Second investment property advice...Perth

Good Day All,
I'm new to the forum, currently living in Perth (38, single) own a semi duplex unit (4x1)worth around $500K mortgage balance of $95K its an old unit that needs some work to be done (bathroom and kitchen) and I got an apartment (2x1) worth around $300K balance of $265K currently rented for $430/week, I make around $150K gross annually plus the rent.
Thinking of buying a property in Perth worth around $700K in a capital growing suburb (a bigger house to live in with a nice big shed using the equity of the unit as a deposit, the unit should go for around $440/week after completing reno work.

Please advise if this sounds good or should I think of some other strategy.
Thanks and have a good one!!
Cheers!!

 

What's the goal here? Somewhere to live? Investment? You probably don't want to mix those goals up.

 

Hi, to live and rent out the current unit I am living in...Cheers!!

 

Most of your debt is going to be on your new property and you’ll be paying tax on your rental income for your semi duplex unit. Is it a great property you really want to hold onto? Maybe you could sell it to a trust but you’ll need to pay stamp duty.

 

If you take money from the offset on the current unit you might be able to enjoy tax deductions on the original loan.

 

yeah, actually want to hold on to it, cause I can see CG further down the line...Cheers!!

 

Do you mean having a larger portion of the loan for the rental property to be able to claim interest?
Cheers Ross!!