Hi all,
I’m stuck on deciding when to go for my 2nd investment property. Basically here is the background, I’ve got 1 IP at the moment which is negatively geared. Also I’m in the process of converting the upstairs of my parents place (I live at home still) and plan on renting this out, the rent I get from this will cover the shortfall I make up for in my 1st investment property.
Now this is where I’m stuck, I’m still about a month or 2 away from finishing the upstairs to rent it out and I can’t decide if I should wait for it to be finished before pursuing another IP or to get the ball rolling now. I’ve got about 39k saved up, but expect this to have risen by about 4k to 8k in a month or 2.
I’d be interested to hear your opinions of what you would do.
Cheers
RudraWhy not take the 2 months to thoroughly research where you want to invest your money, your 2nd IP could be the one that prevents you from buying another if the cash flow is poor, or it can be the enabler for further investment. The property market isn’t going anywhere in 2 months, don’t put your self under unnecessary stress.
CheersyHi Cheersy,
Thanks for that, I do plan on doing thorough research before jumping in and have an idea as to what I want to achieve with this property. I’m definitely not putting myself under any stress, very much taking things as they come. I’m very weary of my 2nd IP as I’ve heard a lot of people say it can have the biggest impact on cashflow if not chosen well.
Cheers
RudraThats true rudra. But I would say market is slowing down and even if you take 3-4 months it will actually help you save more for the purchase.
Probably wait for upstairs work to finish first and then start looking for IP.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
