Hi everyone,we are newbies, we started our investiment property climbing 2 years ago. Purchased a low maintenance 2 bedroom townhouse for around 220k @ 7.85% fixed for 5 years,100%borrowed,p&i, rent at 250pw. We top up the mortgage 135pw,we are in for the long term 10years+.
We are in a position to purchase an identical property at the same price 220k @9.4% fixed for two years,p&i, which means, we will have to top up this mortgage by 195pw,
questions...ARE WE DOING THE RIGHT THING?
At what time would they become cash positive?
We are investing for our children to get them started, ie take over in years to come. Our location/situation makes it impossible to find or create positive cash flow investment.
Should we look elswhere/something else?
From what I have read from property talk, there is some great advice out there,we are more than willing to listen.....
Many thanks Pene.
ps we are in the hawkesbay-gisborne region.
We are in a position to purchase an identical property at the same price 220k @9.4% fixed for two years,p&i, which means, we will have to top up this mortgage by 195pw,
questions...ARE WE DOING THE RIGHT THING?
At what time would they become cash positive?
We are investing for our children to get them started, ie take over in years to come. Our location/situation makes it impossible to find or create positive cash flow investment.
Should we look elswhere/something else?
From what I have read from property talk, there is some great advice out there,we are more than willing to listen.....
Many thanks Pene.
ps we are in the hawkesbay-gisborne region.
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