Not quite there yet, still a fair bit of bank refinancing and new loans that needs to happen, but we're on the path. Tenants are in now and minor final defects being rectified.
Looking forward to a few months time when the dust has all settled and I can sit back and become a boring rent collector like Daz. Well, maybe not quite like Daz, but I hope my three high end units will be pretty low maintenance if not the yields Daz enjoys with his Commercials.
Depreciation is going to be awesome in my tax returns!! Where's Scott (Depreciator), I think I need another schedule or three.
At this stage we're planning on just going into a few years of debt reduction and enjoying the fruits of our labour. No more delayed gratification.
We've set the framework up for our retirement now. We have sufficient assets behind us with sufficient equity that the cash flow is positive and will only improve over time. I'm going to transition from a portfolio growth strategy to a cash flow release or portfolio maturity strategy.
We'll build our new home in Brisbane of course, but then that might be it. We'll have our PPOR and get it paid off within 5 years. We'll also then have the three premium units in Sydney that are worth $2.7M today growing at 3% pa and cash flow positive. That should fund our retirement in 10-20 years time. I might even accelerate that if I sell down and move my equity to more cash flow friendly instruments.
But for now we're going to go into consolidation mode. Let the dust settle, refinance, pay down some debt, live a little.
Hey Michael - great to read through your journey - talk about delayed gratification, caravan living 'n all! You deserve a tremendous 2013!
Coincidentally I saw this thread when I posted my own ex PPOR northern beach sale just now. This sale will leave me with about $500K free cash which I am looking for a home. What a great problem we have.
cheers and good luck, you deserve another bottle of Bolly.