Hi All,
I am very impressed with the quality of advise given here and I would really appreciate if anyone can please guide me on below scenario.
I am newbie to climb this PROPERTY investment ladder but as they say the toughest part is to Start and that is what I want to do.
To throw some light on my current position :
I bought this first home of mine on March last year (White Swan road, Mt. Roskill) which is a good street to enter into property market. I bought it for $465000 and some where 6 months back i had Valuation done which came out around $560000 and but now looking at the market and Mt. Roskill suburb prices, it would be easily at $600000.
-> Which means i would have around 20% Equity.
-> Currently my interest rate is 5.09% fixed until next March.
-> My Wife and I both work. Not in a higher bracket of incomes but still combine income is around $75k per annum.
-> We have one kid and he still have some time for schooling hence choice of location is not an issue at this stage.
I approached my Broker and he is trying to get another $450 to $500k approval for me.
It may sound as if I am rushing towards this. (only had 1 and half year of my first home) however i want to have atleast 2 more properties in next 5 years. Thats my aim.
My Question is : if I get between $400k to $500K approval for investment.
1) Should buying Apartment will be an good option as a second home or first investment / Rental property ?
2) I am not sure if I will have Serviceability issue handling Investment as well as my own property ?
3) What would you do with 20% equity or $400 to $500K approval to buy another property ?
Please see if anyone can please guide me in right direction. I know everyone have their own views however atleast I will get some ideas and better understanding. Some of you guys are really expert in such situations. I just want some of your guidance with your experienced knowledge.
I am bit confused about my next move.
Would highly appreciate your efforts and guidance here.
Thanking you all in advance.
A Simple person with High Dreams..
I am very impressed with the quality of advise given here and I would really appreciate if anyone can please guide me on below scenario.
I am newbie to climb this PROPERTY investment ladder but as they say the toughest part is to Start and that is what I want to do.
To throw some light on my current position :
I bought this first home of mine on March last year (White Swan road, Mt. Roskill) which is a good street to enter into property market. I bought it for $465000 and some where 6 months back i had Valuation done which came out around $560000 and but now looking at the market and Mt. Roskill suburb prices, it would be easily at $600000.
-> Which means i would have around 20% Equity.
-> Currently my interest rate is 5.09% fixed until next March.
-> My Wife and I both work. Not in a higher bracket of incomes but still combine income is around $75k per annum.
-> We have one kid and he still have some time for schooling hence choice of location is not an issue at this stage.
I approached my Broker and he is trying to get another $450 to $500k approval for me.
It may sound as if I am rushing towards this. (only had 1 and half year of my first home) however i want to have atleast 2 more properties in next 5 years. Thats my aim.
My Question is : if I get between $400k to $500K approval for investment.
1) Should buying Apartment will be an good option as a second home or first investment / Rental property ?
2) I am not sure if I will have Serviceability issue handling Investment as well as my own property ?
3) What would you do with 20% equity or $400 to $500K approval to buy another property ?
Please see if anyone can please guide me in right direction. I know everyone have their own views however atleast I will get some ideas and better understanding. Some of you guys are really expert in such situations. I just want some of your guidance with your experienced knowledge.
I am bit confused about my next move.
Would highly appreciate your efforts and guidance here.
Thanking you all in advance.
A Simple person with High Dreams..
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