Hi All,
I was thinking of selling my home. Investing the money in cash flow possitive property, and rent a unit with all the facilities.If I did this, I would have access to about $900,000.00 cash to invest.
Is anyone doing this?
Do you think it is a good idea?Andy.
Hi Andrewsal,
Yes, do it!
We have just listed our house on 20 acres (a week ago) and we are going to cash in our LOC, pay out our small mortgage, and SPEND THE REST on lots of +ve cashflow ppty.
We will rent a small house, but we will have CASH coming in. Although we’ll be in a smaller place, we’ll feel rich because we will not have to look at our big LOC, mortgage loan etc. We will have a mindset to “GO AND DO IT”.
YOU ONLY LIVE ONCE! You can always buy a house later.
GOOD LUCK,[8D]
Will & Del
Hi Andy, I am certainly not an expert, but owning your own home and living in it as I see it is very special and gives you freedom and security. I wouldn’t go back and rent and have inspections, having to ask permission for every little thing etc.
Could you not, instead of selling it, take out a line of credit and invest with this money, or get a normal loan? Maybe Simon, the Mortgage hunter (do you know him from this forum?)can help you, he’s really good. Good luck, Celivia.Hi guys
wilandel
congadulations on a courageous decision, i know this will work well for you, you are well on the way. all the best
andrewsal
start looking now to find what properties you would buy if you had the cash, just to see if you can find enough properties to meet your requierments and expectations. I’m saying this because it is getting harder to find, even experienced buyers like wilandel would agree the number of poerties available is reducing every day.
regards westanHi Will,
Yes, thanks for that Will. I have been thinking of this for some time now. Sally and I have bought 3 properties in the last 10 mounths, but we feel the need to get more so as to set ouselves up for life. I feel that selling up our home and renting a nice place would give us a lifestyle plus enable us to invest in lots more +ve cash ppty. We just have to find them now.
Andy[
]Celivia,
The only difference is with a LOC, lots of your profits are going in DR interest on your LOC. With that repaid, all the money goes directly to you. Financially you feel and look to banks a lot better off.
I would never advise anyone to sell their home, but we are determined to make a success of investing, and not just be an average investor> We feel the only way to do this is to SELL.
I guess we have owned our own home for some years, and the novelty has worn off. We don’t see it “up there on a pedestal” anymore.
Regards,
Del
Westan,
Hi and thankyou. Yes I definately agree with what you said about deals being harder to find. It would be awful if you sold the home you love to do “investing”, only to find that the “deals” are few and far between.
It would make your decision seem like such a waste.[
]It IS hard to find deals, but if you really are “out there” and ringing agents on a regular basis, you should still find them. You will probably have to expect to look further afield than what you would like to.
If you don’t mind where your IP is, and I mean interstate etc, then I would say “JUST DO IT – SELL, SELL, SELL, sounds like it will be worthwhile for you.
Best of luck,
Del
Will.
I feel the same way about home ownership. We have owned our own home for over 20 years, and it is now time to sell up and grow.
Although we will probably rent an appartment for 6 months before we make the final decision to sell and get to work.
Andy
Andy,
It’s great that we are not the only ones silly enough to do such a thing!!
Only joking – I wish you success.[
]
Actually – I wish us both success. []Del
Hey del…….you guys are starting a revolution. Congrats on the step though it shows 110% to the goal and I know you will get there.
Enjoy
AD [:0)]
(Andrew)It is good to have an end to journey toward, but it is the journey that matters in the end.
Hey del…….you guys are starting a revolution. Congrats on the step though it shows 110% to the goal and I know you will get there.[8D]
Enjoy
AD [:0)]
(Andrew)It is good to have an end to journey toward, but it is the journey that matters in the end.
Hi AD,
Thanks for your thoughts.
It does look like a small revolution.
Perhaps we could blame the “Today Tonight” show!![
]Good nite all,
Del
well done guys i’m sure you both will succeed. its funny i feel the same way about our home in some ways owning ahome slows the whole process down. not tied to a home give you freedom to do more.
westan (i’m not selling my home yet)If it weren’t for my wifes nesting thing…….I have always been an advocate of rent and invest. Did the numbers a long time ago but lifestyle and peace at home is paramount.
Enjoy
AD [:0)]
(Andrew)It is good to have an end to journey toward, but it is the journey that matters in the end.
Hi Andy,
A gutsy move mate! I have considered same, but am currently looking at equity first. Weighing up gains with a mortgage compared to similar rental costs for some other bugger to gain.
900 g’s is something else though. Presumably most of this lays within your current lazy asset. 20 years is a lot of time to restructure.
As AD pointed out my very first thought on this, some things are more important than cashflow. If you have a wife, invest in her first.
Regards, Phil
Theres nothing I hate more than a tight ass millionaire.
PAY for professional advice ya freak!
Crashy
professional advice ???where do you find that its all self interest out there mate.
westanhi everyone,
speaking from experience I strongly beleive to rent and invest as this is the way we have done so for the last 2 yrs….i was able to purchase 7 properties in 18 months and all + cash flow…..country properties are the best thing since sliced bread…..good luck to all
gianni
well done Gianni
are you still finding properties ?
i’ve given up on Victoria. it’s just too difficult now. i haven’t bought in Vic since last april.
westanHi Guys, this is a first for me . I’ve been sitting on the sidelines for a couple of weeks now, I think this is a great topic. I’ve spent the last 3 years building my dream home, which put me deeper into debt and have been feeling the weight since the day I moved in. Since reading Steve’s book Im now thinking why not sell, grab the $400,000.00 from the equity and buy IP’s. Being single I do have that flexability and a $650,000.00 house when you are single, is only that , a house not a home.
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