Hello all,
I need your expert advice on my situation and what should be my next move.
1. Primary residence:
a. Loan outstanding: $190,000
b. Worth about: $350,000 (Westpac valuation last year)
c. $330,000 valuation by NAB
2. IP #1
a. Loan outstanding: $260,000
b. Worth about: $250,000 (Westpac valuation last year)
c. $240,000 valuation by NAB
d. Rent: $230 per week
Myself on $80K base full time and wife is on $25K PA part time. We do not have any other loans. We are in late 30s with one child aged 6 years. Last year we bought an apartment overseas from equity from my primary residence.
What I want to achieve in next 10 years: I would like achieve $5,000 per month passive income through rent.
I am thinking of getting NRAS property for my next IP. Any positive cash from this property, I would like to put it in my primary house, so that I can pay off this loan within next 4 years. Is it a good idea?
Based on the above, what should be my strategy? Please can you give me guidelines on how to achieve what I want to achieve? Any feedback is appreciated. Thanks in advance.
I need your expert advice on my situation and what should be my next move.
1. Primary residence:
a. Loan outstanding: $190,000
b. Worth about: $350,000 (Westpac valuation last year)
c. $330,000 valuation by NAB
2. IP #1
a. Loan outstanding: $260,000
b. Worth about: $250,000 (Westpac valuation last year)
c. $240,000 valuation by NAB
d. Rent: $230 per week
Myself on $80K base full time and wife is on $25K PA part time. We do not have any other loans. We are in late 30s with one child aged 6 years. Last year we bought an apartment overseas from equity from my primary residence.
What I want to achieve in next 10 years: I would like achieve $5,000 per month passive income through rent.
I am thinking of getting NRAS property for my next IP. Any positive cash from this property, I would like to put it in my primary house, so that I can pay off this loan within next 4 years. Is it a good idea?
Based on the above, what should be my strategy? Please can you give me guidelines on how to achieve what I want to achieve? Any feedback is appreciated. Thanks in advance.