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Thanks for your comments it is greatly appreciated. Lenders have no dramas at throwing money our way as we have already bought and sold another property in the mean time. I do have an appointment this week with a financial advisor. I am doing a lot of research at the moment and have also booked in for a few seminars. It is just decisions, decisions on which way to go. At the moment my thinking is to get the current property to a neutral setting (which shouldn’t take to much effort) before starting any new property purchases. I intend to crawl before I walk.
G’Day All,
I am a newbie, I have just finished the book 0 – 130 properties. I just need to confirm my own thinking. I own a property in Townsville, bought in late 2003 and lived in as primary residence (defence family move every 2 yrs). Current conservative value of $350k I owe $120k, with gov paying $120 of the interest for me a month. The property is currently rented at $330 a week. My thoughts are before I embark on my real estate empire is to use equity to renovate (approx $30k) so I can increase rent and value of property and push me into +CF territory as at the moment as the property costs approx $5000 a year (maybe I have set aside to much for maint, managers and all other costs). I already have a guaranteed passive income of $55k (CPI indexed). I would like to increase this substantively so my wife can retire and we can maintain our same standard of living (medical issues life is short, need to enjoy life a lot more before I no longer can). As I already have this passive income this will be my full time job / hobby. I would just like opinions on wether to focus on this current property first whilst I learn the ins and outs of full time property investment and forming our own family property business.
THank you all forumites for your wisdom
GavrossG’Day All,
I am a newbie, I have just finished the book 0 – 130 properties. I just need to confirm my own thinking. I own a property in Townsville, bought in late 2003 and lived in as primary residence (defence family move every 2 yrs). Current conservative value of $350k I owe $120k, with gov paying $120 of the interest for me a month. The property is currently rented at $330 a week. My thoughts are before I embark on my real estate empire is to use equity to renovate (approx $30k) so I can increase rent and value of property and push me into +CF territory as at the moment as the property costs approx $5000 a year (maybe I have set aside to much for maint, managers and all other costs). I already have a guaranteed passive income of $55k (CPI indexed). I would like to increase this substantively so my wife can retire and we can maintain our same standard of living (medical issues life is short, need to enjoy life a lot more before I no longer can). As I already have this passive income this will be my full time job / hobby. I would just like opinions on wether to focus on this current property first whilst I learn the ins and outs of full time property investment and forming our own family property business.
THank you all forumites for your wisdom
Gavross
