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I dont know, so here I am asking..investment property now in order to buy a later one

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  • I dont know, so here I am asking..investment property now in order to buy a later one

    I am in the process of finishing off my home to sell. I think it would realistically be another 4 months before I can put it on the market. Real Estate agent estimates 1 mill. I am interested in a property that is one of 2 townhouses. The one for sale is the better of the 2 as it has been renovated, nicer cladding and interior. I am considering whether I could purchase this with equity in my home, $610,000 and about $50,000 savings. On market for $799,000 and offer that had gone on had fell through. RV $750,000. Owners have had it for a year, bought for $740,000 done nothing except tidying up backyard. Baby on the way, deperate to buy another house.
    My idea, and this where I need to look at the facts and not the heart. Would ideally buy the townhouse. Rent it, and then when the other comes up then buy that one and do it up, and live in it with the one next door as a rental. The woman in the other townhouse is elderly, losing her faculties and will be needing care at some stage. If I missed out on that one I am happy to just live in the other. They are both 2 double bedroom with single garage and good sea views very near main shopping in Papamoa. However for say a $760,000 investment (provided I get the current unit for that) I guess a estimated $500 pw rent is not that great. Im on $90k single income, no dependents. no other lending. 2 questions, is it worth trying to buy a potential convenient rental but and secondly not sure if I could get the lending.
    Last edited by Oopsiedaisies; 29-05-2019, 05:31 PM.

  • #2
    I'd say you need to get finance in place first so you know the numbers and work from there. We can assist or use another broker who understands the investor market.
    Good luck!
    Financial Paramedics