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Many thanks Terry and Benny for your input, re our ip it is a 4 bed brick and tile in coffs harbour 5 mins from the beach and bush that has already been renovated throughout, we have great long term tenants paying $340 per week so we are looking to hold onto this as i said we have a 132k mortgage but are about to refinance to $180k and make it interest only variable enabling us to use a further 48k along with our savings to buy another cash positive ip. I am thinking if we sell this large ppor house and downsize we could also free up maybe another 200k for cash positive ip’s and still own a new poor outright costing around 350k?? this would enable us to have less stress about going into fast turnaround reno’s, this might be a way to look into s.e qld and beyond if i can give up work for a while and do remote renos??
Yes, i am currently working but wish to give it up to do investing and renovations full time. Yes we enjoy living in the PPOR but its an old house that eventually will need further up keep and is on almost 2 acres which takes up a lot of spare time and will take more of our time as we age ( and i hate gardening although my wife likes it). We are thinking that if we sold our ppor and used the 500k plus to buy as many cash positive ip’s as we were allowed would renting for say $400 per week be a viable option or staying in our ppor and accessing 400k to buy as many cash positive ip’s as we were allowed, we still have no idea how the banks would react to us asking for mortgages even if we are able to put down say 20% deposits, i am the sole earner and am a casual worker on $60 per year.we really don’t have any plans to buy negative geared homes our plans are to just buy low, renovate/improve and hold.Many thanks for the replies so far. sheridan & trish.
