All Topics / Finance / Best solution for first Property Investment
Hello there,
This is my first post so go gentle…..My wife and I are looking at our first investment place and here is a break down of our position.PPOR – Value $380,000 (this is what it was valued at when we got our home loan)
Loan – $303,000 P&I
Salary – Mine-$100k +
Wife-$26000
other loans equate to about $50000So basically what I would like to know is based on what I have got here is it possible for us to look for our first investment place. I hope to get at least 1-3 investment properties a year ( probably pie in the sky thinking) but it won't happen unless we start with number 1.
Thanks I will appreciate any response.
Regards,
Courtney.Hi Courtney
Firstly welcome to the forum and I hope you enjoy time with us.
Certainly based on your income figures you appear to have sufficient serviceability to acquire a new IP or two.
I am assuming that your other $50K of loans are not secured against your PPOR otherwise if they are equity will be limited.A good mortgage broker can crunch the numbers for you and devise a strategy on moving forward.
As my adage remains structure the loans correctly without cross collateralising them.
Richard Taylor | Australia's leading private lender
Yeah Richard you are right the other loans are not secured against our house they were written before we got our home loan.
Thanks for the reply.
I will send you an email Richard.Kind Regards,
Courtney.
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