Hello all, I have $150k in bank.
I have no debt, no bad credit and i earn $60k.
I am single, 37.
I do not own any property but would like to stop renting now and buy a 2 BR house for around $400k-500k (i.e. $250k-350k loan) somewhere
down along South East/Mornington Peninsula, will go as far as Frankston.OR is there a cleverer way of doing things i.e. not put all my cash into one property?
Perhaps buy a smaller apartment to live in and invest in something else as well?
Any input appreciated, I really have no idea what is best way to approach.
Cheers
MrLibraHi Mr Libra
It all depends on your own risk profile and what you’re aiming to achieve.
Purchasing the property you mentioned will cause you to hit a serviceabiliy wall very quickly – limiting the ability to purchase additional properties in the future.
If you wanted to build a portfolio, that $150k could be spread over multiple properties achieving cash-flow neutral/positive results. Which means they won’t cost you too much (if anything to hold) which is an important factor when considering your income.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
The Mornington Peninsula would have been a great investment. Prices have increased significantly and still are growing.
Bayside
Coastal markets 2019
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