Hi, I'm looking for some advice to plan how we proceed in the future. Obvious goals for us are to be financially secure
My wife and I are pretty new to PI but decided to get into it a year ago by buying 2 rentals properties valued over $650k.
We also own our own home valued over $600k of which we should be mortgage free within the year.
We have the rentals running in a LAQC and with the tax rebates are servicing this to approx $6k a year by topping up from our personal income.
Our combined income is over $100k of which I earn the majority so hence have the greater company share and achieve the tax rebate from.
Our current objective is to pay off our own home mortgage, and possibly my wife then stopping work and us starting a family.
Question is where to then?
Do we look to purchase more rental properties especially with the loss of one income from my wife? How can we manage the LAQC and achieve any more tax relief to be able to purchase more?
Sorry if this might sound a bit noobish, as mentioned we're new to this so learning as we go.
Many thanks in advance for any advice.
Cheers
My wife and I are pretty new to PI but decided to get into it a year ago by buying 2 rentals properties valued over $650k.
We also own our own home valued over $600k of which we should be mortgage free within the year.
We have the rentals running in a LAQC and with the tax rebates are servicing this to approx $6k a year by topping up from our personal income.
Our combined income is over $100k of which I earn the majority so hence have the greater company share and achieve the tax rebate from.
Our current objective is to pay off our own home mortgage, and possibly my wife then stopping work and us starting a family.
Question is where to then?
Do we look to purchase more rental properties especially with the loss of one income from my wife? How can we manage the LAQC and achieve any more tax relief to be able to purchase more?
Sorry if this might sound a bit noobish, as mentioned we're new to this so learning as we go.
Many thanks in advance for any advice.
Cheers
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