Novacastrian dreamer

Discussion in 'Introductions' started by kp1, 26th Dec, 2019.

Join Australia's most dynamic and respected property investment community
  1. kp1

    kp1 New Member

    Joined:
    26th Dec, 2019
    Posts:
    4
    Location:
    Australia
    Hello all,
    I’m wishing to make my mark in the property market. I am currently paying off my home and have some equity. But I don’t want to stop there... I’m wishing to pull myself, and my extended family, into the black with a passive income. I have a time frame due to health constraints of 7 years time to achieve my goals. I’m new here but hope to make supportive and encouraging connections. Merry Christmas to you and yours and here’s to a fulfilling 2020...
     
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    7,928
    Location:
    Australia
    What do you want to achieve in 7 years? $x net assets, $y income?
     
  3. kp1

    kp1 New Member

    Joined:
    26th Dec, 2019
    Posts:
    4
    Location:
    Australia
    My asset is worth approx $800k
    ($350k equity). I’m married & our combined income is approx $160k. I’m obviously new here and to this game but at 45 I want to be a sincere player. I’ve been reading for a long time but still feel the novice. Haven’t made the leap to purchase as yet. Thank you for replying Trainee...
     
  4. kp1

    kp1 New Member

    Joined:
    26th Dec, 2019
    Posts:
    4
    Location:
    Australia
    I want to achieve: my husband to be retired, my family to be living rent free (2 properties), my working life to be reduced to one day a week, and I’m still working out the rest.
     
  5. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    7,928
    Location:
    Australia
    You need some specific numbers. 2x 250k ips? 2x 1m ips? How much rent? 50k? 100k? What about maintenance etc? How much income do you need for your husband to retire and you on one day a week? Your current after tax income would be a good approximate (90k a year?)

    dont know what sincere means here but more thinking is needed.
     
  6. kp1

    kp1 New Member

    Joined:
    26th Dec, 2019
    Posts:
    4
    Location:
    Australia
    Thank you...will do...I guess sincere means that I will do that further thinking, come up with the numbers, then a plan. I will come back and ask for assistance when I’m further along. I just wanted to make contact. Put myself out there that what I need and want to achieve is real. Thanks for listening.
     
    ellejay likes this.

The ABS tells us that household wealth has increased 35.3% but is that of any real use or comfort when it is all tied up in our home? They say cash is king and with prices escalating together with interest rates, that needs to be key to your budget.