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Hey
You guys always this funny. Rob you say that we dont have enough information. Yet then you make comments based on what you have concluded.Maybe the best post would be the one that says.
Hey come back and give us more information.
Personally when I got into debt paying it off didnt really get me anywhere. Some new expense crops up. Then your right back in the hole.
You have to learn to change your thinking .Rob
Interesting answers on this forum. Nothing like cryptic posts. So I will add mine. You have to decide if you live in a world of scarcity or abundance.
if its scarcity then you draw up a bugdet.
if its abundance you figure out how to create new sources of income.
I dont know if its like the states, but I would call and see if you can get a lower rate and maybe a balance transferRob
By the way I also recommend Burleys stuff. The download is free. The books and the bootcamp arent but they can pay for themselves.
I am in the states. I have borrowed to 97% LTV.For my personal residence.
I am of the firm belief that the only paid off property you should have is the one you live in. Thats not until you have excess cashflow. Had a discussion that even if I was rich I would still buy property using opm. I havent passed the million in debt yet. On the million dollars in debt figure I would have 30% equity. Still working on it.
I also look at it different. The numbers are just references not exact.I can buy a 120k house for 100k. I can buy it for 10% down. They havent been cashflowing great but they are positive. Let the tenant pay down the mortgage. Later refinance and get my money out or sell and move into something else. You can lease option them. Then you would have a higher cashflow and tenantbuyers and not just tenants.
Rob
1. Offers make you money
2. If it looks like a deal tie it up with a contiguency.
3. live below your means
4. invest as much as possible.
5. you make your money when you buy.
6. Have others fix the toilets
7. Dont listen to people who tell you it cant be done. Start nowRob
Why does a person that has so little debt ask this question ?
Would the answer make you take on more debt? The more debt the higher the return, the higher the return you can take on more risk. Thats why you shelter some money and have reserves.Rob
