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From: Brad Couper
Hi...
I've just been reading "more wealth from residential property" and I'm about 2/3 of the way thru it.
About four and a half years ago I bought a house with my sister. Later I moved out when she got married and I rent a cheap unit while they pay off the property slowly (the husbands "rent" pays for most of my half of the payments). The duplex was bought for 91k and now is roughly valued at 140k, I say roughly because this is going by what similar properties are going for in the same area. We still owe 71k on the loan.
Now.. what should I do?
1. sell it.. pay off the loan and use the gain as a deposit on my own house.
2. keep it, and try and pay it off quicker.
3. Borrow money for a slightly larger unit.. all move in together (if i can convince them
) and rent out our current duplex as an investment property.
4. Anything else you can suggest.
things to note..
-We all earn about an average wage.
-I'm the primary signature on the current loan.
-all 3 of us owe money for our cars (but not large amounts)
-we are thinking of buying a franchise in the next 3-4 months (ie.. If we don't borrow now we might not be able to borrow for sometime in the future)
-the franchise if we do it will be funded by a parent.
sorry for the long read..
regards
brad
-
Hi...
I've just been reading "more wealth from residential property" and I'm about 2/3 of the way thru it.
About four and a half years ago I bought a house with my sister. Later I moved out when she got married and I rent a cheap unit while they pay off the property slowly (the husbands "rent" pays for most of my half of the payments). The duplex was bought for 91k and now is roughly valued at 140k, I say roughly because this is going by what similar properties are going for in the same area. We still owe 71k on the loan.
Now.. what should I do?
1. sell it.. pay off the loan and use the gain as a deposit on my own house.
2. keep it, and try and pay it off quicker.
3. Borrow money for a slightly larger unit.. all move in together (if i can convince them
) and rent out our current duplex as an investment property.4. Anything else you can suggest.
things to note..
-We all earn about an average wage.
-I'm the primary signature on the current loan.
-all 3 of us owe money for our cars (but not large amounts)
-we are thinking of buying a franchise in the next 3-4 months (ie.. If we don't borrow now we might not be able to borrow for sometime in the future)
-the franchise if we do it will be funded by a parent.
sorry for the long read..
regards
brad
-
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