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Great info thanks. Yes we are looking at houses worth less than $300,000 few hours north of Sydney and also west of Sydney. We have been finding a few run down potentials with rental returns of above 7%. Do you recomend I look at any areas in particular? Broken Hill is Standing out so far in Terms of rental return but I'm far from experienced and still need to do a lot more research.
Thank you both for replying I really appreciate it. We were told yesterday by the bank we can borrow $650,000 which is great, but what I don't exactly understand is how can I buy more property after I use all my equity to buy the next IP?
Yes sorry, Its valued at $306,000, I paid a 20% deposit so the loan was $244,000. I have paid off $50,000 all together. My partner bout her property for $315,000, it's still valued at that price and she paid a 20% deposit so the loan was $252,000. She has paid off $20,000. We both live with our parents rent free, my unit is rented for $340per week and hers for $$380per week.
