Hi Kapitibeanman,
I think your right I am stretched but it doesn't mean I want to give up and do nothing. I am a 33yr old female who has limited knowledge of property and this maybe the reason I didn't buy right at first but would like to improve. I would like to grow as much of a nest egg for myself as possible which I guess it means taking a few calculated risk. I only have cash savings of about 26k and a small investment in managed funds which is really nothing to fall back on. I have an income of 87K a year so nothing else to call on if the properties did go down the toilet.
If the market was to move so quick to hit 10% interest rates and I hadn't kept up with the play and got myself into difficulties it would be my own fault for not reacting and making decisions faster to avoid that situation. Hopefully I can keep an eye on things and if I feel the properties are not supporting themselves move them on.
With the apartment I was trying to pay interest and principal to reduce the debt after pulling equity from the place. The idea was if I could get it back down around the $250k it would look after its self.
The property values are fair I think as the apartment would most likely sell around $310-350k in this market it is 100sqm, Manurewa needs work so $230k is fair as the next door place after a lick of paint sold six months ago for $305k and the Mangere place could possibly be overvalued but would still reach over $300k I think.
I think your right I am stretched but it doesn't mean I want to give up and do nothing. I am a 33yr old female who has limited knowledge of property and this maybe the reason I didn't buy right at first but would like to improve. I would like to grow as much of a nest egg for myself as possible which I guess it means taking a few calculated risk. I only have cash savings of about 26k and a small investment in managed funds which is really nothing to fall back on. I have an income of 87K a year so nothing else to call on if the properties did go down the toilet.
If the market was to move so quick to hit 10% interest rates and I hadn't kept up with the play and got myself into difficulties it would be my own fault for not reacting and making decisions faster to avoid that situation. Hopefully I can keep an eye on things and if I feel the properties are not supporting themselves move them on.
With the apartment I was trying to pay interest and principal to reduce the debt after pulling equity from the place. The idea was if I could get it back down around the $250k it would look after its self.
The property values are fair I think as the apartment would most likely sell around $310-350k in this market it is 100sqm, Manurewa needs work so $230k is fair as the next door place after a lick of paint sold six months ago for $305k and the Mangere place could possibly be overvalued but would still reach over $300k I think.
Originally posted by kapitibeanman
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