We've had a good look around the forum - it's fantastic reading... but looking for some help or feedback from the 'experts' on suggested steps for us.
About us, as a couple - we're on a combined income of around $140k annually. Give or take $5k. We're in our 20's (29 and 26) and own a home, probably worth around $550/$570k, 6 rooms. There are 4 rooms rented out to flatties/boarders - total income of around $500 ($26k - no tax/boarders). Our mortgage is $230k, giving us around $320 in equity.
Now, it was all simple once - the plan, buy a 2nd house, rent it out for a year or two, shift in to it, rent out the current larger place. The reason - ideally a little closer to town than where we are (western heights), and to look after our future (investment property).
The plan, let's look towards Te Atatu peninsula. Buy a 3/4 room house, aim for around $450k- full mortgage, rent it out.
That's where it got messy. Over thinking it maybe, maybe not thinking it at all... but now we are in a little pickle and uncertain what's best.. our options:
- Do we sell our house and buy a large house in Te Atatu peninsula and keep up the boarders... (low capital growth, wasted $$$ in house)
- Do we buy a 3/4 room house in Te Atatu peninsula (looking around $450k - may get $450 rental return)
- Do we buy a unit/apartment in a Eastern Suburb (Equity growth/good rental)
- And after the forum, do we look at a house in Pt Chev or Avondale (I like the Avondale idea).
Does anyone have any feedback? Is there a rule - eg: $300k house ideally generates a $300 return in rent etc etc. Any guidance, advice or direction here would be appreciated? Any thoughts on Pt Chev/Avondale/Te Atatu peninsula? Or a unit in a Eastern Suburb?
Sorry bout the 20 questions...
About us, as a couple - we're on a combined income of around $140k annually. Give or take $5k. We're in our 20's (29 and 26) and own a home, probably worth around $550/$570k, 6 rooms. There are 4 rooms rented out to flatties/boarders - total income of around $500 ($26k - no tax/boarders). Our mortgage is $230k, giving us around $320 in equity.
Now, it was all simple once - the plan, buy a 2nd house, rent it out for a year or two, shift in to it, rent out the current larger place. The reason - ideally a little closer to town than where we are (western heights), and to look after our future (investment property).
The plan, let's look towards Te Atatu peninsula. Buy a 3/4 room house, aim for around $450k- full mortgage, rent it out.
That's where it got messy. Over thinking it maybe, maybe not thinking it at all... but now we are in a little pickle and uncertain what's best.. our options:
- Do we sell our house and buy a large house in Te Atatu peninsula and keep up the boarders... (low capital growth, wasted $$$ in house)
- Do we buy a 3/4 room house in Te Atatu peninsula (looking around $450k - may get $450 rental return)
- Do we buy a unit/apartment in a Eastern Suburb (Equity growth/good rental)
- And after the forum, do we look at a house in Pt Chev or Avondale (I like the Avondale idea).
Does anyone have any feedback? Is there a rule - eg: $300k house ideally generates a $300 return in rent etc etc. Any guidance, advice or direction here would be appreciated? Any thoughts on Pt Chev/Avondale/Te Atatu peninsula? Or a unit in a Eastern Suburb?
Sorry bout the 20 questions...
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