Hi Guys,
i need some advice i will be ready to do some property investing around mid 2010.Currently my prop is worth around $460k and we will owe around $150k I will have $150k from a decesased estate coming through, we are thiniking of making a move to the either outer melbs subs (dandenongs) or maybe country victoria.
So i guess we have a few options.
1. pay off own property and sell then buying a new property + an investment prop (say around $250k) for an inv prop so around 50k dep leaving us around 400 to spend + a small loan if needed.
2. Use 150k as deposit on new propoerty and borrow the rest (big loan!) and turn our current prop into investment prop or is there some way we can use the equity to help us here?
3. Buy new inv prop around 250 and pay leftover funds off loan say around 100k and then work to to pay off balance over the next 3 years. Then sell buy new home and 1 more inv property.
Or some other plan that i haven't thought of! hope that all makes sense
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