All Topics / Hotch Potch / Help–Plans need urgent renewing!!

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  • Profile photo of michturnmichturn
    Participant
    @michturn
    Join Date: 2002
    Post Count: 1
    December 30, 2003 - 2:36 am

    Hi, this is my first post, and unfortunately it is a post of desperation!!
    My husband was rentrenched last July, leaving us without the nice income. Since then (no work available), we have sold 2 of our IPs, and our PPOR and moved to one without a mortgage (we have kept open a LOC, for investment purposes).
    We have 2 townhouses in Tassie and 1 boarding house in Queensland both breaking even to slightly positive.
    But we have no income.
    Do we uproot and move again to a cheaper property (possibly Tassie) and pay off our IPs, and live on the rent…. still not much to live on!!
    Do we buy a business property. ie. B&B, etc? Do we build cabins on acreage?
    I know that these are questions only we can answer, but at the moment because we are in the middle of it all, sometimes it is clearer to someone outside the picture.
    I would look forward to hearing any thoughts and suggestions… It’s going round and round our heads, but it’s getting muddy!![xx(]
    Have been to Steve’s seminar last year… loved it, and we have learnt from it and are aiming to live that way.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    December 30, 2003 - 3:37 am

    Hi

    I would just relax for a month or so and think things out. If you have sold properties you may have enough money to live on for a while. Things may seem pretty hectic at the moment, so it may not be a wise time to decide something major. Your husband may also find another job quicker than expected.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    December 30, 2003 - 4:09 am

    Hi, as Terry says, things may not be as bad as they seem.

    If all else fails, at the moment you have the LOC that you can draw funds from until your husband gets a job again. Definitely not a long term solution, but can certainly help to pull you through the bad patch.

    Cheers
    Mel

    Profile photo of michturnmichturn
    Participant
    @michturn
    Join Date: 2002
    Post Count: 1
    December 30, 2003 - 1:53 pm

    Thanks for your replies, you are right, patience is a virtue!!!
    Michelle

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    December 30, 2003 - 2:05 pm

    Hi Michelle

    Re reading our posts, I can see that we weren’t a great deal of help.

    I will reiterate though that you do have some time up your sleeve before you need to panic. Use this time to formulate your plan, and see where you want to head. Talk to a few brokers to see what your borrowing position is, and take small steps.

    Cheers
    Mel

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