Hi Everyone, this is my first post. I am currently researching property investing for the very first time. Currently I have a PPOR two bed unit approx 13 klms from melbourne and within 500ms is the train, bus, shops, parks etc. I purchased at $310k approx 4 years ago and indications are that is worth about $430k now. I have some substantial equity in the property and want to start using it to help set up my future.
My thinking is to purcahse another PPOR and rent out the unit. A no of agents have indicated that it has huge rental marketability given location and price etc.
I would be interested to hear others experiences and what might be the downside of such an approach as a first time PI.
Thank you
Not sure about stamp duty in Vic, but in Qld if you live in the property first you get a discounted rate. Plus, when you can rent your unit out for upto 6yrs then sell it without paying CGT. The way to go is to buy a place, live in it, then rent it out.
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