Hi everyone, I need to sell and split properties,
I own due to a marriage breakdown.I will end up with approximately 350k in the hand
and an investment property which is fully financed, once all is divided by the Family Court. I live in Sydney.I will need to buy somewhere to live. Should I buy, live-in and renovate for profit a run down home and upgrade a home and begin the process again in twelve months or should I buy a 300k unit and use the remainder of monies for positive cashflow investments?
Which method is more profitable and what are the advantages and disadvantages of the two methods?
I’m also open to other ideas?[cap]
Hi ddb
I’d suggest you use the time while everything is being finalised by the Family Court to educate yourself on the various +ve cashflow strategies available to you. A few educational resources I’d recommend are:
1. https://www.propertyinvesting.com/strategies
2. Steve’s Master Class – https://www.propertyinvesting.com/resources
3. Steve’s Wrap Kit – https://www.propertyinvesting.com/resources
4. Rick’s Positive Cash Flow Boot Camp – http://www.rickotton.com/
5. Rick’s Wrap Pack – http://www.rickotton.com/wrappack.htm
6. Rick’s Lease Option (Rent 2 Own)Home Study Course – http://www.rickotton.com/lease.htmThe above resources range from free to a few thousand dollars. I’d advise that you don’t “nickel and dime” your educational costs if you are serious about becoming a property investor.
My wife and I used some of the more expensive resources above and it’s sure worked well for us.
There are obviously other resources out their and I’m sure the forum members here will be able to help with lots more.
Good luck in the future.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi ddb, are you able to buy your partners half of the property instead of selling. It may be a cheaper option for you and finacially better in the long run. Also, never trust the family court to be fair.
C2
Rich in happiness and money is better than rich in money with no happiness.
hi ddb
get it out of the court as quick as possible.
Then try to talk to the other side and split as amicable as possible ( the only winners in court are the legals)
Its is cheaper to split out of the court.
With regard to the investments I would wait until you have whatever is there.
I would once I have they money or property organise to meet at your local investment group we ahve one here in sydney and ask a few wise old owls there what to do then.
but first sit down draw up a asset and liability sheet with all costs on it.
draw a go forward plan and present it to the other side.
If it looks ok you may get out of it with your shirt.here to help
Do not go to court unless absolute last resort. If you have children under 12-15 you will end up with only 30%. Try and make her see you will end up spending it all on solicitors etc. Make out a list dividing up things as you both see fair and then have it ratified in court by a solicitor. Very cost effective. Try and buy her out as you wont have to pay stamp duty (Victoria) The first year is the hardest emotionally. Good Luck
Fern
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