Thanks Gary.
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Best Way Out of a Bad Situation? Guidance please.
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Originally posted by lamborgini View PostCurent situation : 1 property in Flatbush owing 520k and equity 80k (as per recent valuation) where we live at the moment.
Debt : 40k (loss from an IP outside of Auckland) + 10k (Other)
Aim : To buy and hold IP's & achieve financial freedom in 3 - 5 years (hope it's realistic).
To all experts : Please suggest some ways to do get to my goal.
Renting out Flatbush then renting another house separately may not be as great, but you need to do the numbers.
2) save hard. You should be able to wipe off the Tokoroa debt and save a deposit for your IP within a year given your joint income of 173k pa.
read http://www.mrmoneymustache.com/ on how to do this quickly.
3) do more research, read books, join APIA in meantime. Be an area expert.
4) work out how much you can borrow by talking to a mortgage broker.
I imagine you should be in a position to buy an IP over the Xmas hols, when you might actually find a bargain.
From where you are now, 3-5 years to financial freedom is completely unrealistic. I am unsure why the others haven't pointed this out.
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Thanks So much Grip - i guess moving is working for us as we work in city. renting a 2 beddie will also save some money - finding flatmate is easy but finding a reliable flatmate is the problem. not everyone like to live in a family type setting if you know what i mean and with a 3 year old kid.
In the meanwhile i am joining APIA this week. Thanks for the website bud.
Great advice.
So according to you 3-5 is unrealistic ? what is realistic and why do you think that mate ?
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Originally posted by lamborgini View PostSo according to you 3-5 is unrealistic ? what is realistic and why do you think that mate ?
For example, do you mean the ability to choose what you wish to do and when to do it, without the constraint of money being a factor ?
If so, then it all depends on what the net income is that you desire from your investments.Last edited by speights boy; 23-07-2014, 01:35 PM.
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Originally posted by lamborgini View PostSo according to you 3-5 is unrealistic ? what is realistic and why do you think that mate ?
Financial freedom, (IMO) means that you have enough income from investments to make work not required to support your lifestyle.
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Originally posted by elguapo View PostFinancial freedom, (IMO) means that you have enough income from investments to make work not required to support your lifestyle.
Agreed and that takes time and smart investment. Going by capital gain only properties are risky (but could be very profitable) while buying cashflow properties only are a 'safer' choice but have their own challenges.www.PropertyMinder.co.nz
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