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jo-man

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  • jo-man

    Hi

    I am the new one on the block.
    I would appreciate some expertise on my situation:

    Situation 1:
    I have my own house value $780-800K, Mortgage $440K
    Income:$63K
    I would like to start on proerty ladder but dont know how to go about.
    can I borrow more money and go to acquire more properties ( If possible).?
    OR
    Situation:2
    Should I sell the property and use equity and buy properties.

    Your comment will be a great help.

    Thanks.

  • #2
    Hi Jo-man welcome to PT, I'm sure plenty of people will chip in.

    I'm going to move your post though to make sure they notice it, it probably should be in the welcome newbies section rather than in the ask a question about the forum section.

    In regards to your question, you can do either, you have a decent amount of equity. What you should do depends on your situation and how fast you want to travel vs how much risk you want to take. I suggest reading over some of the links you can get to from my signature, or looking in the wiki, wrap your head around the basics and then make a plan. If you can, getting along to one of the PT Xmas events is a must as well

    Cheers
    David
    New to property investing? See: Best PropertyTalk Threads for New and Old Investors And/Or:Propertytalk Wiki

    Comment


    • #3
      Thanks David

      Quite a lot of info...

      Comment


      • #4
        Hi Jo-man

        You have a fairly large mortgage when compared to your income.If you decide to hold on to your existing property and invest in a renter you may find your self in difficulties, should the economy take a down turn or you have trouble with tenants IE non payment of rent, maintenance requirments etc. If you sell your home and purchase a cheaper place you can invest in a rental confident in the fact that should unforseen circumstances strike, you can still hold your head above water.

        Comment


        • #5
          Chess raises a good point. Keep an eye out for how much your current mortgage payments are. Then read some books and this forum.

          PS
          Chess. Not sure if you want you physical street address in your forum profile? 3 kings Auckland would probably be enough.

          Comment


          • #6
            chess

            Originally posted by whitt View Post
            Chess raises a good point. Keep an eye out for how much your current mortgage payments are. Then read some books and this forum.

            PS
            Chess. Not sure if you want you physical street address in your forum profile? 3 kings Auckland would probably be enough.
            yes, I agree three kings is o.k

            Comment


            • #7
              Thanks Chess & Whitt

              My thought were on the same wave length, It make sense to sell and then buy rental with enough equity, in case, trouble strike.

              Question is it the right time to enter into trading or look for bargain- buy and hold stratagy? Or sit on the fence and wait? wait for what ?

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              • #8
                Right about now

                Originally posted by jo-man View Post
                Thanks Chess & Whitt

                My thought were on the same wave length, It make sense to sell and then buy rental with enough equity, in case, trouble strike.

                Question is it the right time to enter into trading or look for bargain- buy and hold stratagy? Or sit on the fence and wait? wait for what ?

                It's always a good time to buy a good deal....IMHO if you're waiting to find a 'better' deal or the 'best' deal you'll always be waiting.

                Find a good deal and buy it....carpe diem

                Your good deal will be unique to you, you may well buy a property that I would reject out of hand......this doesn't make one of us wrong and the other right.....just that we have different goals and criteria......figure out what your's are and get stuck in.

                Good Luck

                Cheers
                Spaceman

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