Hello

Hi

I am new to the website, I am 28 years old and just purchased my first home. I have always been pretty good with money and am keen to learn as much as I can about real estate. I have a goal to have at least 2 investment property's for my retirement and my kids future.

Thanks

 

Welcome aboard

Cheers

Jamie

 

You need about 5 properties just for yourself - but you are making a start. Welcome to the forum.

 

Not if you couple it with a healthy Super balance, and LIC holdings.

 

The more the better Any advice on how soon to buy my second property?

 

I'm not licensed to give you advice. All I can offer is that when I was in my own "acquisition phase", I bought the next one as soon as I was able.

 

Welcome Bean27.

Why not save a substantial deposit, eliminating the need for LMI, and go P/I on the loan.
Then simply do it again.

 

Yeah fair comment I should have added the extra disclaimers and caveats about "if property is your only investment vehicle".

 

What do you mean p/i? We have been putting money into our home with renovations rather then saving another deposit so far

 

Property will never allow you to retire; you need income to retire.

Shares are far better for income; property will only increase your Net Worth.

The trick is get to get the right balance (property vs shares and CG vs income) at the right time and to maintain it!!!!

 

When you apply for your next loan have it as Principal and Interest as opposed to Interest Only.
Is you current mortgage not P/I?
A large deposit will allow you to do this.
There is more than one way to skin a cat.

 

Yes our current loan is P/I, we have done a fair bit of reno's so far to increase our equity