I am after some advice regards to purchasing my first rental investment property. I have preapproval for a loan. My own house is mortgage free. Therefore I have the equity in my own property. The Property I am looking at purchasing, is asking $340,000. I am looking at it as a buy and hold. Current tendered at $350 week but rental valuation is $380-400. Also have some cash available, should I be making a deposit to reduce the amount borrowed? Obviously the amount I deposit will affect if the property is cash flow negative or positive.
Some advice for a first time investor would be appreciated.
Some advice for a first time investor would be appreciated.
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