Analysis paralysis

[PurpleP]

Hi all, I think at my age of 45 i am in a good position to set myself/spouse up for our retirment years.But the more i read the more i find i sit on my hands and do nothing. I have read Jan's books and many others.
my/spouses situation is:
have 2 ips worth $600k with about $140k equity
A ppor worth approx $850k. encumbered only by ip's
Investment loans of about $550k.
cash at hand $85,000 & looking to refinace due to wife's salary going from part time to full time
interested in neutral to +CF & entertaining the possibility of doing a reno/s
Being greedy i want to maximise the use of my cash, equity and increased borrowing capacity.
Assuming i have the time to research and renovate(not necessarily doing the renos myself) so i guess cities/towns other than my own would not be out of the question
1.What should i be able to acheive finacially over the next 2 to 5 years?
2. what would you do if you were in my position?
3. any other advice welcome

 

[alexlee]

When you say your PPOR is encumbered by your IPs, what do you mean? Are you x-coll'ed? If so I'd suggest you get rid of that x-coll. Your LVR on the IPs alone is about 80% so you should be able to do this.

It's pretty general but I'd suggest going out there and start looking at deals. If you haven't already done so, read everything on property investment. Start with some small deals to get used to them.

Personally, I don't think age has any impact on a good property investment plan.
Alex

 

[WillG]

When do you want to retire ?

How much income will you need when you retire ?

 

[PurpleP]

Would like to retire in 10 years less if possible
with an income between 50 -100K pa. can't be much more specific

Thanks
Greg

 

[Mr. Fabulous]

Greg,

You might want to sit down and concentrate more on your plan. Become more specific about it. Get to the point where if someone asks you what your plans are financially you can look them in the eye and give them a concise breakdown without even having to think about it.

Mark