Setting up the retirement in the correct sequence

Just had an interesting conversation with my accountant re starting the offloading process. Firts thing is to take stock and make a 2 to 3 year plan.If you have a substantial portfolio, with good performers and some lemons, make sure you offload the lemons first. Even if you sell at a loss, the loss will be carried forward into the next financial years, and will be put against any huge profits you may make from your better performers. Naturally we all hope that every property is going to be a great performer, and they may well have been during the working cycle, as tax offsets and what not, but it is a welcoming thought that there realy is no need to get depressed if a few have dropped below the original buying price in the current climate, and you have to get rid of them to loosen your cashflow a bit.

Here is my plan- retirement this year so i can paint! Take 2 years to whittle the portfolio down to a basic 6 IP's, with a weekly income of $3000 per week, for ever- doing nothing-well-hopefully if we survive 2010! Not bad at 50 I think. And so darned easy that anyone realy can do it. The only thing I will miss is the excitement of looking for houses to buy. ah well, something has to give, i guess.;) anyone need any art to hang in their IP's?
 
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Hi, congratulations on your upcoming retirement.

I agree that having a plan is very important and planning it out carefully should allow the best results. Usually I would plan for much longer than 2-3 years but I presume that your accountant knows your situation better than the forum does so will also presume that your plan is a good one for your particular circumstances. Well done.

Is your expected $3,000 weekly income before or after tax and other property expenses?
 
Well done and it would be something I aspire too do as well , so could you just outline what you did and how you did it and how long it took to get too where you are today

Not bad at 50 I think. And so darned easy that anyone realy can do it.

stuart
 
how, what, when and why

sure thing-just read my other posts. I have been here a while.

Income is nett. maintenance done by us. management done by us, but it helps if you are a builder. achieved in 14 years and a lot of hard work, not including the ppr ( which has the potential of earning an other $600 per week if we feel 'destitute" due to the way we designed it, with 2 luxurious granny flats downstairs.)One thing is for sure-the average punter cannot achieve it without a lot of hard yakka-( average , again, being the key word)So be prepared to work your butt off. But hey, there is a lot of spare time between 50 and 100!
 
Hi, congratulations on your upcoming retirement.

I agree that having a plan is very important and planning it out carefully should allow the best results. Usually I would plan for much longer than 2-3 years but I presume that your accountant knows your situation better than the forum does so will also presume that your plan is a good one for your particular circumstances. Well done.

Is your expected $3,000 weekly income before or after tax and other property expenses?

Hey doc,
I had the plan in action right from the word go, not my accountant.This was my superannuation strategy. Keep Super to a minimum, buy a decent share portfolio along the way, and buy property when you can afford it.
 
Congrats! I hope to get myself into a similar position one day!

May I ask who your accountant is, how long you've been using them and what your thoughts are on them? I currently don't have an accountant (done it all myself to date) but I'm looking for a good one in the Brisbane area to set up a long term relationship with, and hopefully take the pressure off me!
 
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