Go ahead?

Hi everyone

Firstly I’d like to thank everyone for their inspirations….Secondly I’d like to put to you my current situation for some friendly advice….Here goes.

I/we currently have 1 IP in Cairns @ 190- 200K rented for $250.00p/wk….We are carrying a debt of $157,609.00 locked in for 3yrs interest only, this puts us at just below the 80%LVR….I have calculated that the property costs us approximately $13.50p/wk before tax return….Another factor to consider due to having the IP in Cairns is the $8060.00 in rental assistance that I recieve for being based in Canberra on a 2yr tenure for my employment…I have a pre approval for $140,000.00 to purchase another property using the equity in our first IP but if used our LVR will go over the 80%, although not maxed out in the way of borrowing capacity, at some stage I will find it difficult to obtain finance for other IP’s. Furthermore, it is difficult at this point in time to save the required deposit…..The question is should I go ahead and purchase the 2nd IP using the equity or should I hold off a little longer and educate myself in the way of wraps etc and once I have the deposit (which may take sometime) then proceed with purchasing more properties?…..Also, can anyone suggest a good accountant based in Canberra for assisting with wraps, company/trust structuring etc and is there anyone else based in Canberra with the same common interest of obtaining finacial freedom and if so would you like to chat sometime?…

Any avice would be very much appreciated.

Thanks

Kind regards

Magnum [][]