All Topics / Help Needed! / What to do with $100,000

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of Jenny1Jenny1
    Member
    @jenny1
    Join Date: 2004
    Post Count: 269
    October 19, 2004 - 10:36 am

    Hi Everyone

    I have 3 IP’s that are doing alright, through a relative leaving me an inheritance I was wondering what the forum would do with the money.
    1. Pay a large sum off each property
    2. Use the money to fund other IP’s
    3. or just use the entire amount on one IP to build up equity?

    Many thanks[anxious]

    Jenny Jordan

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    October 19, 2004 - 10:47 am

    Hi Jenny,

    The best use of the money will be determined by your goals and your current situation.

    For example if you are ‘close’ to retirement and want no debt then pay down some of your debt commencing with non-deductible debt.

    If however you a little way from retirement then use the money to assist with further purchase/s either directly or through paying down non-deductible debt and release the equity.

    If you want to keep somethingup your sleeve put some of the money in an offset account against some of your debt with a preference for non-deductible debt.

    A little scant of concrete comments as more information would be of assistance.

    Cheers

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

    Profile photo of Jenny1Jenny1
    Member
    @jenny1
    Join Date: 2004
    Post Count: 269
    October 19, 2004 - 12:30 pm

    [biggrin]Hi Derek, thanks for your reply I am a young chicky babe 48yrs old as of yesterday.
    I am in a unique situation as I live rent/utilities free as part of my package. I work 2 full time jobs. I have 1 negative geared property 1 neutral, and the other positive geared.
    All IP’s bought before I read Steve’s book, or otherwise all IP’s would be + (and then perhaps wouldn’t have to work so hard).

    Because this money is a gift I just wanted to be able to do the best I can with it. All comments taken on board.

    Thanks Jenny

    Jenny Jordan

    Profile photo of kelbrenkelbren
    Member
    @kelbren
    Join Date: 2004
    Post Count: 30
    October 19, 2004 - 12:37 pm

    The availability of these funds is a great windfall if you are committed to building a +cf property portfolio.

    Formulate a property investing plan. Set your self some critical dates and set aside sufficient funds for deposits and purchase costs. If you have some funds remaining use these to reduce overall debt.

    hope this helpful

    Kelvin J Brennan

    Profile photo of Jenny1Jenny1
    Member
    @jenny1
    Join Date: 2004
    Post Count: 269
    October 19, 2004 - 12:45 pm

    [happy2]Thanks Kelven, it is great having people on this forum to bounce ideas off. Sometimes you already know the answer but at times it’s hard making decisions on your own. Must be the libra in me hate making decisions!!

    Thanks again

    Jenny

    Jenny Jordan

    Profile photo of brahmsbrahms
    Participant
    @brahms
    Join Date: 2004
    Post Count: 485
    October 20, 2004 - 4:42 am

    hi Jenny

    1 & 3 are the same
    2 is your choice

    Dereks comments make sense – i’d add one thought to this –
    sit tight and make your cash advantage work best for you

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