So approximately 6 years ago with approximately $30k cash deposit for a 2 bedroom unit (this included government $7k bonus) which we lived in for 6 months. My SO then gets a job at my company and we decided to get a house. 6 years so later we are now renting out both properties while we are renting elsewhere (just had first child, moved closer to family and both have since changed jobs).
At our 2013 tax statement - after mortgage fees, interest, etc. it works out that the unit we are paying EACH of $7/week to own (currently the rental income is higher than the mortgage payment) and the house is about $23/week to own (it was only rented for approx 3 months of that taxable year).
I am convinced that we are setting ourselves up well for retirement to have two investment properties. But he constantly complains because its negative but I guess I don't know how to explain it well enough to him? Or am I calculating it wrong? I mean at $7/week each.. that's more than his coke habit (coca-cola that is).
Help me to explain it in a way that my SO can see the benefit of property investing versus doing nothing with our money?
At our 2013 tax statement - after mortgage fees, interest, etc. it works out that the unit we are paying EACH of $7/week to own (currently the rental income is higher than the mortgage payment) and the house is about $23/week to own (it was only rented for approx 3 months of that taxable year).
I am convinced that we are setting ourselves up well for retirement to have two investment properties. But he constantly complains because its negative but I guess I don't know how to explain it well enough to him? Or am I calculating it wrong? I mean at $7/week each.. that's more than his coke habit (coca-cola that is).
Help me to explain it in a way that my SO can see the benefit of property investing versus doing nothing with our money?