Some help please.
As some of you may be aware, Bloss and I are having a pretty good go at trying to retire in a couple of year's.
We will be seeing our Accountant in a week, so need to put a couple of scenario's to him, so I'll air them here first for your learned and varied opinion, so as to hit him with a couple of question's instead of a couple of hundred.
As we will be living on our catamaran, we will have no need for our PPOR, so plan to flog it off.
It should have gone up in val in a couple of year's [Brisbane Bayside], even in it's current sorry state.
Unimproved, it'll get $325,000 ish and will be owned outright with no CGT[ we could throw $30k at it and get $340k ]
Should we,
1] Take the cash and pay off half of the IP debt, effectively owning 3 outright and have 3 with a 50% LVR. Then use the 50% equity to get into some managed fund's.
2] Take the cash and just use that to get into some managed fund's, leaving the 6 IP's on 40% to 50% LVR, all cash flow neutral [ after rates, insurance etc etc added in]
3] Take the cash and leverage the gut's out of everything into managed funds.
4] Come up with another plan all together.
Take into account that we are pretty cheap to keep and with no PPOR to pay off, No other bad debt, cash flow neutral property paying for itself, we will live well enough [ by our standard's] in Aus on $60,0000 of today's money.
Living OS we'll manage well on half of that.
Being on the boat will mean that communication's will be limited with up to 2 week's between internet and phone access, so whatever we do will have to be able to look after itself fairly well.
Are we in a position to pull the pin on this working caper or not????
I look forward to advice, question's & opinion's.
Dave
As some of you may be aware, Bloss and I are having a pretty good go at trying to retire in a couple of year's.
We will be seeing our Accountant in a week, so need to put a couple of scenario's to him, so I'll air them here first for your learned and varied opinion, so as to hit him with a couple of question's instead of a couple of hundred.
As we will be living on our catamaran, we will have no need for our PPOR, so plan to flog it off.
It should have gone up in val in a couple of year's [Brisbane Bayside], even in it's current sorry state.
Unimproved, it'll get $325,000 ish and will be owned outright with no CGT[ we could throw $30k at it and get $340k ]
Should we,
1] Take the cash and pay off half of the IP debt, effectively owning 3 outright and have 3 with a 50% LVR. Then use the 50% equity to get into some managed fund's.
2] Take the cash and just use that to get into some managed fund's, leaving the 6 IP's on 40% to 50% LVR, all cash flow neutral [ after rates, insurance etc etc added in]
3] Take the cash and leverage the gut's out of everything into managed funds.
4] Come up with another plan all together.
Take into account that we are pretty cheap to keep and with no PPOR to pay off, No other bad debt, cash flow neutral property paying for itself, we will live well enough [ by our standard's] in Aus on $60,0000 of today's money.
Living OS we'll manage well on half of that.
Being on the boat will mean that communication's will be limited with up to 2 week's between internet and phone access, so whatever we do will have to be able to look after itself fairly well.
Are we in a position to pull the pin on this working caper or not????
I look forward to advice, question's & opinion's.
Dave