I have been a long time lurker, but haven't yet taken the plunge into investment properties, and probably need to get more educated about strategy if I'm honest. However, I have a golden opportunity coming up in about 6 months that I would like to take advantage of and need some advice on how to begin.
The opportunity is a job in remote Australia that will pay me an incredible salary for a few years - 400K to be exact. I say a few years as I don't think I could stay remote for more than 3-4 years tops. I would then return to a lower salary thereafter, ballpark 150K
I'm not sure what my strategy really is yet, and this is why I need some advice.
My main aim is having a more secure retirement income as I don't have much super, and don't want to be working my **** off in my 60s trying to build some up. I'm thinking my "ideal scenario" would be to accumulate enough IPs over the next few years, with a view to hold them over the long term, in the hope they eventually become cash flow positive in order to give us a retirement income down the track. I am currently 42. Is this realistic?
We currently have a 2 BR townhouse PPOR in inner Melbourne - mortgage owing approx 460K, value approx 700 I think, although I haven't had it formally valued yet. I think I could rent it for at least $550. If I continued to pay off principle I would have a shortfall of approx. 200/month - I haven't done the sums very accurately yet but these are ball park figures.
So my questions are:
Is my long term goal realistic or possible?
Is this new job really a realistic opportunity to "set myself up" for the future or am I being niaive?
What type of properties should I be aiming for price-wise and how many could/should I realistically acquire, or is that too broad a question to answer?!!
Should I continue to pay off P&I on PPOR whilst away? My feeling is I should so that I have 1 property owned outright at some point.
Should I speak to a mortgage broker/financial adviser in order to be guided on how to begin?
I am very new to all this and need as much guidance as you can offer me!
Sorry if I sound all over the place with this!
The opportunity is a job in remote Australia that will pay me an incredible salary for a few years - 400K to be exact. I say a few years as I don't think I could stay remote for more than 3-4 years tops. I would then return to a lower salary thereafter, ballpark 150K
I'm not sure what my strategy really is yet, and this is why I need some advice.
My main aim is having a more secure retirement income as I don't have much super, and don't want to be working my **** off in my 60s trying to build some up. I'm thinking my "ideal scenario" would be to accumulate enough IPs over the next few years, with a view to hold them over the long term, in the hope they eventually become cash flow positive in order to give us a retirement income down the track. I am currently 42. Is this realistic?
We currently have a 2 BR townhouse PPOR in inner Melbourne - mortgage owing approx 460K, value approx 700 I think, although I haven't had it formally valued yet. I think I could rent it for at least $550. If I continued to pay off principle I would have a shortfall of approx. 200/month - I haven't done the sums very accurately yet but these are ball park figures.
So my questions are:
Is my long term goal realistic or possible?
Is this new job really a realistic opportunity to "set myself up" for the future or am I being niaive?
What type of properties should I be aiming for price-wise and how many could/should I realistically acquire, or is that too broad a question to answer?!!
Should I continue to pay off P&I on PPOR whilst away? My feeling is I should so that I have 1 property owned outright at some point.
Should I speak to a mortgage broker/financial adviser in order to be guided on how to begin?
I am very new to all this and need as much guidance as you can offer me!
Sorry if I sound all over the place with this!