Join our investing community

Changin my hme to an investment property and purchasing interstate

Discussion in 'Real Estate' started by ka23, 28th Sep, 2008.

  1. ka23

    ka23 New Member

    28th Sep, 2008
    I am considering renting my current home out and relocaing to QLD to rent short term and purchase a new place of residence within 6 months.
    I have a 330k mortgage with payments of 2600 p/m I hope to rent it for 500 per week.The estimated current value would be 450k to 475k.

    I am looking at rent in QLD for the 6 month period to be 350 p/w and after that period want to purchase a new property to reside in for 450k to 500k.

    I will have enough saved to cover 2 months of the rent in QLD.
    I will also have enough to cover the relocating expenses.

    I will not have anything left for a deposit on the new property in QLD

    My husband and I are on a combined income of 110k PA and expect to
    keep earning that amoun when we relocate.
    The only other debt we have is a personal loan of 40k with payment of 1100 per month.

    Can anyone suggest how i can make his happen or what would be the best way to approach this plan.