Hi For the last six years I lived in Aussie, but last November my husband got terminally ill and we returned home to NZ. He has since passed on (no sympathy please) – however after a long story I want to know if I should keep investing or do I quit now, pay off my mortgages and wait 20 years to retire comfortably. I have recently bought my own house, and have 4 rentals (all positively geared), am just about to start work again, but am not sure how much or if the bank will lend me more at this stage.
Thanks all replies will be greatly received.[baaa]Hiya Freedom,
Without knowing then details i would say do what makes you happy.
The possibilities are endless.You good look and selling a couple and clearing some debt or using equity in those property to grow your empire. Or just let them sit and let the cash flow.
If you enjoy it go hard.
Goodluck with you decision
Cheers
JoshI am sorry to hear about your husband and whilst i understand you dont wish to receive any sympathy i think the whole of the forum offers its support to both of you.
Unfortunately i think you need to consider your own future income position as i assume that one day you will merely have your salary income and the rents from the properties to lvie on.
Why not continue on purchasing property accessing your equity and structuring the loans correctly to ensure that you at least have the option of when you want to retire and on how much income you need.
Remember inflation over the years will eat away the purchasing power of your dollar.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
I agree with Richard. If you have the drive, do not quit.
The banks may be a little tougher in the beginning, but you already have 4 cf+ properties.
You may need some financial creativity, but a good MB should be able to help you.It also seems to me that you got some money from hubby’s life insurance. You will be a lot better off to buy several more cf+ properties than pay off the existing ones.
Go your hardest and good luck.
Thanks for all your replies. I talked to my bank manager this morning and she is going to work on some figures for me. I suppose that all I really needed was someone to say ‘keep going’. I used my husbands insurance to purchase my house (which has some facitilities to have made my husbands life a little easier and easier for me to look after him at home).
Now back to the computer to look for new properties I suppose.
Once again, thanks to all.
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