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Food for thought most certainly and i appreciate all of you taking such an interest. Guess the thing is i owed my financier more than the $45K i could have refinanced the property for, so to me, it didn’t really make much sense to do so. I am aware that the tax man will come down on me, but being the only income i’ve made this financial year it shouldn’t be too nasty. I’ve been lucky in getting a ‘leg up’ from my olds and to see first hand that what seemed like a good idea in my head has doubled my last annual salary in half the time. Everything has it’s learning curve, it only gets better from here.
That’s right thomas. Assuming i have an infinite source of similar properites (that would be sweet) i now have funds to buy 2, not just one. From there i can sell one, hold one, sell both and buy four more… sell four buy eight!! etc etc
There area few projects on the cards, as always. The plan is now to invest in another ‘value adding’ project as well as beginning to build a base of passive income properties aswell. The best part is that i’m now able to work (if you would even call it that) doing what i love. SOOOO much better than the meat works where i used to spend my days