Hi,
I have a plan and I want some of you guys to give me your point of view of things and or the risks involved. Long time ago I had a few threads going for those who will remember will have a better understanding. I will try and make this as short but informative as possible as it is kind of a long story.
I’m 22 years of age. I built my first home when I was 19 years of age with no support and a very little income of only 750 per week but ever since 2011 it’s been $920 p/w. I initially got the house for my mother as my parents are divorced thinking to myself that I’m doing a good job. I never had a father figure in my life so I really didn’t know what I was getting myself into. Well till now I’ve been paying interest only and to be honest I had enough. I don’t have a life. I was that stressed and mind ****ed I quit my job, pulled out 20k from the equity tried to make more income so I decided to trade currency with it. I did very well until I made ONE stupid mistake, emotions took over and I lost it all. My mother had no idea about any of this just up until Friday where I had to choice but to confess everything. My mother and brother (studying) who live with me are under centre link benefits but that’s it. I purchased the home up in the northern suburbs of Victoria, Craigieburn for 355k, loan withdrawal = 320k but now it’s 340k hence the 20k I lost and the repayments are $1900 IO,
I found a place to rent close by that’s only going for $130 p/w. Now the plan is to rent out the house that I’m living in ATM and move to the more convenient property. My next door neighbour who has a single garage 3 bedroom is renting it for $1600 p/m. I have a double garage 4 bedroom so I wouldn’t find the hassle of renting it out for a decent price. All I need to do is to find a decent paying job and find TWO investors who are willing to pay 2k each p/m. Now the property ATM is valued at 430k. According to my calculations the investors will invest in a total of $84k each within a period of 3.5-4 years and mean while my family and I will put in 4k a month. So basically in my off-set account in 3.5-4 years I would have 340k. At this stage the investors have done their bit so have I. I continue to receive rent for the next year. Sell the house, for which I’m assuming will be WELL over 500k, as they have a BIG project going on right behind my house, apparently its meant to be the biggest shopping centre in the northern suburbs. They’ve already started so I’m assuming it should be completed by the end of next year or so.
So let’s just talk minimum and assume I sell it for 550k minus the fees etc…? I really don’t know how much that will all cost but regardless if I have in my hands 500k, investors will receive 125k each. I would want the investors to be young who don’t study BUT work and have enough support from parents. I could imagine a 19 year old to have 125k in his/her pocket at the age of 24 or so. Why I say they must have support from elsewhere such as family is because I don’t want them going through what I went through. They should still be able to go out etc… the younger they start the better. And for what I have left over, I will give 50k to my brother who will just finish uni at that stage as a head start in life, 50k to my mother. And a fresh start for me with whatever is left.
That’s really the ONLY idea I have going atm. Or else I think I’ll never be able to pay this house off so I would have to call the agent tomorrow and sell it. I don’t know, it’s just an idea and I would like to hear anything from you guys which will be MUCH appreciated. Thank you for your time.
I have a plan and I want some of you guys to give me your point of view of things and or the risks involved. Long time ago I had a few threads going for those who will remember will have a better understanding. I will try and make this as short but informative as possible as it is kind of a long story.
I’m 22 years of age. I built my first home when I was 19 years of age with no support and a very little income of only 750 per week but ever since 2011 it’s been $920 p/w. I initially got the house for my mother as my parents are divorced thinking to myself that I’m doing a good job. I never had a father figure in my life so I really didn’t know what I was getting myself into. Well till now I’ve been paying interest only and to be honest I had enough. I don’t have a life. I was that stressed and mind ****ed I quit my job, pulled out 20k from the equity tried to make more income so I decided to trade currency with it. I did very well until I made ONE stupid mistake, emotions took over and I lost it all. My mother had no idea about any of this just up until Friday where I had to choice but to confess everything. My mother and brother (studying) who live with me are under centre link benefits but that’s it. I purchased the home up in the northern suburbs of Victoria, Craigieburn for 355k, loan withdrawal = 320k but now it’s 340k hence the 20k I lost and the repayments are $1900 IO,
I found a place to rent close by that’s only going for $130 p/w. Now the plan is to rent out the house that I’m living in ATM and move to the more convenient property. My next door neighbour who has a single garage 3 bedroom is renting it for $1600 p/m. I have a double garage 4 bedroom so I wouldn’t find the hassle of renting it out for a decent price. All I need to do is to find a decent paying job and find TWO investors who are willing to pay 2k each p/m. Now the property ATM is valued at 430k. According to my calculations the investors will invest in a total of $84k each within a period of 3.5-4 years and mean while my family and I will put in 4k a month. So basically in my off-set account in 3.5-4 years I would have 340k. At this stage the investors have done their bit so have I. I continue to receive rent for the next year. Sell the house, for which I’m assuming will be WELL over 500k, as they have a BIG project going on right behind my house, apparently its meant to be the biggest shopping centre in the northern suburbs. They’ve already started so I’m assuming it should be completed by the end of next year or so.
So let’s just talk minimum and assume I sell it for 550k minus the fees etc…? I really don’t know how much that will all cost but regardless if I have in my hands 500k, investors will receive 125k each. I would want the investors to be young who don’t study BUT work and have enough support from parents. I could imagine a 19 year old to have 125k in his/her pocket at the age of 24 or so. Why I say they must have support from elsewhere such as family is because I don’t want them going through what I went through. They should still be able to go out etc… the younger they start the better. And for what I have left over, I will give 50k to my brother who will just finish uni at that stage as a head start in life, 50k to my mother. And a fresh start for me with whatever is left.
That’s really the ONLY idea I have going atm. Or else I think I’ll never be able to pay this house off so I would have to call the agent tomorrow and sell it. I don’t know, it’s just an idea and I would like to hear anything from you guys which will be MUCH appreciated. Thank you for your time.
