- FamilymanMember@familymanJoin Date: 2008Post Count: 2
Hi, I have just became a member. I have read steve's books but would like some of your opinions on how I should use my money. My wife and I just sold the family home in Brisbane, so are completely debt free at the moment. We have approx $100 000 to invest. I would really like to invest in property, but which way should I go? Should I buy something for cash and have no debt, or buy 1 property to rent, with the rent covering the repayments, or should I buy 2 properties with half the money a deposit on each, with the rent covering the repayments, or is their something else that might be a better investing idea. Could I please have some of your wise investing opinions? I live in country Victioria. Thanks so much, Familyman.TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
Where are you living now? It might be best to buy a place to live in so you get the CGT exemption and then borrow against this to buy a few more properties.FamilymanMember@familymanJoin Date: 2008Post Count: 2
Thanks Terry for your reply. Everyone else doesn't invest money it seems having no advice to give.ace79Participant@ace79Join Date: 2006Post Count: 1
Have you heard about the real estate development in Bulgaria? I think it's a good opportunity investing there.ducksterParticipant@ducksterJoin Date: 2004Post Count: 1,674
People are not readily wanting to give you specific financial advice as it is illegal unless they know your financial situation and what stage of life you are in and they also need to be licensed to give specific financial advice.
http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Do%20you%20need%20an%20AFS%20licence%3FtammyMember@tammyJoin Date: 2005Post Count: 155
Duckster is correct. I dont think anyone would wish to steer you in the wrong direction based on what we ourselves think. Each persons situation is different and so are the outcomes they wish to achieve. My suggestion to you before handing over any money, is for you and your family to sit down and clearly define what you wish to achieve. I am not meaning to sound trite and give you a brush off, it is an invaluable exercise to do. If you have no clear outcome, how can you possibly work out the best path? It is very easy and simplistic to sit down and say "we want to be debt free in 2 years with an passive income stream as well", but what does that really mean in terms of time, work (both paid and in your own time), family, lifestyle, actual cost amounts etc.
What is achievable for one person may not be for another (think 80 hr work week for a single vs a young family with a stay at home mum). If you apply someone else's plan based on their expectations and goals, you may find yourself disappointed and regretful.
I think if you can get your goals sorted out, and you can define your questions a bit better, you will find many people able to offer you an opinion (always remember – IT IS JUST AN OPINION), based on their own experiences. If you need help defining you goals, post away and ask how others have done this and I am sure the floodgates will open.
Cheers and all the best