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I think its in my best interests to stay put. I just feel like I'll be too co-dependent on my parents and I cant stand that feeling!
The most important thing for me I've realised is my SANF. Next time I'll take things slower and make sure my golden rules are in place. ie plenty of buffer (at least $30 K before I buy the next one), not too high an LVR (in case I need to draw on a line of credit) and not too NG. I think these rules are so important for someone on my kind of income!
I have changed my mind so many times about moving in with my parents.
I think its in my best interests to stay put. I just feel like I'll be too co-dependent on my parents and I cant stand that feeling! So the next 2 - 3 years will be hard but it will be a good learning curve for me. Its important to take responsability for this and to be brave. I'm an adult and thats what adults do. It could be worse. I've got $7 K in the bank so I'm not entirely broke. It will just take time to rebuild it up again.
I'm thinking of other options. Selling an ip is not an option. I would only do that if I was going under. Perhaps I could try to get a line of credit of around $10 or 20 K and use that as a buffer?! I'm waiting though to see how low the fixed rates will go. I might uncross my anz xcol loans.
I agree with you APK..you sometimes just need to stand on your own two feet.
Alex
If you were my daughter and you needed to borrow a thousand or two to pay a bill (eg house or IP council rates or insurance) it would not worry me in the slightest to give the money.
You are building your wealth not squandering money.
In regard to health you are working (and thinking) through all possible strategies to improve and personally I would want my daughter to stay in her own unit if possible as IMHO you grow more as a person by having to face and make more decisions = personal development.
If she needed to come home as not coping financially (behind in bills and unable to earn sufficent money to live independtly) or mentally & physically fragile (depressed, unable to cook, clean and look after own hygiene) then I would want her home.
Stretching yourself is growing, snapping yourself is harmful.
Kind Regards
Sheryn
What's suitable for one isn't necessarily suitable for all. Realistically, many successful property investors starting on low-incomes would never have been successful if they had saved a 30k buffer for each purchase on top of deposit and stamp duty. Everyone has a different comfort zone. Timing is entirely crucial. Even on a low-income, just before a boom, negatively gearing to your eyeballs and buying like a mofo can pay off. Not so much in times of stagnation or drops. Speculation is a gamble. A slow and steady positively geared approach is much safer and, clearly, more conducive to your SANF.
With all due respect, I can't fathom why you need credit. Doing the sums, you should be perfectly OK on your income servicing your mortgages with a 7k buffer.
Ultimately, the most important thing should be your health and sanity, don't let the pursuit of wealth compromise that. Good luck with everything and whatever you decide, I'm sure, will be the right decision for you.
*snip*
I'm thinking of other options. Selling an ip is not an option. I would only do that if I was going under. Perhaps I could try to get a line of credit of around $10 or 20 K and use that as a buffer?! I'm waiting though to see how low the fixed rates will go. I might uncross my anz xcol loans.
Yep
I wish there were a like button like on facebook.
like!
Alex, I think you are doing great. In a few years you will forget the pain and be glad you did it.
My ppor will be available for lease mid Feb.
... so you're moving in with your parents? Just trying to keep track