hello to every one we are in the process of buying our first investment property in southern wa with an 11% return which is fine .My problem is this we bought a house in the place where im working 4 months ago and current market value is 150,000 more than what we paid for it .My job is currently paying 24-2500 a week and if i sell i will have to leave that job and also town as housing is at a premium.We have been offered $1000 a week rent on a 12 month lease so im wondering if selling and leaving is a good option as i cant see the property going much higher than thatdue to the age of it[rambo2]
I would consider the following things:
– How much money can you make in another job. If you go back to a $1,000/week job, it is probably not worth it.
– Can you see yourself achieving your financial goal quicker if you leave your job.
– Is there a danger of the house prices falling because the work/land situation may change.
Without more details it is probably very hard to judge. My gut feeling is that you are doing very nicely at the moment. Keep locking for more cf+ properties.
Depending on your mortgage and living expenses, you should be able to afford more properties at a very regular basis. Especially as you have an extra $120,000 of equity in your house (you may have to wait 2 month until the bank is willing to revalue).
Have you looked at other option of living arangements for yourself in this town. I am thinking of shacks, caravan park, etc. You would have to make a massive lifestyle change, which is probably going to wear you down in a short time.
Could you subdivide your block and put another house on. Or perhaps build another house/unit on the same title.
Try to think of solutions to your living arangement that allows you to keep your income.
Good Luck. I think you are on the right track.
hey thanks for the reply.Yeah when i said housing was at a premium i meant all forms of accommadation the caravan parks have 4 to 6 month waiting lists and then thats not even guaranteed people are living in sea containers in the industrial estate its sheer madness.The property is so small so that counts out subdividing.I dare say that with construction the way it is right know that i could leave and get a job paying around the same i guess i need to weigh up the options,im leaning towards taking the money and running[rambo2]
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