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  1. #1

    Default Query on building a foundation

    Hi All

    I am new to investing and have found Graeme Fowler's articles wonderful. Have just ordered the book so are looking forward to reading.

    I have done a lot of reading and have read loads on using equity to fund another property etc but are still not quite clear on my best way to start building a portfolio and hope to get some feedback.

    I purchased a IP in Tauranga 2 years ago paid under market value for 600k. 4 bedroom and fairly new. I paid 30% deposit and had an offset of $70k. I have paid down the offset and the funds are sitting in that account and are using the $625 p/w rent to pay down P&i. I was able to top up those payments by 20% which I have done for the last 6 mths.

    My my mortgage is due for refinancing in April 17. I have the funds saved to pay this off fully.

    i live overseas at present running my own business and have no other property.

    To build a solid foundation is paying this property out completely a good strategy. I will then have additional funds to put down a further deposit to purchase another property and would use the rental income from my first property (if paid out) and rental income into the second property to reduce the P&i and an offset as much as much as I can.

    I would welcome your feedback as to whether this strategy is building a solid foundation or am I missing so important piece.

    Many thanks


 

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