Hi guys,
looking for some advice/ opinion/ two bob's worth etc etc….
I have started my investing and am looking to the next step. I purchased my first property with the FHOGfor 100k 6mths ago and have to live in it for a year. It is a one bedroom unit in cairns and i am currently in the process of renovating- new flatpax kitchen, paint job. oven, lighting etc in the hope of increasing value by more than 6K i plan to spend. An identical unit in unrenovated condition just sold in a week for 130k and speaking to real estate agents the value looks to be approaching the 150k mark, although realistically i know that the bank valuation will probably not be so optomistic.
My plan is to use the equity to fund the deposit/ interest shortfall on the next property. I am looking at 2 bedroom units around the 200-220k mark which return about 210-220pw. I earn 38K pa presently. If i were to rent out my property it would bring in 170-190pw, making it cashflow neutral. Would i be able to purchase in my current situation or would this be too risky/ too early etc???
hmm, do you have to stay in your property for one year, i thought it was 6 months, better check out i think the ato website for clarification(well in nsw its live in for constant 6 months in the first 12 months).
That varies form state to state, as it is administered by state govt
Juder
If you feel the need to invest just do it so long as you can afford to wait. There's only one commodity between all of us making huge money and that is time. Buy in the right place at the right time then……..get out when you've made enough. Keep reading this web site it will give you so many leads. Good luck!
Mikey
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