What would you do to become debt free?

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smile0784
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What would you do to become debt free?

Postby smile0784 » Tue Jun 12, 2018 8:37 pm

Just been thinking with the current houses prices.up mite.be worth selling up both houses and moving some where.
With out going into really detailed financials ill say i would be able.to sell 2.houses and but a block of land at lakes enterence 3000sqare meters which is 5.times what i got now and build a new 5bedroom house with what i get.

Or with just a 50k mortage compared to the 10x that i got now lol.

Considering mortgage will.be less ill wont have to work full time unless i want too lol

The question is should i?
Pros and cons?
Major con leaving friends and family behind
Pro dont have to pay 3500 a month in mortages.



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Fishbref
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Re: What would you do to become debt free?

Postby Fishbref » Tue Jun 12, 2018 9:01 pm

Managed to get rid of debt a couple of years ago; have a 25sq t/h in relative inner city Melbourne with a tiny courtyard and it's been choking me, so been thinking about it as well... Family and friends pro is winning thus far; kids' education prospects, healthcare and general commodities also...

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Re: What would you do to become debt free?

Postby rb85 » Tue Jun 12, 2018 9:09 pm

Without going down the path of personally talking about anyones individual circumstances it's got me stumped why people are in debt to not only have their primary place of residence but then another investment property or 3 on the side. Being in so much debt must not be good for peoples stress levels etc.

Any decision to relocate is obviously a personal one with many factors to consider but little to no mortgage is always a plus lets face it life is for living as much as you can.

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yepi'mon
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Re: What would you do to become debt free?

Postby yepi'mon » Tue Jun 12, 2018 9:11 pm

It's called "LIFEstyle" for a reason.

Everyone has a different idea of what lifestyle they want so plan how you want yours then set yourself up to make it happen.

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Re: What would you do to become debt free?

Postby Hosery » Tue Jun 12, 2018 9:11 pm

I'd say pros far out weigh the cons. No idea exactly where abouts you are but its only 3.5 hours to Melbourne from lakes. Debt free or close to. Better neck of the woods. Better fishing without millions of people casting over you. Bush and beach on your door step what more could you want.

Or even better buy my house so I can get another and go further in debt :rofl:

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Re: What would you do to become debt free?

Postby phil1818 » Tue Jun 12, 2018 9:25 pm

rb85 wrote:Without going down the path of personally talking about anyones individual circumstances it's got me stumped why people are in debt to not only have their primary place of residence but then another investment property or 3 on the side. Being in so much debt must not be good for peoples stress levels etc.

Any decision to relocate is obviously a personal one with many factors to consider but little to no mortgage is always a plus lets face it life is for living as much as you can.


Having investment properties is how you get ahead, it cost bugger all more because you have a tenant in them paying most of the mortgage then years down the track when you sell them and have more money then you know what to do with then it’s well worth it



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Re: What would you do to become debt free?

Postby cobby » Tue Jun 12, 2018 9:39 pm

More to it than that.

Employment. Unless you're highly qualified in specific areas (teaching, social work, natural sciences, justice system, agriculture) there's not a lot of solid meaningful work, and what is is highly contested and the usual retail/sh*t kicker casual roles.
Entertainment for the family. Face it, there's 2/5ths of stuff all outside of fishing and slightly closer proximity to the alpine region. And no matter how much you spin it it's not for everyone's missus or kids.
Services to the house. All well and good having a brand new house build, but not all are connected to sewerage nor have gas. A lot are on fixed wireless internet which isn't all that flash.
Distance. Between lakes and Bairnsdale is 30 minutes, another 25 to Sale. Nothing in between and those 2 are your major towns as far as shopping etc.
Schools. We're not talking the likes of Scotch or other top privates, but even compared to better public schools they're way below that level, and again the potential distance between home and school.
Services like hospital etc. Something serious and you'll be having a chopper flight while knocked out. No ifs or buts about it.
Then there's distance to current family/friends. It's 3 hours to Bairnsdale from the city. Unless you've got extra room or shout them accommodation, visits are likely to be restricted, especially if they're tightarses.

There's more than just the financials to weigh up in such a move

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Re: What would you do to become debt free?

Postby rb85 » Tue Jun 12, 2018 9:40 pm

phil1818 wrote:
rb85 wrote:Without going down the path of personally talking about anyones individual circumstances it's got me stumped why people are in debt to not only have their primary place of residence but then another investment property or 3 on the side. Being in so much debt must not be good for peoples stress levels etc.

Any decision to relocate is obviously a personal one with many factors to consider but little to no mortgage is always a plus lets face it life is for living as much as you can.


Having investment properties is how you get ahead, it cost bugger all more because you have a tenant in them paying most of the mortgage then years down the track when you sell them and have more money then you know what to do with then it’s well worth it


In all due respect Phil I don’t think it’s the best place to be debating investment strategies going to agree to disagree and opt out of this one. As without calculating all the cost factors and comparing it to other investments we won’t be proving anything.

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Re: What would you do to become debt free?

Postby phil1818 » Tue Jun 12, 2018 9:47 pm

rb85 wrote:
phil1818 wrote:
rb85 wrote:Without going down the path of personally talking about anyones individual circumstances it's got me stumped why people are in debt to not only have their primary place of residence but then another investment property or 3 on the side. Being in so much debt must not be good for peoples stress levels etc.

Any decision to relocate is obviously a personal one with many factors to consider but little to no mortgage is always a plus lets face it life is for living as much as you can.


Having investment properties is how you get ahead, it cost bugger all more because you have a tenant in them paying most of the mortgage then years down the track when you sell them and have more money then you know what to do with then it’s well worth it


In all due respect Phil I don’t think it’s the best place to be debating investment strategies going to agree to disagree and opt out of this one. As without calculating all the cost factors and comparing it to other investments we won’t be proving anything.


In all due respect you brought it up by saying it’s got you stumped, iam not wanting to debate it at all just my opinion that’s its worked out very very well for me that’s all

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Re: What would you do to become debt free?

Postby bowl » Tue Jun 12, 2018 9:48 pm

phil1818 wrote:
rb85 wrote:Without going down the path of personally talking about anyones individual circumstances it's got me stumped why people are in debt to not only have their primary place of residence but then another investment property or 3 on the side. Being in so much debt must not be good for peoples stress levels etc.

Any decision to relocate is obviously a personal one with many factors to consider but little to no mortgage is always a plus lets face it life is for living as much as you can.


Having investment properties is how you get ahead, it cost bugger all more because you have a tenant in them paying most of the mortgage then years down the track when you sell them and have more money then you know what to do with then it’s well worth it

Agree. If your investment rent is covering most of the repayments then keep it....

Regret selling mine....now looking for another one....
I'm looking at a block of land that will be released to build on in 2020....
Last edited by bowl on Tue Jun 12, 2018 9:50 pm, edited 1 time in total.



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