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Old 14-02-07, 20:43   #26
vlgra
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Quote:
Originally Posted by sly
Your right i feel sorry for people buying in the city.But look at it this way, say in four years your walky is worth $120,000 and you own it completely. Thats great but what if you still owe $120,000 on your home,what would you do?.Keep the car and hopefully pay your house of in the next 5 or 10 years or option 2. Sell the car,pay your loan off and invest elsewere so in the next 5 or so years you are financialy doing alot better,better cash flow and possibly in a position to invest in more muscle cars down the track(yes i know they will cost more)> i know you have no walky but a sacrafice now may pay big later.
Sorry for getting of topic.

I hear what your saying and i would probably sell too. To not have a home loan is the great aussie dream! But a huge decision.
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Old 16-02-07, 15:52   #27
ILLUSIV
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Realistically, you should never be debt free mortgage wise. Super won't cut it when we retire. As soon as you have enough equity in your house, get another, rent it out, and pay it off that way.

One of my mates is a real estate agent, and he has about 5 houses himself. He rents all of them out, and rents a house to live in. When I asked him why he just doesn't live in one of them, he said it was because, with a rental, if you negative gear it, you claim everything... Rates, insurance, interest on the mortgage etc... where as with a house you live in, you can't do that.

Renting someones house, you only pay rent. No rates, etc, and you don't have interest that your paying. Yes you never see the rent money again, but if you live in a house, and have a mortgage, you can't claim the interest, and never see that again either.

My goal is to have about 10 properties when im retired, and I'll have a mortgage for a long time. If I still have it when I retire, i'll just sell 1 or 2 of the houses, and pay it out, then live on the rental income from the other 8.

Sounds good in theory... Hopefully it works that way in practice!
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Old 16-02-07, 17:25   #28
shaik
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with the way house prices have gone, u need to be pulling some clams craigie!!
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Old 16-02-07, 19:06   #29
sly
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I was lucky to build a house just before the boom. Two years later i had over $200 grand equity but the last few years i have been cruising a bit. Had a blast social wise(from what i can remember) but not getting ahead financialy. So i bought a townhouse recently and with rent and tax return from negative gearing it will look after its self with me putting no money in.But the house i live in still owes me a bit so i need to get that down.My five year plan is pay my house of and have atleast one more property.Housing will not go through the roof like in 2002 for a long time yet but its a option for making money long term.Shares a good but that bubble is going to bust soon.Just wish i bought more walkies.
PS You wa boys have seem some huge growth in housing but i wouldnt want to buy now or in the last year. I think you will see a big correction in prices and that hurts if you have just bought.
Once again sorry for the totally non walkinshaw post.
.

Last edited by sly; 16-02-07 at 19:11.
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Old 16-02-07, 22:35   #30
I&J
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Quote:
Originally Posted by sly
Shares a good but that bubble is going to bust soon.
People have been predicting that since the late nineties...who would've thought that the all ords would be close to hitting six thousand. Rest assured, whilst this resources demand continues our country and us will do well.
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Old 17-02-07, 16:43   #31
sly
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Your right but its a question of when not if its going to correct.Im just not confident to put all my eggs in that basket at the moment.Mind you a ex work mate did just that and got out of realestate a few years back(He is 25 odd years further along than me)He now drives a benz and can retire at 45 on huge money.He gambled and won.
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