Is having a mentor important?

This is where I see the benefit of a mentor as a fresh set of eyes, it can be difficult to evaluate the situation as an insider.

We really aren't sure what move to make next, looking at all options including investment outside property and ways to increase our income (not making much progress on the income though, we may consider annuities).

We are getting legal/structuring advice this month as well.

This is all in amongst our responsibilities with the 4 kids so naturally investing takes a back seat to their schooling, tutoring, sport, birthday parties etc. Etc. Etc.

 

Well work might be looking for you sooon if I cant get a good landscaper

 

It depends on your financial situation but I'd say (when you can afford to) buy properties in large towns/cities pop 100k + that cover all costs of P&I preferably over 20-25yrs (watching LVR and IR) but hey, who'd want to do that?

 

PC is great for specific questions but setting and measuring benchmarks to achieve a long term goal.... I feel like we are just plucking figures out of thin air. Really not sure if we are or track to achieving our goals or not, mind you we only got serious about it just over a year ago so it might be too early to tell?

 

The 'only 1 year' is somewhat relevant too. Ultimately, you can know how you are doing when it comes time for revaluation. Building equity is the name of the game for many people, so revaluations is one good way to keep score of how well your strategy/plans are working.

 

What's your strategy, sorry I can't remember? Are you just waiting for capital gains beyond, entry exit and holding costs so that you can sell down one, pay off another? My problem with that is that it's crystal ball stuff obviously.

 

Looking good tonight by the way, Leo!

 

Why thank you young lady...

 

The place we settled on a few days ago ticks all these boxes. But we have set to IO because we had a hell of time getting finance and we want a buffer for a rainy day so don't want to be reducing the amount we can redraw.

Just to be clear on the earlier post we have 2 IP's now, both duplexes so 4 tenants in total.

 

Pencilled in being back in Syd in December... But that's soooo far away anything could happen! Otherwise April for a quickie I think

 

April too soon.....

and December.....means its a disaster project..

 

Well that sounds like amazing progress for anyone, especially with kids. I can't advise you other than to say keep doing what you're doing, be careful with IO, make sure that you have a buffer, try not to over extend. Great work by the way

 

I can't remember what the OP was

Have you got some short, medium, long term goals? That's a start. Not just "property land", include career, family etc. It all plays a part

 

I like using SMART goals. Works well.

 

I'll save others a google...

 

The goal is $100k net passive income. Strategy isn't set in stone however from the examples we've seen on PC the most efficient way would seem to be buy $5M worth, sell down to $2.5M unencumbered.

We would prefer to not sell at all and just pay down the debt to zero but I don't think its possible unless we double the number or years we plan to keep working.

 

The other key variable is, in how many years from now. That will to a large extent determine your approach, imo.

 

To quote that guy

You then 10x everything!!

 

Thanks

We are probably about $20k short of what I would consider comfortable at the moment but long story short: Short term discomfort = $12k saving in fees/interest this year and $2.5k saving on annual interest over the life of the loan.

 

We would ideally like to achieve this in 12 years, however, we both know we will probably work for at least the next 20 years so if it takes longer it's not a big deal.

We will also lose one of our rents at the end of this year when one of the places becomes our PPOR.