2 Million in property $8,000 per month in rent Broken down 1 Mill in Adelaide 3 house and 1 Mill in Perth 2 house Adelaide 330k $320pw 330k $330pw 340k $350pw Perth 500k $500pw 500k $500pw Current position 315k $310pw 250k debt ** 305k $340pw 267k debt 503k $450pw 459k debt **tenants moving out next month so have advertised at 320pw PPOR 499k 450k debt (I only own have on this with a mate) I'm hoping for a 15g tax return goal pay both loans down to 250 then get properties appraised I think both have gone up 10k each since I last got them done. I'm thinking withdrawing a total of 70k of both then buying another one in Adelaide around the 320k mark. Then buy my mate out in a few years and rent my PPOR out as an investment. Any advice or ideas please let me know Thanks Matt
Confused...Are these actuals, or targets? You list 5 properties at the top, then only 3 properties underneath with the values, rents and debts..what about the other two?
A couple of things - A - the 50/50 PPOR may cause issues with finance, depending on servicing, as the bank will look at it as though the full debt is yours. May not be an issue, but will restrict lending later on if servicing is tight. B - make sure you get the new IP deposit loans structured correctly - don't just 'redraw' as this will create tax issues. C - make sure your portfolio is structured correctly now, as things get tighter servicing wise you'll be restricted so you'll want to be sure your with good lenders for increasing IO periods and product switches etc down the track. Also uncross any loans if necessary. You're well on your way, nice work
Bayview the 3 with the debts next to them are the 3 I own already, other 2 are which I want to buy in the future.
Jess, I have heard this by a few people about a 50/50 PPOR my idea around this was. 2 of my loans are with ANZ fixed for another 12 months (paying to much interest) but soon will have both these loans down to 80/20 LVR and i'll just tell them if they don't give me another loan will go se another bank That failing can wait and offer to buy friend out after perth market stops dropping and rent out my PPOR and go live somewhere cheaper.
A strategy that could provide a more predictable outcome would be to Have a chat with Jess to map and model wants possible. Anz serviceability isn't the best TaROLF
The bank you go see will make all the difference - as Rolf suggested, good to map out a plan so you know where you're at. In your situation speaking to the right lenders will have a significant impact on what you can and can't do and may allow you to buy out your mate when you want to, rather than when you have to.
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