W
WebBoard
Guest
From: Paul Hendriks
Hi All.
I posted recently about the crystal ball, 9/25/01 & got some great response & have decided to seriously do something about our future now, & not be negative about a looming recession. As stated on that post, I have sold my home worth $400k. Owe $130k which includes all debts in total (car, personal, etc).
I have around $270k of my own funds to play with, or I can transfer the $130k loan (all as one) with me. I want to buy at least 1 if not 2 I/P's with these funds & rent a home for ourselves for around $300 p/w
My dilemma is, do I use the 270k to purchase 2 I/P's (135k each) buying around the 225k to 325k mark, so as to make these I/P's positively geared (I don't want any extra pays to make on I/P's) & easier to get finance for.
Income is low at present (combined 30k) due to building business to eventually produce passive income (hopefully 15k year) My wife works part time & we have 2 beautiful young girls to look after. Hence the need for neutral or positive cashflow properties.
I'm now 38 & feel like I am starting over again, after reading lot's of your much appreciated knowledge on this great forum, & reading many, many books I think it's time to act.
So in closing, does this sound sensible, to rent a home whilst immediately building a portfolio of investment properties that will help in future years, or should I buy our own home & then borrow to buy the I/P's.
(we come off acres & would find it very restricting on a small block, we can rent a nice property worth more than we could afford to buy ourselves)
Looking forward to your comments...
PS: I am a HK graduate, but have found his system too sophisticated & complex for my true liking, I would much prefer to get into stress free investing (or as much as possible). Henry makes it sound all so easy, but I feel you have to be 100% into it or it will not work, but I have learned a fair bit from the course but prefer Jan's & RK's plain english investment strategies, & good money habits as opposed to the bad ones of 90% of people, me included - until now!
Starting Over
Regards Paul
Hi All.
I posted recently about the crystal ball, 9/25/01 & got some great response & have decided to seriously do something about our future now, & not be negative about a looming recession. As stated on that post, I have sold my home worth $400k. Owe $130k which includes all debts in total (car, personal, etc).
I have around $270k of my own funds to play with, or I can transfer the $130k loan (all as one) with me. I want to buy at least 1 if not 2 I/P's with these funds & rent a home for ourselves for around $300 p/w
My dilemma is, do I use the 270k to purchase 2 I/P's (135k each) buying around the 225k to 325k mark, so as to make these I/P's positively geared (I don't want any extra pays to make on I/P's) & easier to get finance for.
Income is low at present (combined 30k) due to building business to eventually produce passive income (hopefully 15k year) My wife works part time & we have 2 beautiful young girls to look after. Hence the need for neutral or positive cashflow properties.
I'm now 38 & feel like I am starting over again, after reading lot's of your much appreciated knowledge on this great forum, & reading many, many books I think it's time to act.
So in closing, does this sound sensible, to rent a home whilst immediately building a portfolio of investment properties that will help in future years, or should I buy our own home & then borrow to buy the I/P's.
(we come off acres & would find it very restricting on a small block, we can rent a nice property worth more than we could afford to buy ourselves)
Looking forward to your comments...
PS: I am a HK graduate, but have found his system too sophisticated & complex for my true liking, I would much prefer to get into stress free investing (or as much as possible). Henry makes it sound all so easy, but I feel you have to be 100% into it or it will not work, but I have learned a fair bit from the course but prefer Jan's & RK's plain english investment strategies, & good money habits as opposed to the bad ones of 90% of people, me included - until now!
Starting Over
Regards Paul
Last edited by a moderator: