All Topics / The Treasure Chest / Reinvesting

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of rodnolan@hotmail.com[email protected]
    Member
    @rodnolan-hotmail.com
    Join Date: 2003
    Post Count: 1
    August 2, 2003 - 6:22 pm

    Hi Guys
    I’d would like someones thought on my inquiry if you have the tme please

    Myself and ny partner have been in out property now for around 15 month and we know havw arround $80,000 in equity within our home now we havw 3 options open to us and would like someones thought on what to do please.

    1) Do we sell our home and take the profit and reinvest in another home more suited to our needs.

    2) Do we use the equity in the home to pay an investment property and and stay where we are for now.

    3) Do we sell the home and pay out most off our morgage account and leave the remainder off our money in the morgage account & go and stay with a freind who has offered his home as a base for as long as we want it for free till we workout what it is we want to do or till we find the home inwhich we want to buy.

    Any advice or help in this inquiry would be most greatful guys
    Thank you
    Rod

    Profile photo of SaskatoonSaskatoon
    Participant
    @saskatoon
    Join Date: 2002
    Post Count: 112
    August 4, 2003 - 9:02 am

    Hi Rod.
    Why not stay with your friend for free, and rent out your home. This way you still own the house, and the tenant will be paying all or some of the mortgage payments. You will be also keeping any Capital Gains which occur. If you still keep paying your mortgage payments on top of the rental payments you will rapidly reduce the amount owing, increase your equity, and be in a position to buy a better home or buy other investment properties (or both!). Why sell? It will cost you money in fees, taxes etc..
    Wish someone would give me (almost)free accommodation!
    Terry

    Terence McMahon
    HomeWin
    Finance

    Profile photo of jj_2jj_2
    Member
    @jj_2
    Join Date: 2003
    Post Count: 11
    August 4, 2003 - 9:17 am

    quote:

    Hi Guys
    I’d would like someones thought on my inquiry if you have the tme please

    Myself and ny partner have been in out property now for around 15 month and we know havw arround $80,000 in equity within our home now we havw 3 options open to us and would like someones thought on what to do please.

    1) Do we sell our home and take the profit and reinvest in another home more suited to our needs.

    2) Do we use the equity in the home to pay an investment property and and stay where we are for now.

    3) Do we sell the home and pay out most off our morgage account and leave the remainder off our money in the morgage account & go and stay with a freind who has offered his home as a base for as long as we want it for free till we workout what it is we want to do or till we find the home inwhich we want to buy.

    Any advice or help in this inquiry would be most greatful guys
    Thank you
    Rod

    Profile photo of jj_2jj_2
    Member
    @jj_2
    Join Date: 2003
    Post Count: 11
    August 4, 2003 - 9:18 am

    quote:

    Hi Guys
    I’d would like someones thought on my inquiry if you have the tme please

    Myself and ny partner have been in out property now for around 15 month and we know havw arround $80,000 in equity within our home now we havw 3 options open to us and would like someones thought on what to do please.

    1) Do we sell our home and take the profit and reinvest in another home more suited to our needs.

    2) Do we use the equity in the home to pay an investment property and and stay where we are for now.

    3) Do we sell the home and pay out most off our morgage account and leave the remainder off our money in the morgage account & go and stay with a freind who has offered his home as a base for as long as we want it for free till we workout what it is we want to do or till we find the home inwhich we want to buy.

    Any advice or help in this inquiry would be most greatful guys
    Thank you
    Rod

    Profile photo of jj_2jj_2
    Member
    @jj_2
    Join Date: 2003
    Post Count: 11
    August 4, 2003 - 9:20 am

    quote:

    Hi Guys
    I’d would like someones thought on my inquiry if you have the tme please

    Myself and ny partner have been in out property now for around 15 month and we know havw arround $80,000 in equity within our home now we havw 3 options open to us and would like someones thought on what to do please.

    1) Do we sell our home and take the profit and reinvest in another home more suited to our needs.

    2) Do we use the equity in the home to pay an investment property and and stay where we are for now.

    3) Do we sell the home and pay out most off our morgage account and leave the remainder off our money in the morgage account & go and stay with a freind who has offered his home as a base for as long as we want it for free till we workout what it is we want to do or till we find the home inwhich we want to buy.

    Any advice or help in this inquiry would be most greatful guys
    Thank you
    Rod

    Profile photo of jj_2jj_2
    Member
    @jj_2
    Join Date: 2003
    Post Count: 11
    August 4, 2003 - 9:23 am

    Makes no sense to say $80,000 equity unless you say in what…what is the property worth? What will it rent for? Is the property worth $81,000 or $800,000? Not thinking clearly… Crackerjack

Viewing 6 posts - 1 through 6 (of 6 total)

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