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To invest or buy principle place home?

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AJ | 26 Mar 2016, 12:40 AM Agree 0
I've thought about investing in property for a while subscribed to magazines and been some some property seminars however have always been reluctant and time poor to do the research needed.
We've recently sold our house and moved states to Sydney NSW and now renting a house for $800 p/w and looking to buy in the area (median price of around 1.3m for a house or 1.5m for a knock down rebuild.)

I want to have a passive income of 120k by around 2030 and not sure how to get started.

currently after tax im on an income of 127k per year (190k base)
my partner runs a consulting business part time with an annual income of 60k+
our monthly expenses are around 6-7k inc rent
and we have savings of around 650k

Should i buy a house, pay some off and use the equity to buy some properties in a few years?
or
rent and buy investment properties?
or do both at once?

I've talked to financial planners who recommend to buy a property for tax reasons. But they dont offer help or advice on what type of property and where to buy. Can any one recommend professionals who can help with this?

Cheers,
AJ

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