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?
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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