hi, im currently comming through the other side of divorce. looking at having $200,000 left over to start again. what would you do with a second chance and $200,000 to build on and try to get ahead again?? any ideas??
Hi Crighto
It depends on your goals, tolerance to risk and borrowing capacity.
I have some clients who would happily convert that $200k into a multi million dollar porfolio.
I also have other clients who are less risk adverse and might use it to purchase one or two IPs.
Work out where you want to be 10 – 20 years from now. Work out what you need financially and then set a course of action for reaching that end goal.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Me?
50% highly leveraged bread and butter real estate, 50% precious metals heavily weighted in silver.
Asset protection first – you wouldn't want to lose that $200k
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Crighto
Another thing to add is to not rush into anything. Take your time – learn about property investing, the various strategies investors adopt and work out a clear plan. Once you've got a sound understanding you'll be in a position to make informed decisions. Get a decent finance person and accountant on board too. If you're buying interstate than a good BA can also come in handy.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Chrighto
Jamie has hit the nail on the head in pointing out that your personality and risk profile will play a part in determining what type of investing you are comfortable with.
Depending on what your income is like, then assuming you wanted to invest your $200k in property, it could put you into up to 8 properties.
As you say you are "starting again" you want to be relatively certain that you are choosing a stable and predictable path. When you are purchasing property you'll gind that you will need to use a series of professionals along the way such as Brokers and Accountants. Be certain that each person you allow to work with you is already wealthy or financially free via the vehicle of property investment… or well on the way. After all, why would you follow the advice of someone who is not succeeding in improving their position via the path you are planning to tread.
ps, did you know you can use your superannuation to invest in property. This might be something worth pondering as a portion of your investing plan.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
cheers, thanks for your thoughts
Don't get married again.
Hi Chrighto, I went through similar at the start of the GFO/GFC (I like to call it GFO for Opportunity)
I spent a couple of years soul searching, rediscovering myself and life. Your physical and mental health most important.
After all the crap i went through, I'm would only contemplate a serious relationship with a woman that has her own assets.
Sloppy stuff aside, as some of the others have said,
1. whats your long term
2. whats your style/s SWOT
3. asset protection
Kind regards,
Adrian C
Adrian Cahill | AdrianCahill.com Personal Development Expert
http://adriancahill.com/from-investor-to-coach/
Email Me | Phone MeHere since 2002, however things have evolved over the years.
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