Your Investment Property forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Seeking advice for future based on current position

Notify me of new replies via email
triten | 14 Mar 2016, 06:47 PM Agree 0
Hello I wanted to perhaps get some advice around a future property purchase.

I have a family of four and we're living in Sydney's inner west. I am currently renting a unit at 480 a week and would like to buy a home soon. Thinking about buying an older property I can add value to which I could sell in a year or two but would be my principal residence. My wife owns a unit in fortitude valley brisbane which is payed off and worth around 420k. It rents out at 415. We also own a 580k unit in southport gold coast renting at 520. The bank will loan us around 600k currently though may be more when my wife starts working.

Ideally want to look into buying property in Sydney that I can cosmetically renovate and perhaps hold onto for 2 years that is cash positive. Thinking in the short term that we should sell the valley unit to keep our loan repayments low for our future Sydney home. Perhaps sell down the line and hopefully buy a second investment property. Does that sound like a viable plan?
Post a reply