Hi everyone. I have just joined the forum for the first time so I am sorry if my question has already been discussed.
Over the past 3 years I have bought 4 houses and sold 2 and thought that I was on the right track but just going quite slowly about increasing my portfolio. I attended Steve's seminar in Sydney on Sunday and realised that I was a passive investor and that I would like to become an active investor.
My dilemars are:
1 Currently our tenant in our investment property has asked if he could buy the house. This house is currently not quite covering the outgoings by about $20 a week and he has a lease until Sept this year. We would make a profit of $80k is sold.
2 Not sure if we should sell our family home and make a profit of $200k and buy a renovator that we would live in and another small house to rent out or just buy one to quickly renovate and then resell.The property market up here has levelled out after having a huge 45% increase in the past 2 years so the houses are staying on the market for longer. So i am not sure if buying a little place to renovate and resell quickly would actually work in the current market. It may just take longer to sell than what we could afford.
By the way, both my husband and I are currently unemployed and wish to make our investing the way we receive our income.
Happy to hear your thoughts.
J
Hi J
I am just at the start of my journey with Steve so my comments are only my opinion but mainly from Steve's last book. To me the first property, you should sell as it is not a positive outcome, that ones easy. You are in a great position here so you hold the cards. If you are doing this full time then I would sell your place and get into a reno, how awesome would that be, if I could convince my wife I would do the same
You could either rent and buy and renovate or just buy and renovate depending on your cashflow and situation. It sounds to me like you are a fairly causious investor or yes maybe passive, which I think 95% of people would be until they adapt Steve's formulas, so after doing the seminar you should be in the right frame of mind to get out there and kick some butt.
How was the seminar by the way?
Regards,
Springfielsd
Springfield/s
Thank you for your comments. The seminar was fantastic. Nine hours of very interesting stuff. If you can go to one of Steve''s seminars it is well worth it.I have taken the first step today by putting our family home on the market to buy a reno.
Here goes!!!!
J
well done J, I have just confirmed my spot at the Melbourne seminar in 2 weeks so here goes nothing, all the best with the reno
regards,
Springfield
Hello J
I am in much the same boat as to hold or sell. We have a rental property which we need to chip in $40 each week. We had an offer the other day from someone to buy it, which would make $50,000 profit in 1.5 years. Although our delemna is that the area is zoned industrial and industrial is becoming harder to find in this area so we were going to knock down the house and build a commercial shed which we could easily get $600 for a week. Although my probably is the cash flow between knocking the house down and building a shed? So do I just take the offer and run or somehow live on bake beans until the shed is built?
Anyway sorry, that doesn't help with your situation! Just talking out loud! I really want to go to Steve's seminar although I'm a fair way away from any destination! I'm working on it though.
Cheers
Kristy
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