Hi,
I have just discovered Steve Mcknight and his book 260+ properties in 7 years as well as this forum which has such a huge wealth of information. However I feel on the cusp of doing something great but keep pulling myself back unable to make the leap and I think it is because I am overwhelmed by all the information.
I have a passion for real estate and have been wanting to get into investments for abut 10 years but we have always been financially saddled and strapped by paying off a big mortgage on the house we live in and on extravagant spending habits which have from time to time had to be sorted out thorugh the use of our homes equity.
In the past year we have had to move from the house we designed, built and loved in Perth to the Kalgoorlie Goldfields. Due to this move Our household income has increased and we have rented out our beloved home in Perth. We have purchased a house to live in in Kalgoorlie which eventually we will also rent out.
The problem is we are now financially tied up and may be able to make one more purchase before we exhaust our borrowing power.
For those out there who want to crunch the numbers and give me some advice this is a quick run down. Household after tax income $11 000 per month. Rental income $1600 per month. Mortgage repayments Perth property $4200 per Month, and Kalgoorlie property $2900 per month. The Perth Property is valued at $700 000 with $538 000 owing and the Kalgoorlie Property is valued at $450 000 and $400 000 owing. The Kalgoorlie Property will eventually rent for about $2000 to $2200 a month.
The extravagant lifestyle has now been culled and we have a new mindset our plan for this year is to pay $40 000 off the Perth Property and get the Mortgage under $500 000. But I am also interested in investing in a property north of Brisbane ie Caboolture, Bribie Island areas. The dilemma we face is can we make the Perth property more viabvle or should we sell and of course the emotional attachment is huge so the thought of selling gives me shivers especially as I am not sure if this is the correct move Financially.
I feel myself knocking at the door of investment heaven but just can't seem to step through. In terms of Financial advice we have none and don't even know where to look to find a good advisor we have only used accountants for tax returns in the past and they never seem to give out much advice even when you ask them what would be the best options they look at us like we are speaking a foreign language.
I know this has been long winded but I am in serious need of some straight talking advice like Dr Phil or something.
Thanks
Nat
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