Hi all. I'm a 33 year old single female in Brisbane, working full-time earning $55K gross pa. I bought my apartment four years ago for $220K, it is now worth about $110K more than that. I currently owe $155K on my mortgage and have about $45K in savings (sitting in my loan account as redraw – NOT in an offset account). I have a tiny $1000 in shares and don't own any investment properties but would love to. My ultimate goal is to own enough property that will provide an income to live on.
Given my limited cashflow – I only have about $15K to play with each year after all other expenses – and meagre savings, what are my options for starting out? I've always been interested in investing and have done a stack of reading (mostly along the lines of Robert Kiyosaki/Anita Bell/Steve McKnight) but am finding it really hard to know what to do to get this project going. Can anyone point me in the right direction?
Hi Madchen
If your goal is to own enough property to provide an income you need to buy property. I would suggest you purchase cash flow property which means dual income property purchased in regional areas or fringe areas or a mining area property. You can not afford buy and hold capital growth property as the banks will stop you quickly on serviceability. Borrow on your existing equity for your next deposit.
The question you need to always ask is: how will I purchase the property after the next one if your goal is acquisition.
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