Hi, thank you in advance for any advice. I hope I posted in the right place. I'm single and have a property with a $380,000 mortgage, that's worth $550,000 (potentially more) in western Sydney. Property purchased for $320,000. Owned the duplex since 2013, which was rented out until recently when I moved in to do some small renovations. Earn $80,000 a year. My questions are: 1. Do I rent out again and keep for now (rent will just about cover mortgage)? 2. Sell and upgrade to a house with a bigger mortgage? Another investment or to live in? 3. Keep, live in, pay off mortgage and then buy an investment property in a few years time? 4. Continue to live in for a certain amount of time, then sell or..? I have the option to move back in with my parents if that matters. I really don't know what the best plan is moving forward is...What would you do in my situation?
What is it you want to achieve? Can I also propose: 5. Implement debt recycling strategy and invest in shares.
Like everybody, I would like to be comfortable, I just want to make the best decision moving forward. I have come out of a massive breakup, mentally and financially. My apologies if I sound dumb but what is "Implementing a debt recycling strategy" ? I have no idea about shares. Can you give me more advice on this please?
take a break then maybe for a little while so u can be in the right head space and defince what you goals are and then move? ta rolf
Be careful because you can potentially lose EVERYTHING investing in shares, or a good chunk of it like 40-50%.
Hiho , Just work on building up equity on your property by reducing thr loan outstanding or having money available put aside in an offset account
Before my breakup I didn't even think of financial freedom, now I have a PPOR and 2 ips. It's true dissatisfaction makes you change things. You are right to use it as a fuel but don't make rash decisions
You sound like someone who would do well reading Scott Pape's book. "The Barefoot Investor". His strategies are conservative and written in plain English. Seriously, do yourself a favour, take a break and read it. It will change your life. PS the first thing Scott's book will tell you is to wait untill you get it back together emotionally before making a decision... Good luck! All storms pass.
