I’m new to Steve’s strategies, but it would be worth considering that unless you are keen on building on the first vacant block of land, a good option to reduce your negative geared rental (wow, that’s a large weekly loss to cover!) would be to sell it, realise the capaital gain, and either put the proceeds onto the big loan to reduce the weekly debt, or do some serious homework and find a cople of positive cashflow properties to offset the loss. I’d probably go with the latter option, then you can almost have the best of both worlds.
What you might find, as Steve suggests in his books, is that most people can only afford 1 or 2 negative geared properties – how much “extra” cash do you have to support these week in week out? Keep in mind that unless you do something substantial, that weekly liability won’t go away quickly, it could take years.

Just a thought. Hope it helps.

Regards,

Kris