With this portfolio of properties and a toxic work environment, what should we do?

[catswallow]

My husband and I are in our late thirties and we live in Melbourne. We have one child but are planning to have one more. I am not working at the moment. My husband is in a very specific area in IT and changing jobs is quite hard. He is very unhappy with his work environment. He has endured workplace politics and workplace bullying daily for a few years. It is up to a point where this is affecting his health and our lives, and so we are considering our options. Any advice would be very welcomed.

We have the following properties portfolio, all of them are fully paid off:
1. 3.8M investment properties, rental income is around 140K after expenses but before tax
2. 25% shares of a 10M development site (shared with family members negligible income)
3. PPOR

Should he:
- Find a job in another area of IT (after doing a relevant IT course)
- Find a job in a different industry (after doing a relevant course)
- Go into property development (the only experience being successfully applied for a DA)
- Start a small business
- Quit his job and retire

Thanks very much for reading/advising!

 

[Aaron_C]

Not sure with those kind of net assets why he doesn't just quit and go do something he actually enjoys.

 

[devank]

rental income is around 140K after expenses but before tax

If I'm in his shoe, I would quit and do (work) what I would like to do.

My wife is working but we have about 1.6Mil loan. I'm already taking that path! Taking the redundancy and planning to work as what ever interests me.

 

[devank]

Not sure with those kind of net assets why he doesn't just quit and go do something he actually enjoys.

May be they want to pay for their children's uni fees

 

[westminster]

If you can live off that 140k then I'd quit. I'd spend 12mths working out what he/you want to do and then action that plan. He could go back to study, find that 140k is enough etc

I do question why only 140k income from 3.8m worth of property which has no debt attached. That seems pretty poor yield. I'd also consider selling some of those assets for better assets.

 

[pinkboy]

If you can live off that 140k then I'd quit. I'd spend 12mths working out what he/you want to do and then action that plan. He could go back to study, find that 140k is enough etc

I do question why only 140k income from 3.8m worth of property which has no debt attached. That seems pretty poor yield. I'd also consider selling some of those assets for better assets.

Asset could be land (development rings bells)?

pinkboy

 

[The Y-man]

We have the following properties portfolio, all of them are fully paid off:
1. 3.8M investment properties, rental income is around 140K after expenses but before tax
2. 25% shares of a 10M development site (shared with family members negligible income)
3. PPOR

Uhh.... yup, you don't need advice...... you're way ahead.

Are the ip's jointly owned, sole owner or trust?

If joint, it represents $70k income per person so

1. tax rate won't be too bad
2. each person will be getting what an average wage slave does.


Tell hubby to go off an do what he wants to.

Can he get a package at his current work?

If not, before handing in the badge, consider if he would like to:

- acertain if his services are needed.

- make it clear to employer and colleagues he's there not because he has to, but because he wants to and can walk out any time

- bullying MUSt be reported - it is an HR/OHS/management issue

- work place politics - well you can always throw the line "Well I'm a multimillionaire, and you are.... unless he's going up against billionaires that is....

- start enjoying work because he's there to fill in some spare time....

The Y-man

 

[The Y-man]

I do question why only 140k income from 3.8m worth of property which has no debt attached. That seems pretty poor yield. I'd also consider selling some of those assets for better assets.

I'd say they would be all inner city IP's - 3.6% net of costs would sound about right. SHould have decent cap growth attached though.

The Y-man

 

[ok180]

This thread is right up there with China's and the guy who was having an internal crisis over buying a 200k car or not.

 

[cimbom]

I would have quit yesterday

 

[topcropper]

Another one that should be in the 'first world problems' thread.


See ya's.

 

[WattleIdo]

Maybe SS needs to set up a new section for First World Problems or Numbers That Show How Much Better You Are Than Everyone Else (???).

Sorry, after the china thing I've gone all cynical ....

Wattz

 

[mikezen]

This thread is right up there with China's and the guy who was having an internal crisis over buying a 200k car or not.

Absolutely spot on

 

[Cargs]

Quit the job, take an indefinate holiday, concieve baby #2, enjoy birth and first months/ years of new baby, if you get bored, reassess and find something new!

Your financial position is a very enviable one and something many of us aspire too

 

[LoneWolf]

I just voted, 8/9 votes were to retire.. So I would say consider this option

 

[Scott No Mates]

Become an IT consultant.

He has got specialised skills.

 

[skater]

No brainer in my books.

 

[devank]

Maybe SS needs to set up a new section for First World Problems or Numbers That Show How Much Better You Are Than Everyone Else (???).

To me, it all sounded genuine.

Become an IT consultant.

How do you find a contract? Doesn't it become another constant 'job search'?

 

[Mr. Fabulous]

What is going on with some of these replies? They've done well and deserve a pat on the back not some thinly veiled put down.

I voted he should start his own business as an IT consultant working from home. Stuff putting up with that kind of crap at work.

 

[ok180]

What is going on with some of these replies? They've done well and deserve a pat on the back not some thinly veiled put down.
.

How do you know they have done well?