Hey all. Hope you can give me some advice. I am an avid reader and have asked for advice once before a while back and that really helped change the way I thought. Am pleased that I asked you all for your input then and hope you can help now
Currently we have just the one IP in Marayong. GF is nearly complete and it will be slightly positively geared. We rent (750 pw) but we're at the stage where we need our own house
In 1 year we are looking to buy our PPOR ($1.1m budget) but before that we can buy another IP (around 400k budget).
We have 2 options:
1. Buy an IP in NSW out West say ? Campbelltown and surrounds or up on the Central coast (some place next to a beach where people retire and we could eventually too).
Then buy our own PPOR
Adv's - Have an good sized PPOR
Dis-adv's - Land tax in NSW. All our eggs in NSW
2. Buy an IP in Gold Coast or Adelaide
Then buy our own PPOR on a big block of land. Find one a bit run down, put a GF on it to rent out and we live in the main block. If it?s a bit run down the GF builders can fix it up as they do the GF.
Adv's - Help with our mortgage, Diversify states, reduce land tax,
Dis-adv's - Living next to a GF
Any advice would be most welcome. Maybe both ideas are dumb but just want to get your thoughts? also apologies if it's in the wrong thread. I wasn't sure which one covered Property Investment strategies
Currently we have just the one IP in Marayong. GF is nearly complete and it will be slightly positively geared. We rent (750 pw) but we're at the stage where we need our own house
In 1 year we are looking to buy our PPOR ($1.1m budget) but before that we can buy another IP (around 400k budget).
We have 2 options:
1. Buy an IP in NSW out West say ? Campbelltown and surrounds or up on the Central coast (some place next to a beach where people retire and we could eventually too).
Then buy our own PPOR
Adv's - Have an good sized PPOR
Dis-adv's - Land tax in NSW. All our eggs in NSW
2. Buy an IP in Gold Coast or Adelaide
Then buy our own PPOR on a big block of land. Find one a bit run down, put a GF on it to rent out and we live in the main block. If it?s a bit run down the GF builders can fix it up as they do the GF.
Adv's - Help with our mortgage, Diversify states, reduce land tax,
Dis-adv's - Living next to a GF
Any advice would be most welcome. Maybe both ideas are dumb but just want to get your thoughts? also apologies if it's in the wrong thread. I wasn't sure which one covered Property Investment strategies