All Topics / Hotch Potch / buying my first investment property

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  • Profile photo of wealthwealth
    Member
    @wealth
    Join Date: 2003
    Post Count: 0

    I have a house valued at $300,000 and owe $80,000. With prices of houses of today in Bendigo Victoria I am finding that the rent would not cover the repayments on houses, does this matter to get started or do I keep looking. I have every intention of building a empire, but I am going around in circles with a accountant who believes more in shares. Help.

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429

    wealth

    It depends on your current situation other than the house equity and also what your goal is.

    For starters, I would change accountants.

    Cheers
    Mel

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Wealth

    Perhaps, it could be that your accountant doesn’t receive anything out of you investing in property.

    Another thought is to buy in town (even Inter State) whereby the rent will be nearer the repayments. If you chose a good property manager then the property could be anywhere.

    Remember it is an investment you don’t want to drive past it each day!

    Cheers Richard
    [email protected]
    http://www.fhog.com.au

    There is no such thing as a problem.
    Just a solution waiting to be found

    Richard Taylor | Australia's leading private lender

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