Forum Replies Created
Hi Rownenic
One of the first things i would do is use that 50 k to pay off more debt.You would be paying more in interest on you existing home and land loans than what you would be earning on the 50k.By paying that 50 k off your loan it would free up about $80 a week which could go to your home loan which would enable you to have more equity in your home to purcahse more property.I know the 50 k makes you feel warm and fuzzy knowing its there but in the end you want to pay off as much non tax deductible debt as possible.As for you dream block it might pay to sell that aswell and use that left over monies to pay off your loan aswell.I know it seems a bit harsh of me to say sell your dream block let alone cash your 50k in but in the end if your property investing works out well over the years which im sure it will, then the block you call a dream block now will be nothing compared to what you will be able to purchase down the track with good investing.
If you did as i suggested this is how it would pan out for youexisting home loan $188k
cash in 50 k -$50k
sell dream block -$34 left over
balance on home loan is $104kIn regards to your salaries you could live off the lesser salary and pay off the existing mortgage on your home with the higher salary and own your home out right in 18 months to 2 years time.Lets face it 2 years would fly by.
just my thoughts
Cheers Rob
Hi Gross
I read your post with amaisment that you bought a property that past in at auction 3 times for 6 million yet you were able to then buy it for 4 million with 40 k cash deposit.Either i have not understood your post properly or the selling agents didnt have the details of the highest bidders from the 3 previous auctions which surely would of been higher than 4 million or was it that the owners were asking 6 million but no one bid for it at all.As pauline Hanson would say please explain in more detail if you would please.Im not doubting you im just curious to know how it all came about>Cheers Rob
