Heya all,
Been lurking on here a bit and owe you guys a great deal for the learning resources!
Sydney based 37/m, no properties yet, work as an architect/crappy industry as we are in n out of jobs every now n then. Savings up to 400k. Salary between jobs 85-110k
Have come up with a very rough sketchy plan, trying to build the bones of the system that will get me some financial freedom hopefully.
Plan/ Goals -
*want a net rolling rental income after all expenses paid of say 60-70k/year ...for now:D
*want to invest in brisbane/central coast/wollongong (think I will move to Brisbane eventually, Sydney sucks). Open to any other areas around these
*good cashflow but also potential for good CG, mixed bag. Cant have both high I know.:eek:
*buy below market - distressed sales/deceased estate/mortgagee sales etc
*take small baby steps, IP1 maybe 250-300k, use 80% loan. Is this ok?
*Dunno what type of property-unit/duplex/townhouse/?? Please suggest
*Never sell, use equity to buy other IPs
*Max 5 properties in lifetime I think, else management is too hard, things all over the shop.
*Live overseas on rental income. Fiji longterm, try few yrs in Thailand, Carribean, Brazil?
*Type of loan- everyone takes IO loans?
Need help here with the concept of IO-
Can anyone tell me the 'system' around it :D
From what aI know- the idea is u never fully own the properties ever, you devise a system where it throws off positive income after all expenses paid incl interest on loan. U never pay principal and just live on the rolling income, hence never own it, principal never reduces. When u die, it goes to ur kids or trust - with the mega debt :eek: right??? And continues to throw off positive income, while increasing equity from CG hopefully.
Is this correct, is this how its done? I want to grasp the 'system', the works. Can anyone help finetune my goals above also by giving advice/correction etc, I would be really grateful.
thanks :D
Been lurking on here a bit and owe you guys a great deal for the learning resources!
Sydney based 37/m, no properties yet, work as an architect/crappy industry as we are in n out of jobs every now n then. Savings up to 400k. Salary between jobs 85-110k
Have come up with a very rough sketchy plan, trying to build the bones of the system that will get me some financial freedom hopefully.
Plan/ Goals -
*want a net rolling rental income after all expenses paid of say 60-70k/year ...for now:D
*want to invest in brisbane/central coast/wollongong (think I will move to Brisbane eventually, Sydney sucks). Open to any other areas around these
*good cashflow but also potential for good CG, mixed bag. Cant have both high I know.:eek:
*buy below market - distressed sales/deceased estate/mortgagee sales etc
*take small baby steps, IP1 maybe 250-300k, use 80% loan. Is this ok?
*Dunno what type of property-unit/duplex/townhouse/?? Please suggest
*Never sell, use equity to buy other IPs
*Max 5 properties in lifetime I think, else management is too hard, things all over the shop.
*Live overseas on rental income. Fiji longterm, try few yrs in Thailand, Carribean, Brazil?
*Type of loan- everyone takes IO loans?
Need help here with the concept of IO-
Can anyone tell me the 'system' around it :D
From what aI know- the idea is u never fully own the properties ever, you devise a system where it throws off positive income after all expenses paid incl interest on loan. U never pay principal and just live on the rolling income, hence never own it, principal never reduces. When u die, it goes to ur kids or trust - with the mega debt :eek: right??? And continues to throw off positive income, while increasing equity from CG hopefully.
Is this correct, is this how its done? I want to grasp the 'system', the works. Can anyone help finetune my goals above also by giving advice/correction etc, I would be really grateful.
thanks :D
The 'Bones' of the game
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