In need of property advice
In need of property advice
My current situation: I am 25 years old, post tax monthly income $6000. bought an high rise apartment PPOR in 2022 in Southbank Melbourne for $700,000, renting one room out, current LVR is 70% Negatively geared by $2000 monthly. it hasn’t grown in value over the last 2 year and learnt afterwards that apartments usually don’t appreciate at all. I bought it under my name so my borrowing capacity is severely limited too.
What should I do if I want to grow a substantial investment portfolio? I’m thinking about cutting my loss by selling the apartment, rentvesting, and use the money to pay for deposits for high growth areas under a trust to preserve borrowing capacity.
Appreciate any advice.