All Topics / General Property / Retiring strategy

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  • Profile photo of PropertySeekerPropertySeeker
    Participant
    @propertyseeker
    Join Date: 2006
    Post Count: 43
    February 5, 2014 - 9:40 am

    Hi everyone,

    I own 8 investment properties over the last 7 years, all in Sydney. So now i have quite a bit of equity, 1mil+. Ok, so now what should i do? i could use the equity and buy more, but then what's after that? I still work full time, I cant see a strategy to retire.

    Any ideas from someone who has actually done it would be great.

    Kind Regards,

    PropertySeeker

    Profile photo of New Age PropertyNew Age Property
    Participant
    @new-age-property
    Join Date: 2014
    Post Count: 15
    February 5, 2014 - 9:53 am

    Sell a few so that you can pay off any outstanding debt and live off the rents.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 5, 2014 - 10:18 am

    Hi property seeker

    Surely you have some sort of plan in mind given that you've already purchased 8 IPs. I don't want to sound blunt – but that's a decent size portfolio which must have taken some thought.

    Keep it simple – work out the end goal (which usually involves living off a passive income) and plan accordingly. Work out how much income you'll need to reach it – and what needs to be done in order to obtain it.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 6, 2014 - 4:50 am

    Any non deductible debt?

    What if you sold the one with the most equity and paid off your non deductible debt (if any) and then parked the rest in the offset account attached to an investment property?

    How would that effect cashflow?

    or

    What if you sold the one which will result in the least amount of CGT – how would that work out?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396
    February 6, 2014 - 5:19 am

    As above said sell the one with the most equity or the most troublesome(annoying tenants)lol Sydney is ridiculously overpriced so you'll get a quick sale and personally in my view a overpriced sale. Pay down your debt and live off rents/cashflow. Another option could be to vendor finance and get some extra cashflow.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

Viewing 5 posts - 1 through 5 (of 5 total)

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