All Topics / Help Needed! / Time for serious investing

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of alliwantalliwant
    Participant
    @alliwant
    Join Date: 2003
    Post Count: 4
    January 10, 2004 - 5:18 pm

    I have a half share in a $600000+ home with a relative. No morgage! I have very little supper and find myself speeding towards 50. We want to stay where we are for another 12 months and split the profits. In the meantime. I want to use $80000 of my equidy and buy two houses at least. I’d like to purchase a positive cashflow property with at least 20% dep in country outer Brisbane, and another closer to Brisbane for capital gain. Is this wise or should I stick to positve flow? When I sell my personal home how will the banks treat the equidy I’ve used?

    Profile photo of young.learneryoung.learner
    Member
    @young.learner
    Join Date: 2003
    Post Count: 37
    January 12, 2004 - 12:41 pm

    i would use your share in your house to show the banks that u have equity and take out a loan to buy about 4 or 5 houses with the 80k you have.
    Think about an offset account as well

    Karan

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    January 12, 2004 - 1:06 pm

    alliwant, it depends on how long you are planning to work I think. If you’ve got at least another ten years that you’re happy to go to work, then a -ve house could be ok.

    If you can purchase your two properties where the cashflow is close to neutral or positive, then do it. If you can get a CG property, then that will certainly help you later on. IF you get good growth, you could sell it, and purchase some more +ve ones to support you in your retirement.

    Alternatively, if you don’t want to work very long, you probably need to look to buy as many +ve properties as you can.

    Have a sit down, work out when you want to stop work (realistically), how much you reckon you will need to live on, and work backwards from there to see what you come up with.

    Cheers
    Mel

    Profile photo of alliwantalliwant
    Participant
    @alliwant
    Join Date: 2003
    Post Count: 4
    January 13, 2004 - 7:08 am

    Thankyou to Mel and Karan. Your advise is great guys!
    I feel I would be in a comfortable position to a lot of people, if it wasn’t that I want to retire in 10 years and have little supper. I just HAVE TO INVEST, or I’ll have a pretty miserable retirement. “FORTUNE FAVOURS THE BRAVE”! I’m slowly learning how to make smart money. Ive always been a passive money maker in buying renovating and selling. This is a quantum leap of faith for me. I’d love a mentor to take me in hand if anyone is out there and has the time. Many thanks to all. Karen.

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.