Heres where I stand right now.
Two small appartments in Brisbane CBD.
Total Value =$500k total mortgage =$265
Positive net net cashflow from both about 8k per year.I have two small houses in the USA (prices havent gone down but ive lost 25% on the exchange rate)
Total Value =$130k Total mortage = $64 k
Positive net net cashflow from both is about 6k (USD)About $40k cash in the bank in Australia.
Because I have to get a low doc loans my max loan for a new project against my current assets based on
the income im willing to declare is about $240,000.Ive been self imployed for the last three years and was enjoying it.
But now things have dried up a bit in the area I was working.
I still have a few left over cash flows from what I was doing that
should go on for a while.But my total passive income from all sources is propably only about $600pw
So i cant retier yet. And I refuse to go back to work for somebody else
as I did this for years and hated it.Ive been renovating and flipping small apartments in the Brisbane CBD over the past couple of years
and ive made modest profits on all my flips although it was really hard work for the money.So anyway I now have a small asset base and alot of free time and would like to focus most of my waking hours
over the next few years into becoming rich from property.
I currently live in Sydney and rent.
I enjoy living where I do but would be prepaired to live else where for a while if the pay off was big.I need to figure out a plan of attack and decide where to focus my energies.
Here are some of my ideas ….
I could go back to Brisbane and do some more flips. From what I here there is still alot of demand in Brisbane
for anything under 300k especially if its well presented.or I could try and do the same thing here in sydney. But from what ive seen there not as much oportunity for it here.
With the renovation stratedgy I would start out small and just keep compounding the profits into a larger next project
each time I would live in reovate and sell.Or I could sell off my Brisbane properties and use the cash to jump straight into a bigger project. Mabey build a house in a regional area or go around making silly offers on peoples properties and take advantage of the credit squeeze.
Or I could head back to the USA and base my self there for a while and take advantage of the situation there.
Im a non resident with no friends of family I can only borrow at 60/40 but at least I have all the connections in place
from my other deals so I already know where to go and what to do. The exchange rate is great right now.
But I didn't really like the country much as a place to live.
I found it a bit of scarry right wing culture there and to be honest I still have fears that one day they will pass some
kind of patriot repossesion act and confiscate my properties (sounds pretty far fetched I know). If I did go back there
I would probably want to get it and get out and bring the loot back here.Im also a bit worried about the way things are going here I might snap up what looks like a bargin today only to find that when improve it and go to sell in 4 months interests rate have gone up and the price has gone down.
So what would you do in my positon ?
Thanks,
Mark.
where in the states have you bought? i am much the same position as you are and i am looking at going to the states on and off long term.
give90 wrote:where in the states have you bought? i am much the same position as you are and i am looking at going to the states on and off long term.San Antonio in Texas
check your inbox, i've sent you a private message
Gday Mark76g,
So what are you looking for? do u specifically want property deals, or are you also open to other opportunity to other business'?
I want to focus on property and im trying to figure out the best stratedgy.
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