renovations recently performed. I also have the family home valued at 340K. Both are in a good capital growth area. Borrowings are 175K on IP, 170K family home and a LOC at 61K, total 406K. All are cross colateralised. Our combined income is 115K before tax. Savings are around 10K
I am thirsty for more IP's and we need a larger house for the family. (Extending current house is not an option)
Do I,
(a) Rent out family home, rent ourselves and use equity for more IP's?
(b) Sell family home, buy again and try for another IP with what's left?
(c) a combination or other suggestion?
I am able to do 80% of renos and would also like to try my hand at speculation.
Regards........Kal
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