Hi guys, am pretty new to the Property Investing game……but am learning as I go along. Just after some advice.
I have 2 Investment properties approx value $660,000 with a IO loan of $395,000. I have my owner/occupied house value approx $360,000 and owe $180,000.
I am married with one child aged 11. I am 33 and want to be able to have a choice about my husband and I, working or not working by 40 years of age.
I am thinking it might be more financially viable to change my O/O home to an IP. Release the funds in order to invest more rapidly in more properties.
During this time we could rent a small 3 b/r townhouse for approx $270p/w.
What do other investors think about doing this?
Your advice is appreciated.
You would have to calculate what you could get in rent for your place and the tax savings. If you are not going to be saving much, then it is probably not worth disrupting your family.
You can still live in the place and use the equity to invest further.
Terryw
Discover Home Loans
Parramatta
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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