Hello All
This is my first post after finishing reading Steves book yesterday and joining up.
I currently have an investment property which used to be my home. Valued at 375k mortgaged at 220k with tenants paying 300wk. Breakeven at best. Should I sell & use the equity to start wrapping or positive cash flowing or hang on & use equity in my home (200k) to start.
Like Steve, I have started a business to generate additional income to start investing. Should make about 30k a year out of it which I will have to invest on top of my Salary.
Would love to catch up with someone on the Gold Coast or Brisbane – seeking some help with legals and mortgage.
Cheers
MattHi Matt,
Have a look at this thread that discusses a similar situation to yours.
https://www.propertyinvesting.com/forum/topic/13832.html
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Matt,
I am in a similar situation, and thinking of wrapping. I live in Brissy and would like to share ideas. I can probably help you with your mortgage strategy as well.
If there is anyone else who would like to meet up, we could organise a bit of a gathering one weekend…
Pete
Don’t do it!
I sold a good home about 3 years ago to ‘wrap’. If i had held onto the bloddy thing I would be rich now. Wraps only produce a low income for the rist and work involed and you don’t get much of the capital gains. Growth makes you rich, cashflow doesn’t. Cashflow helps you to survive, but not get rich.
Terryw
Discover Home Loans
Mortgage Broker
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I’d agree with Terry here and keep the IP..
Use your equity already gained to invest.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThanks for the feedback.
W currently have both our mortgage & IP as seperate loans. With a mix of equity in both.
If we plan to buy more properties, should we consider a portfolio style loan (line of credit)
We had one several years ago but were not as disciplined as we are now and struggled to make headway in repayments. Now we have set saving & debt reduction patterns I feel more comfortable.
Cheers
Mattterry w I agree agree agree !!!!
Matt,
I am an Accountant on the Sunshine Coast. If you organise that get together I would be happy to do a presentation on the tax treatment of Wraps. May even be able to persuade a solicitor to come along.
Julia Hartman
[email protected]
http://www.bantacs.com.au
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