Not sure this will be any use to anyone else, but just though I'd share my change of investment strategy
Background:
My mum and I spent about 7 years getting together a small property portfolio of 5 IPs. During this time she was working (teacher) and I was a student (and did the renos), so all except one of the IPs are in her name. I know a lot of people advise against investing with family, but this worked fine for us.
Now she's is retired. This makes it pretty hard for her to access the equity, plus she's not really that interested in investing anymore. So, we've decided to sell 3 of the IPs.
The future:
The general idea/strategy is that if we can get 250K-300K from selling these IPs then I will have enough cash to do one of the following:
- Find a reno project in a regional centre that I can buy and renovate outright , without having to go to the banks. This sounds good to me, as I just quit my job and would like to not go back to work.
- Find a reno project in Sydney that would only require a small mortgage. Also sounds good because Hubby's job isn't very well paid.
- Find a reno project in Sydney that would require an 80% lowdoc loan, put $150K down, and use the rest to cover interest and reno costs.
- Find a small development site somewhere and do a small a small build project.
The general difference is that I used to be a buy and hold girl but now I want to take some of that equity and start using it to make my day to day living out of investing/developing, and never go back to a normal day job. Part of the reason I want to change my investing approach is that Hubby and I would like to start a family, so we'd like to rearrange our finances so we don't have to have both of us working in 9-5 jobs.
Anyway, that's probably not much use to anyone, but seeing as I just made a post in another thread about how people don't seem to be sharing as much about their current projects/strategies as they used to, I thought I better step up and make a point of letting you know where I'm at
Background:
My mum and I spent about 7 years getting together a small property portfolio of 5 IPs. During this time she was working (teacher) and I was a student (and did the renos), so all except one of the IPs are in her name. I know a lot of people advise against investing with family, but this worked fine for us.
Now she's is retired. This makes it pretty hard for her to access the equity, plus she's not really that interested in investing anymore. So, we've decided to sell 3 of the IPs.
The future:
The general idea/strategy is that if we can get 250K-300K from selling these IPs then I will have enough cash to do one of the following:
- Find a reno project in a regional centre that I can buy and renovate outright , without having to go to the banks. This sounds good to me, as I just quit my job and would like to not go back to work.
- Find a reno project in Sydney that would only require a small mortgage. Also sounds good because Hubby's job isn't very well paid.
- Find a reno project in Sydney that would require an 80% lowdoc loan, put $150K down, and use the rest to cover interest and reno costs.
- Find a small development site somewhere and do a small a small build project.
The general difference is that I used to be a buy and hold girl but now I want to take some of that equity and start using it to make my day to day living out of investing/developing, and never go back to a normal day job. Part of the reason I want to change my investing approach is that Hubby and I would like to start a family, so we'd like to rearrange our finances so we don't have to have both of us working in 9-5 jobs.
Anyway, that's probably not much use to anyone, but seeing as I just made a post in another thread about how people don't seem to be sharing as much about their current projects/strategies as they used to, I thought I better step up and make a point of letting you know where I'm at