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Thanks so much for that Richard, really helped me understand what an offset account is.. And why it’s important! Thanks for adding to my learning curve!
Hey Benny!
Thanks so much for directing me to those posts! I just read through them all!I definitely understand the benefit of IO now, but I think I’ll need to speak with someone in finance in order to fully understand what an offset account is! I think I’m going with a buy and hold strategy to start with and then as my confidence grows, maybe try another strategy.
Some great and inspiring stories in those posts too! Minimogul is a star.I do have a question though – although I said in my first post that I’m looking at Sydney.. I’ve been doing research and the Brisbane market is looking good to get into. Im just wondering that looking interstate is wise as a first timer in terms of building a team of people (like minimogul said) and hitting the pavement in order to find good deals. I guess this is where an agents buyer comes in? Or an investment advisor?
Thanks! I really appreciate the help :)
hi!
thanks for all the advice.
Ok so 3 bedrooms have greater rental value, got it.So you wait till the overall value of the property has risen and then you use that to borrow another down payment. So does that mean if the property goes up say 10,000 (I’m still not sure how that is proven) I have 10,000 to borrow from the bank?
Sorry if this seems basic, I’m just trying to get my head around it all.Also, is it wise to only pay off the interest of the mortgage or should I be aiming to pay off the principal too? How long do banks let you only pay off the Interest on the loan?
Yeah, I am worried about the current Sydney market.. but I also don’t want to continue waiting, as I don’t think I’ll ever be 100% sure.
I definitely have more research to do!
Thanks again Catalyst, you seem like you know your stuff!
