Hi Guys,
wondering if your knoweledge may help me with my parents. I am trying to get them into an IP before they retire (about 10 years away) and this is their position.
They have sold their PPOR about 4 months ago and are currently on a working holiday around Aust. They have approx $180,000K in the bank earing 5% interest and about another $30k in savings, no debts. My father who has never invested, wants just to buy another PPOR when they return to QLD but my mother would like an IP now & PPOR when they return, as one of my brothers will rent it out from them.
Any advise I can give them about getting started in an IP (never to late) that might show some light to my father. What would you do in this situation.
Morgage brokers would they be able to borrow?
any help would be greatful? I hope I have given enough info.
Hi nextone,
What to do in this situation
Show your parents this website and forum, who knows but giving so, letting them read here after 10 or so minutes. I think, you will have convinced them, that property investing is an excellent vehicle for creating income.
cheers,
s.i.sHi nextone
If you can sit down and do some figures for them, to show them the income they could get from the property/ies, and any growth etc. that would help to supplement their retirement lifestyle, that may help sway your Dad.
My parents bought their first IP at 47, and have since purchased another 4, stopping in 2001, so the growth since has given them a really nice equity position, and the rentals supplement their super quite nicely.
Cheers
Mel
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