Can I please get your opinions on my personal situation. - Please no judgements - advice from the greybeards (older blokes who have lived it much appreciated) I am 40 years old
You are barking up the wrong tree if you think you will get answers that are not judgmental, especially given your next comment is this...
Current Situation
PPOR worth 1.5m - mortgage .4m - married to a Sydney princess, all IP's were sold to get to this situation.
Did you sell all IPs happily to get the $1.5M PPOR, and was it good enough for your wife then, and now she wants more? As soon as I read that sentence I thought "poor chap, he's got no chance of having too much input, and he knows it". I'm a woman, by the way.
Option 1
Sell PPOR and live mortgage free in (say?) Cherrybrook and build a portfolio adding 1 ~ 400K IP per annum over the next 20-30 years.
What does the wife say about this option? It sounds like the IPs were sold to buy your "Sydney princess" something she wanted. Would she live in Cherrybrook in a lesser value house?
Option 2
Buy the 1.7m mansion as mentioned in previous thread (i am lucky to be on a high income, can service the mortgage and enjoy my job) and keep the princess happy and hopefully* give my kids a better start in life. plus also save 1 hr per day in travel time.
What does the wife say about this option?
I'm sorry if I sound judgmental, but it sounds like she is running the story, and you may not really have much of a say. I'll apologise right now in case I'm wrong, but that is how it sounds.
If you sold "all your IPs" to get the $1.5M house, is it not to your liking now? Is this a case of keeping up with the Joneses. If so, you are on a hiding to nothing.
Our first house was a "landmark" house and after we sold it and did up the next two houses, we always thought "one day we'll buy another landmark house". That urge got less and less as every time the "right" house came up, we decided to keep IPs and have the rent rolling in. We just never wanted to sell the IPs to live in a better house, lose the rent, lose the growth.
We are not wealthy, but we have a couple of IPs, and sometimes I wonder if putting our money into an upmarket PPOR would have served us better, but we'll never know.
I'm wondering if you resent the your wife whom you have called a "Sydney princess" for driving/forcing/convincing(?) you to sell the IPs to live in an upmarket house, and what you want to do? Calling your wife that made me wonder, but perhaps it was a bit of a joke.
Our plan was always to have a few IPs paid off so that hubby could stop working if he wished. He did that at 50, but if we lived in a $2M house and had no IPs that would not have been an option.
Again, sorry if I sound judgmental. It just sounds like you don't have much say in which way you are headed.
