First post guys and great forum. Why may you ask I am a bludger? Well, 5 years ago, I purchased my 1st IP. Since then, I have not bought anymore. I am annoyed with myself and I put it down to BLUDGING on the investment side of things and having interests elsewhere(not money making related!)...
Anyway, this year, my New Year Resolution is to get back into property investing and make up for lost ground. I guess I'm pretty new to the game, and want some advise. The property I purchased(along with my wife) 5 years ago cost us $337K. It's now worth $570K. A good return. But we still owe $232K on it, although we have $100K cash in the bank offsetting the lP loan(MISA account). So we're really only paying interest on $130K We own our own home worth about $600K. Rental property gets $300 per week. We have no other loans.
I'm on $105K pa and my wife earns $60K pa part time. Even though we earn ok money, I still feel that I have too much debt. Is there a formula or something I can use to work out what a "safe" debt might be. I realise this is different for everybody, but is there an accepted range that I should be looking at? I read Jan Somers about 5 years ago, lol, but as I said, have been a little inactive on the investing side of things.
Both wife and I have secure jobs.
Some direction\advise towards our future investing would be greatly appreciated.
Anyway, this year, my New Year Resolution is to get back into property investing and make up for lost ground. I guess I'm pretty new to the game, and want some advise. The property I purchased(along with my wife) 5 years ago cost us $337K. It's now worth $570K. A good return. But we still owe $232K on it, although we have $100K cash in the bank offsetting the lP loan(MISA account). So we're really only paying interest on $130K We own our own home worth about $600K. Rental property gets $300 per week. We have no other loans.
I'm on $105K pa and my wife earns $60K pa part time. Even though we earn ok money, I still feel that I have too much debt. Is there a formula or something I can use to work out what a "safe" debt might be. I realise this is different for everybody, but is there an accepted range that I should be looking at? I read Jan Somers about 5 years ago, lol, but as I said, have been a little inactive on the investing side of things.
Both wife and I have secure jobs.
Some direction\advise towards our future investing would be greatly appreciated.