Hi All, I am about to buy my first home, the question is i have about 90k in cash that i want to put into my mortage, what is the best strategy for me ? should i keep with my strategy or get a second one that might be possibly cash flow positive ?
currently renting and never own a home before.
any suggestion will be appreciated.
Cheers
Need more information regarding income & expenses, property purchase type, etc….
Robert Bou-Hamdan
Mortgage AdviserIncome: self employed: average about $1600/month + spouse income of $2000/month (all net).
expenses: usual house hold expenses (food, grocery about $200/week), car ($40/week)
no any other expenses, as all paid off.
property purchase type is 3 bedroom house, in either northen or western suburb of melbourne.
hope that is good enough, ask for more if you would like more info.
It is not that I would like more information, it is that information cannot be provided without it. How about the price of the property, your goal or required returns, etc. The more information you give, the better the responses you will receive.
Robert Bou-Hamdan
Mortgage AdviserIMHO why not look at doing both?
your PPOR is CGT exempt, pay off as much as you can and build your equity; look at using that equity to finance your venture into property investing.
Just remember its getting harder to find +CF deals, without putting some effort in.
Define your goals then refine your strategy..
All the best
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorPrice of the property is around $280k mark, Goal is +CF on propery, but i do understand now it is very hard to get now. most of them after putting into calculator, require about 50% upfront, so i guess my question is answered by redwing already, when i found +CF property, i just have to redraw using current mortagage ? or pay it off then get another loan ?
What is PPOR ?
Thx for the patience (i am newbie in investing)
Cheers
Sorry
Principle Place of Residence..now you know why PPOR saves typing [biggrin]
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
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