Hi Everyone,
I am a new investor. I just bought 2 IP's in October and December, I have 100K's in savings (offset againt my own house), and 2 loans for the IP's.
according to my income, my Broker says that I can borrow another 300K's. which is kind of good for the houses I am interested in.
I am trying to be in the safe side, this is why I am keeping some money aside just in case something wrong happens, also I am keeping in mind that interest rates won't be as low forever.
Should I go and buy another one, or settle down, and wait until those houses build equity to be able to buy the 3rd one with 10% equity built in the IP's I currently have.
My 2 IP's are almost neutral, one i bought for 290 (now evaluated for 320), renting for 350, and one bought for 235 renting for 300.
I am a bit worried to be involving myself in high risk, and at the same time, I do not want to be missing good opportunities.
I have loan of 350K's on my house, and the last valuation for the house is 520K's.
Your responses and experiences will be highly appreciated.
Thanks
Ram
I am a new investor. I just bought 2 IP's in October and December, I have 100K's in savings (offset againt my own house), and 2 loans for the IP's.
according to my income, my Broker says that I can borrow another 300K's. which is kind of good for the houses I am interested in.
I am trying to be in the safe side, this is why I am keeping some money aside just in case something wrong happens, also I am keeping in mind that interest rates won't be as low forever.
Should I go and buy another one, or settle down, and wait until those houses build equity to be able to buy the 3rd one with 10% equity built in the IP's I currently have.
My 2 IP's are almost neutral, one i bought for 290 (now evaluated for 320), renting for 350, and one bought for 235 renting for 300.
I am a bit worried to be involving myself in high risk, and at the same time, I do not want to be missing good opportunities.
I have loan of 350K's on my house, and the last valuation for the house is 520K's.
Your responses and experiences will be highly appreciated.
Thanks
Ram