Hi All,
First time user of the site.
My partner and I purchased an investment property 3 years ago for $300,000. The property (negatively geared) is currently being rented for $23,000 p.a. and our mortgage is around $245,000. (with approx $20,000 redraw available)
Our combined income is approx 110k per year with my partner studying full time at uni.
Apart from our mortgage we have no other debts what so ever.
As we now have some savings stored in the bank we are unsure if we should
(1) Look at purchasing another IP by using existing savings and redrawing the 20,000 in our current mortgage or
(2) wait until our current IP becomes positively geared and then look to purchase second IP or
(3) sell current property approx $370-$390,000 and use the proceeds to purchase positively geared IP?Any advice would be greatly appreciated.
Who's name is on the title of the investment property
Why I ask is partner claiming Aus Study as negative gearing loss is deemed as profit when dealing with Centrelink.
(illlogical and against international accounting standards but hey that's centrelink for you)
If you sell an investment property and make a capital gain this is also deemed as income by CEntrelink means you could be asked to pay aus study back if property is joint owned with partners name.hi peps
i am also a first time user of this site and trying to get a grasp of the whole property investing game . i am in caboolture qld , i bought my first home with my partner about 4 years ago , income of only around 70k per year we have lived very strict lifestyle as to gain approx 40k in extra payments i am looking to buy our first investment property and due to above figures i feel it would need to be a positive cash flow property even if only a small amount. i am having great difficulty in finding an affordable positive flow property and therefore would consider an equal partnership joint venture or if any one can provide info on where i might find such an investment opportunity it would be appreciated more than words can describe. as u can tell i am in need of advice or a mentor , as i feel i am currently just chasing my tail please can anyone help?Duckster, you missed one vital bit of information on Surfs up's post – their combined income is 110K; they would be well and truely over the income threshold to receive ANY Centrelink payments.
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