Ok here goes, my first post.
Hey all a little about myself. Im a 26 year old Male, single, no kids, no commitments. Currently working in a fifo job on $240k /year surplus $2300pw which will finish up in the next 6months, leaving me moving back to brisbane fulltime dropping my annual wage to roughly 80-90k/year surplus $700pw
To date i have looked after my own financial situation and kind of winged it, but its time i get serious, as i don't see myself slaving away working 50-60 hours per week for the next 40 years."retirement"..
My situation to date
Ip #1 in which i am 1/3 partnership with parent and brother bought 2009
- Waterford West (logan) 5000sq property backing onto the logan river
- Currently rented out
- loan $480k
- $6900 in offset account
- Costing me $100/week (this is more then needed for unforeseen costs)
- value to date $520k
Ip #2 in which i am 1/3 partnership with parents and brother bought in 2011
- casuarina (Northern nsw) 3 bedroom 2 bath unit
- currently rented out
- loan $370k
- $8800 in offset
- costing me $120/week ( this is also more then needed for unforeseen costs)
- value to date $450k
Ip #3 in which i am 50/50 with my parents bought 2011
- block of land on russel island
- I own half of this outright my 50% value is $30k
Ip #4
- one bedroom unit in south brisbane purchased off the plan in 2014
- currently rented out ( this is a NRAS property )
- rent $301 /week
- current loan $320k
- $170k in offset account
- this is now giving me a return of roughly $40 per week, this is not including the NRAS incentive.
Also 15k in the spec share market, yes i like a little risk.
Within the next year or two i will be hoping to buy my own ppor, if i am still single this will hopefully be a dual living property in which i will live in the smaller of the two living spaces.
If i was your son, nephew, best mate, what advice would you give me?
Continue purchasing property ( have been looking for cash flow positive properties in the logan area )
Possibly sell one, two or all mid way through the year as the market has "peaked" has it?
Or continue saving putting all savings into my south brisbane property offset account until i am ready to purchase my ppor?
Or look into mutual funds?
All comment are welcome
Thanks
Hey all a little about myself. Im a 26 year old Male, single, no kids, no commitments. Currently working in a fifo job on $240k /year surplus $2300pw which will finish up in the next 6months, leaving me moving back to brisbane fulltime dropping my annual wage to roughly 80-90k/year surplus $700pw
To date i have looked after my own financial situation and kind of winged it, but its time i get serious, as i don't see myself slaving away working 50-60 hours per week for the next 40 years."retirement"..
My situation to date
Ip #1 in which i am 1/3 partnership with parent and brother bought 2009
- Waterford West (logan) 5000sq property backing onto the logan river
- Currently rented out
- loan $480k
- $6900 in offset account
- Costing me $100/week (this is more then needed for unforeseen costs)
- value to date $520k
Ip #2 in which i am 1/3 partnership with parents and brother bought in 2011
- casuarina (Northern nsw) 3 bedroom 2 bath unit
- currently rented out
- loan $370k
- $8800 in offset
- costing me $120/week ( this is also more then needed for unforeseen costs)
- value to date $450k
Ip #3 in which i am 50/50 with my parents bought 2011
- block of land on russel island
- I own half of this outright my 50% value is $30k
Ip #4
- one bedroom unit in south brisbane purchased off the plan in 2014
- currently rented out ( this is a NRAS property )
- rent $301 /week
- current loan $320k
- $170k in offset account
- this is now giving me a return of roughly $40 per week, this is not including the NRAS incentive.
Also 15k in the spec share market, yes i like a little risk.
Within the next year or two i will be hoping to buy my own ppor, if i am still single this will hopefully be a dual living property in which i will live in the smaller of the two living spaces.
If i was your son, nephew, best mate, what advice would you give me?
Continue purchasing property ( have been looking for cash flow positive properties in the logan area )
Possibly sell one, two or all mid way through the year as the market has "peaked" has it?
Or continue saving putting all savings into my south brisbane property offset account until i am ready to purchase my ppor?
Or look into mutual funds?
All comment are welcome
Thanks