In process of buying a house to live. Getting lot of feedback from friends and families asking me to wait, buy one soon etc. One of my friends gave me an idea to buy a property close to CBD and live in rented one far from CBD. Also, he suggests to pay interest only on the CBD owned property. Sounds interesting but not sure what are the risk factors. Can anyone help on this please?
Hi Harry,
And welcome aboard the good ship PI.com :)
As there really aren’t too many simple answers to your questions, I though I might share a thread that could well hold worthwhile knowledge for you :-
https://www.propertyinvesting.com/topic/4410491-the-big-picture-for-new-readers-especially/I think I know what your friend is suggesting, and that is certainly one way that can work – but then, there are MANY ways that work. The MAIN thing is to choose the right one FOR YOU and your situation, and your aspirations. The thread linked to above talks to some of the “risks” that could be an issue, so do read all of the threads linked within that thread – it will provide a good cross-section of subjects that you will need to become aware of.
It always helps too, if you give us a clue about WHERE you might be looking to buy. With friends and family saying “wait a bit longer”, they could be right – but in some suburbs they could be quite wrong. Share it with us, and let’s see what the thoughts are that come from the members,
Benny
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