StoneAngryPepper
New Member
Hey everyone! I'm in my very early 20s and just received a pretty significant inheritance for a property ($400k). I saved up $100k of my own, so I had a $500k deposit on a place I bought for just under $1 million. I'm planning to rent it out to help reduce the mortgage while I still live with my parents (no board, no bills). My question is: is there any reason I can't draw equity from the property since I've technically paid off half, to buy another one? And is it worth getting professional advice, or should I just smash out this mortgage and have a house paid off in 7-8 years? My annual income is roughly $80k. Cheers! More info: repayment is $600 a week, and I'll be putting roughly $1300 into the offset a week incluidng rent.