I am a 22yr old and me and my fiance aged 20yrs have just recently bought our first house which we are living in. I am very interested in getting into property investment. I have a few expenses between the two if us which add up to about 35k. I am very determined to pay as much of these luxuries and also pay as much off our first home as we can. just looking for a bit of advise.. any would be great thankyou
Like yourself, my girlfriend and I (both aged 23) brought our first property last year where we lived in it for 6 months (getting the FOHG) and have never looked back since. We're about to buy our second IP.
Unlike many investors on this forum, we went down the old fashion path of placing the 10% as deposit as opposed to using Vendor Financing, Options etc.. We are now unlocking the equity + savings to purchase the 2nd.I suggest you move out of the property and move back to the parents and lease the property out.
The rent income can go towards the mortgage as-well as you putting in extra payments (as if you were paying the mortgage).
This way, you pay off your mortgage in half the time as-well as paying off your expenses much sooner.good luck!
Hi,
I bought my first Ip when I was still living at home, there was no FHOG then. Be as disciplined as you can with regards to paying off your 'luxuries' as soon as possible. Do you have an offset account against your home loan? This will allow all of your income to go into this account and thus reduce the amount of interest you are paying on your loan. When you need money for a new deposit for your IP you can take the money from this offset account without incurring any additional fees as you would if you had to redraw from your loan. perhaps Richard of one of the other financing people could also give you some advice. While you are working towards having the funds to buy again, read as much information as you can on investing and do as much research as possible on the area where you are looking at buying. Finding out what similar propeties ahve sold for, what the rental market is like etc.
Good luck, Sonya
You must be logged in to reply to this topic. If you don't have an account, you can register here.
