No Job - how long before I sell properties?

[Rolf Latham]

dig the well before you need the water ?

Old Old line from one of my sqillions of cds ...................having just one major source of income while taking on geared strategies isnt good risk management.

ta
rolf

 

[see_change]

My job is recession proof.

If I can't work ..... That's why I have insurance.


Cliff

 

[BayView]

Number of IPs.....something in the double digits....and over 50% has been bought since 2005!

pretty easy to do if your income is in the 6 figures.

 

[jaycee]

depends...

if I get the sack, not that long...mind you even without using any savings / LOC, I'd still get 4-5 mths of long service leave and holiday pay

if I get redundancy, thats an extra $100k buffer

 

[oasis1frog]

This question is very timely for me, as we are planning moving interstate. My wife is asking for a job transfer, not sure if she will get it. Theoretically I have plenty of cash/LOC/emergency money to last a very long time, but it's still scary with all the loans and no income (in the worst scenerio). The big question mark is if the bank knows we are both not working will they call in the loans ?

 

[sash]

Good stuff Michael.....looks like you are going to land on your feet!

Sash,

Very interesting question!

I work for OneSteel, and they recently amalgamated my business unit into two others leaving myself and the rest of the business unit lead team technically redundant.

I modelled my preferred option of buying a nice liveaboard yacht with the redundancy money and sailing North for the next 6-12 months and renting out both the PPOR and the IP. What it showed is that my monthly cash shortfall after all expenses would be about $1500. Not too bad. The good news is that I have over $150K in cash sitting in the mortgage offset account at present, so I could theoretically survive for 100 months in that mode.

Yep...the old Kiyosaki trick.....

dig the well before you need the water ?

Old Old line from one of my sqillions of cds ...................having just one major source of income while taking on geared strategies isnt good risk management.

May not be as easy as you think....I am surrounded by people who earn between $100 and 500k but still carry on about how tough thngs are for them. It is all relativel....income is a poor determiner of wealth...it is more pschology of money that is more important.

pretty easy to do if your income is in the 6 figures.

 

[BoatBoy]

We'll be right as well thanks



Dave

 

[want2bewealthy]

Anyone seen Ian in this months edition of YIP?

He retired on 4 IP's at $1mil borrowings growing at 10% living on 50k at the beginning and now has 34 properties.

 

[want2bewealthy]

For me, I think Id be able to live until I die without ever having to work again even though the portfolio is still relatively small, I have plenty of equity to play with and decent cash reserves in answer to the actual question.

 

[atti]

if people dont rent my house i am royally up sh*T creek

current situation : unemployed
current debt : 3500
current mortgage 75 000
current rent covers both debt and mortgage
currently living with mum free food, free roof

 

[want2bewealthy]

if people dont rent my house i am royally up sh*T creek

current situation : unemployed
current debt : 3500
current mortgage 75 000
current rent covers both debt and mortgage
currently living with mum free food, free roof

Good work Atti

Three words, LOC and to be REALLY 'daring' lets add another three, LOE, Woooooooo . . . now that one seems really scary.

I bet you cant use it up before theres even more than there was before, now that a dare

Congratulations once again.

 

[BoatBoy]

Good work Atti

Three words, LOC and to be REALLY 'daring' lets add another three, LOE, Woooooooo . . . now that one seems really scary.

Congratulations once again.

Youre kidding right?

Encouraging someone with no job, a history of dodgy tenants and damage, living at home with mum and has indicated no income to "giddy up"

I bet you cant use it up before theres even more than there was before, now that a dare

Use what up exactly?

Dave

 

[Ridin-High]

i voted the 1-3 months at the moment (Thats a worst case scenario of having no rent + no job), my lvr is in the early 90's. I do have cards up my sleeve that could strech that term out abit longer. Lucky my job is with the government ;d

 

[want2bewealthy]

Hmmmm you're right, I dunno what happened there.. lol carry on

Youre kidding right?

Encouraging someone with no job, a history of dodgy tenants and damage, living at home with mum and has indicated no income to "giddy up"


Use what up exactly?

Dave

 

[sue78]

We have enough cash reserves to pre-pay interest on IPs for 2yrs, prepay all bills etc and live off rents to get over the crisis and can re-draw on the ppor that's almost paid off I guess.

But our expenditure is very high. We don't use any of the work income to pay bills...we spend it all on ourselves. So I guess first thing would be to reduce spending, less shopping, eat out less etc but there's always something to buy have my eyes on a Maclaren Twin Triumph Traveller in Navy with red and blue removable seat covers on special for $399. It's cheap, normally $500+ and lightweight, small fold..great for shopping centre and travelling, compliments by First Wheels City Twin off rd pram perfectly and still less than $1k for both prams.

Good thing hubby's job is recession proof and we have a contract on our new build.

 

[atti]

someone is celebrating recession early with giddyup comments i think i seen it in 3-4 threads already lol, i am struggleling but not dieing, fighting for my First freehold property !!!

 

[peastman]

Looks like we might have to start thinking seriously about our cashflow. 90 people are losing there jobs where my wife works on friday, she may be one of them. I think we will be OK for a year or two depending on how my business goes.
We have decided not to cancel our holiday to Hawaii in June and are still planning next years holiday in Vanuatu.

 

[Mindmaster]

Property portfolio is "1" IP

Valued at 300k, owe 20K, can redrew up to 80k, CG- by around $80 a week.

That sucker can take care of it self for literally years barring massive repairs.

My personal expenses are minimal and I live in a country where English teachers are in demand so I'd just find a job teaching snot nosed kids English, grit my teeth and work on the how to make money.

After servicing the IP, my two siamese cats are my biggest expense so they may have to go. Any one want two delightful (l lie) cats for free???