Need some ideas what would you do with this?

Discussion in 'Property Investment - Other' started by maloo, 16th Mar, 2009.

  1. maloo

    maloo Member

    Joined:
    19th Feb, 2009
    Messages:
    67
    Location:
    Canberra, ACT
    I have been busy reading your forum for the last couple of weeks a big thanks to everyone thats posts and maintains this informative site.

    I need you........To give me some ideas on what to do with my current situation.

    I am not against selling things.......but never have.

    Im 29 and the bride is a little older we have two children 1 yr and 2.5 yr old. We move around a lot with her work. The bits n pieces that we have bought were never bought from an ivestment point of view. Anything we bought was to live in with the exception of one ( carparking space).

    So I guess im going to spill my/our situation and let you guys go wild and give me your ideas/advice . I will probably confuse you with my ramblings but I just want to make sure you are armed with the right information.

    Property #1
    Clifton HIll Vic free standing 2 bed+bunglow, 100+ yrs old
    owe 380k- 65k offset
    val 600k
    inc 420p/w
    50/50 split 190k fixed 3yrs I/O @ 4.99 190k I/O 5.21 with 65k in offset

    Property #2
    Roxburgh Park Vic Town house 3 bed, 9 yrs old
    owe 192k
    val 270k
    inc 255p/w
    fixed 3yrs @4.99 I/O

    Property #3
    Manuka ACT Unit 1 bed, Furnished, 10 years old
    owe 208k
    val 360k
    inc 395p/w
    P/I 5.21%

    Property #4
    Melbourne Vic Carparking space
    owe nill
    val 60k
    inc 110p/w

    Property #5
    Abbotsford Vic free standing 2 bed
    owe 200k
    val 600k
    inc 450p/w
    P/I 5.21%

    NOTE:
    Property #3 has high body corp 3.5k yr


    Personal Income
    Me self employed bricklayer 45k should be more but im casual
    Bride IT 180k

    I know we should be doing more but im just not sure what. So go ahead and give it to me .


    Thanks in advance.
    s
     
  2. want2bewealthy

    want2bewealthy Getting wealthier

    Joined:
    4th Apr, 2007
    Messages:
    1,611
    Location:
    Buying time.
    Ha, if you ask me you should be doing less and investing more ;)
    You've done well, congratulations, FWIW Id be 'retiring' if it were me but I'm not so carry on
     
  3. Rolf Latham

    Rolf Latham Member

    Joined:
    2nd Mar, 2001
    Messages:
    18,791
    Location:
    Confused = Sydney, Brisbane and Gold Coast
    Terrific equity position to be in there.

    Which of you owns which of the assets please ?

    ta
    rolf
     
  4. maloo

    maloo Member

    Joined:
    19th Feb, 2009
    Messages:
    67
    Location:
    Canberra, ACT
    #1- J&S
    #2- S... maybe changing this soon to J&S
    #3- J
    #4- J ...I guess its classed as a piece of commercial RE
    #5- J

    I know what you mean with the equity but I have trouble getting my head around raping properties. I guess what I am trying to say is I like a bit of savings to buy things . I like to see myself as a 20% sort of man.
     
  5. Rolf Latham

    Rolf Latham Member

    Joined:
    2nd Mar, 2001
    Messages:
    18,791
    Location:
    Confused = Sydney, Brisbane and Gold Coast
    Understand the 20 % deposit need.

    One challenge with that fetish :) is that to make another purchase you will have to sell something, AND pay selling costs and CGT at whateever level.

    I suppose your core question is which property shall you turn over ?

    Might be a good time to see a savvy accountant and subseqeuntly a mortgage broker.



    ta
    rolf