Hi,
Im still reading Steves book, i will finish on the weekend.
I am now in this situation.
We are renting back the house that we sold, we have paid up to December this year.
We have no debts/loans etc. We have $140K in the bank to play with.
We want a PPOR for ourselves on the Rural edge ie Woodend. And we also would like to start buying IPs at least 1-2 to get our feet wet.
Do we look for a PPOR first, purchase it, then when we are settled start purchasing IPs ?
Regards,
Arty.
[
]Hi Arty,
There’s really no reason why you can’t do all three at once, but we’ve no idea on what your borrowing capacity is… clearly having 140k in the bank helps a lot, but I guess it depends on your earnings as well…
I love it over near Woodend, but we ended up buying a 60 acre place near Kilmore (better prices over this way, and just as scenic)… the lvr here was 70% so keep that in mind… I think the lvr goes up if it’s over 10 acres but I’m not 100% sure… one of the brokers would be able to tell you…
Cheers
rThanks Richmond.
Im on about 60K, my wife started a casual job a month ago (about $500 per fortnight).We have 2 cars (both paid in full 1987 XF Ford, 1993 VP Holden)
No current loans.
No shares….yet!.We would still like to be no more than about 45mins from Melbourne “due to work at the moment”.
Regards,
Arty.
[8D]Arty Mate,
Get talking to some lenders.
They’ll probably throw money at you.
Tell them your plans for a PPOR and obviously a IP aswell. Sounds to me like your very well placed to get the ball rolling.
Good Luck and Congrats on being debt free and having aquired such a large Bank balance to boot.
Cheers
Alex(Central Coast, NSW)
“What have you done to make your life better?”
(American History X)Hi Arty,
Teylu’s on the right track, you should be able to borrow fairly easily – but at the risk of sounding like a broken record I’d go and see a mortgage broker or two as well as visiting lenders directly. Also your tax structures important so don’t neglect to involve your accountant too. [^]
There are HEAPS of options aka a lot of the posts on the site, and often finding the best option is the differece between a good investment and a great investment.
Good Luck! [8D]
Mel
Thank you Teylu and Melanie.. id like someone to throw money at me ..haha! [
]I will take a look a lenders and mention that im looking for investments at the same time as you have suggested…
Many Thanks,
Arty.
[]Hi Arty,
Just something you might want to consider… I’m currently about 55 minutes from my work in Richmond… the craigieburn bypass that is going in along the hume is expected to shave that to 45 mins… Kilmore’s quite a good town (I’m 15 mins from there up in the hills backing onto Mt Disappointment State Forest)… I would heartily recommend checking out this part of the world… believe me, my fiance and I spent a year looking into the various areas within 1 hr of Melbourne, and you definitely get more bang for your buck over our way (although Woodend is considered a bit trendier, sniff)…
Cheers
rRichmond.. Trendy area with prices to match [
]
We just want something quiet like a farmlet for horse, sheep, etc. not Primary Production though.Regards,
Arty.
[]Hi Arty
have you thought of purchasing a PPOR and then leasing it out briefly…so you can claim (thru ato)cost of purchase..and then concentrate on purchasing an IP?
Have a think about it
Hi Arty,
Our area is called Clonbinane… it’s not very well known at all, and we like it like that… there’s actually a 28 acre place up the road that’s going to auction at the start of October… the sign only went up yesterday… you should see the views… amazing…
Anyway, do yourself a favour and come for a drive over our way… we’re on the eastern side of the Hume Hwy…
Cheers
rRichmond is right – check it out!!
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