Let the fun begin.....
Hubby and I have started looking for our first IP and will be checking out a few properties this weekend. Have done a lot of research but this forum is above and beyond anything else I've found.
We are looking in the western Sydney suburbs with a budget of $450k for our IP. A question for you experienced investors....we currently are in a 3bdr 1bath house and don't yet have kids so we are considering 2 options:
1. Purchase a new property as IP and stay in existing
2. Look for a new property, bigger than current place, for us and move there and rent out exisitng property (budget for this up to $550k)
What are the pros/cons about each option? We are wanting a buy & forget IP and plan on building a portfolio over next 5-10yrs.
Thanks in advance, hope it wasnt a stupid question ;-)
Hubby and I have started looking for our first IP and will be checking out a few properties this weekend. Have done a lot of research but this forum is above and beyond anything else I've found.
We are looking in the western Sydney suburbs with a budget of $450k for our IP. A question for you experienced investors....we currently are in a 3bdr 1bath house and don't yet have kids so we are considering 2 options:
1. Purchase a new property as IP and stay in existing
2. Look for a new property, bigger than current place, for us and move there and rent out exisitng property (budget for this up to $550k)
What are the pros/cons about each option? We are wanting a buy & forget IP and plan on building a portfolio over next 5-10yrs.
Thanks in advance, hope it wasnt a stupid question ;-)