Hi everyone, I have been reading SS and now PC for several months and thought I would finally make an account. We rent in regional NSW and own a splitter block in Brisbane (bought as ppor but then moved). Since accidentally becoming the owner of an IP I have been increasingly interested in more... but am a bit concerned that my timing is off with all the lending changes! I am looking forward to learning more and getting to know you all.
I've certainly become addicted to reading this forum! Ideally as a next step I'd like to buy something cashflow neutral to balance the shocking yields from our rental. The next step is finance! Just have to complete this year's tax return and have a valuation done on our Brisbane property. Hopefully there is enough equity to actually do something.
Welcome! Did you want to keep your negative geared ex-PPOR long term? Is there much emotion attached to that property?
Good question! The only reason why we are holding on to it is the fact that it now has a DA approved to split the title and move the existing house over, so ultimately there should be some decent profit there once we finance the works... if someone was willing to pay us a premium we would certainly sell it. We are realistic about its current market value though (it's in a great suburb but on a main road).
That's why the banks are there to help you with the addiction by refusing to lend you more money. The Y-man
Hey @VeronicaR, welcome to the forum. I saw you signed up after reading the gender/age poll. Good stuff. Where are you considering for the next investment?
We live in Central West NSW so probably somewhere handy so we can do a cosmetic renovation easily. Maybe Dubbo? It seems to be fairly stable as a regional centre, good yields and there has been a major approved mining development (although I am aware of the risks associated with mining boom/busts). I'm not interested in units or off the plan developments so it would be an established house.
Cool. So you like to be hands on? Good way to add value if your labour is (mostly) free. Ever consider buying bit further from home? Lots of us are buying in Brisbane at the moment.
Yes indeed, we just did a mini reno of our Brisbane house. When I say we I really mean my partner! I suppose buying in Brissie again is appealing but it might be good to spread the risk out a bit? You would probably have a better idea than I do. Also two Brisbane sized mortgages is quite an undertaking as I am exclusively interested in houses. We earn good salaries but I am not sure if our property has moved at all in value from an equity perspective. We do not have cash for a deposit. I am also now loath to draw Commbank's attention to the fact that we now have an investment loan... but I will probably (certainly) get a valuation anyway.
