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I too am currently looking into Bendigo so anybody with some advice on the area would be good. Thinking close to CBD in Golden square area. Not sure on New or near new 2 – 3 bed unit or older home on good block.
I live in Echuca so only 1 hour drive from home.
Like Tracee I have also considered inner city apartments but there seems to be far too much on the market.
The new regional rail link and great facilities of Bendigo are appealing.
Regional areas also seem to be good place to start investing and cover a mortgage should a property have a vancancy for a few weeks
Ok thanks all,
Am sorting through a few asset protection options, compnay options and personal options at the moment.
Once a bit more refined I wll check back in !
Cheers,
Andolate
The exisiting mortgages are over both titles so no we couldnt go to another bank. We are very happy with our bank and not really looking to change. My original question is somewhat aimed at finding out what you do would do. ie buy one property to start out, like a unit with good ROI, or buy a block with a home on it, rent for some time then subdivide or renovate later, or lending permitting buy a couple of properties because its a good time to buy.
Due to our low income we pay ourselves we need to find something with a great ROI that is close to neutral or positive gearing if possible.
Would most on here suggest Interest only? Is it the only way to go close to neutral gearing, especially it we are borrowing 100%?
I am thinking we have a LOC seperate from the home loans themselves to fund periods of non rental or repairs required. Can one LOC be used on different properties and claimed accordingly?
Thanks again,
Andolate
The villas are owned in two names, my wife and I. We have nexus and rent them to our company for the interest amounts on our loans
Ok.
This upcoming year we will be in a postion where we have $1500 per month / 18k year extra income due to paying off a loan.
We are also restructuring ourselves which will help by a few thousand a year too.
Sorry for the lack of details but we have a complicared situation which I cant go into here.
Cheers,
Andolate
Do you mean a true net figure ie, adjusted profit and loss whereour accountant does addbacks?
Hi JacM,
The net position according to the tax office is a loss due to large capital expenditure on renos we did 4 years ago.
We are hoping our large amount of equity we have with the correct stetups( maybe LOC as backup ) will get us going.
Cheers,
Andolate
