Well, the decision has been made, our first and only IP in WA has to go. It was originally purchased neg geared due to circumstances at the time. Those circumstances have changed (boy have they changed) and it is now costing us too much ($100+ per week?). We bought at $142K (inc costs) and will sell around $270K (not bad in 3.5 years eh)! This will leave us in a good position to start again as we will have paid out the LOC on our home (PPOR) and have some $100K left over before CGT, etc. (we will probably only partially discharge the IP mortgage - both loans will be secured by our PPOR, leaving the $142K IO loan open and ready for the next purchase).
So where to now? We want to jump back on the wagon as soon as possible and get the ball rolling on at least 2 IPs this year. I am reading everything I can get my hands on for advice, etc, but must admit a lot goes over my head and a lot more just confuses the hell out of me! Eventually we would like to get into some small developments (sub-divide big blocks and build on the 2nd half - that sort of thing), but for now we want 1 or 2 positive income properties!
At the moment we are a) confused as to were to buy, b) confused as to the best way to finance the future IPs, c) confused as to the best structure (trusts, etc), d) confused as to how to work out if a property will be positive income or not. And that is just the start!
If there are any experienced investors in the Southern Highlands, NSW who would be willing to share their knowledge and experience I am more than willing to buy coffee and even lunch! I guess we are looking for mentors!
Ta Keith
So where to now? We want to jump back on the wagon as soon as possible and get the ball rolling on at least 2 IPs this year. I am reading everything I can get my hands on for advice, etc, but must admit a lot goes over my head and a lot more just confuses the hell out of me! Eventually we would like to get into some small developments (sub-divide big blocks and build on the 2nd half - that sort of thing), but for now we want 1 or 2 positive income properties!
At the moment we are a) confused as to were to buy, b) confused as to the best way to finance the future IPs, c) confused as to the best structure (trusts, etc), d) confused as to how to work out if a property will be positive income or not. And that is just the start!
If there are any experienced investors in the Southern Highlands, NSW who would be willing to share their knowledge and experience I am more than willing to buy coffee and even lunch! I guess we are looking for mentors!
Ta Keith