Hi everyone, I'm a complete newbie! My partner and I own 2 properties,down south. And I have completed a split before about 10 years ago. I have come into money, $300,000. I would prefer to invest and make a profit, and slowly pay our debt down while our wage is good and we are young. So if you were me and had that amount what would you do?? Bank loans maxed out already. Looking in cheaper suburbs, reno and split? Armadale ect. Very open to regional areas. Need some seasoned advice thankyou!
Hi Lauren! Nannup is beautiful, lucky you living down there! It sounds like you'd benefit form some structuring advice - if you have a home loan debt recycling through that will put you way ahead. You'll need to have your borrowing capacity checked to be sure that side of things is fine and can make a plan from there.
you need to be a bit more specific, people on here are very willing to help but you need to narrow it down to a strategy, suburb, price point, state, type of investment
I have done a quick search. Haha most people recommend not the cheaper suburbs I'm looking at. The good ones are way to expensive, but I'll keep looking!
Would prefer WA as I'm from here. Price $250000 so leaves me with $50000 renovate costs ect. Would like to have a short term strategy for now and get quick profits rather than hold and wait.
Thanks Jess it is! so your saying pay off morgatge first? I was thinking no more loans....just use the cash for the investment.
Nooo! Don't do that. You may be able to do it with no more loans, but def don't use cash for the investment. A good mortgage broker will save you a fortune in tax deductions by structuring it right for you. If you send me an email, I can send you a video about what I mean.
Good reason for that. They like to make a profit. It can be done in "cheaper" suburbs but you have to have a very strong understanding of the area . Some discussion recently. On sub $150k apartments/small blocks/low strata fees close to Perth. Cheap reno. Good rent. Then hold and pray.
Right Right oh good! I will PM you thankyou. I do need to get a tax depreciation done on our current investment property too!
Yes I dont believe I am. I grew up around the hills so know that area better. Can I ask what suburbs please for apartments?
https://www.propertychat.com.au/community/threads/perth-market-2019.36392/page-29 also look in the Perth post a bargain thread
