What do i do next

B

brehon6789

Registered User
Messages
42
Hi All

i have a quick question for you all, i'm stuck in the situation where i dont really know where to invest next or how to expand.

Background info - I own two houses
My mortgage repayments on one of my house's is 250 euro and the rent i recieve is 350 euro. The other house i own i have mortgage repayments of 586 and rent is 900 euro. The 1st house was bought for 60,000 euro and now is worth 80,000, the second house was bought for 210,000 and is worth 325,000.

At the moment i invest 6000 euro in shares and just leave this money for the long term in a number of different shares.

SO i'm now stuck; how do you go about buying the next house? I've also considered setting up my company(Creche) so i am now looking at this as another avenue to start exploring.

My annual salary is = 42,900 before tax
Bonus = 10-15%
I have no loans except the mortgages which are set to interest only.

So what does one do next?

Thanks

Brehon
 
Do you really want to have so many of your eggs in one basket (residential property)? Have a read of the guide to get a better feel for the options open to you.
 
I don't understand how you're "stuck"? Maybe you can expand on this point? I'd agree with RainyDay's comments about the risks inherent in concentrating most or all of your wealth in a single asset class and geographic region rather than diversifying your portfolio a bit more. Does your annual salary above include your rental income? What is your annual income after income tax on your normal salary and on rental income?
 
brehon6789 said:
Background info - I own two houses
My mortgage repayments on one of my house's is 250 euro and the rent i recieve is 350 euro. The other house i own i have mortgage repayments of 586 and rent is 900 euro. The 1st house was bought for 60,000 euro and now is worth 80,000, the second house was bought for 210,000 and is worth 325,000.
Click to expand...

how much equity do you have in each house?
what type of mortgage?
do you have any cash for rainday?
where do you live?do you have a residence with a mortgage?

i would strongly recommend setting up your own business, its challenging,
fun and can be very profitable.
a good business will always stand you in good order, where a house is useless if rents prices collapse.

so maybe release equity from the second house 100k invest half in Quinn life and use other half to fund new business venture.
 
Why not look at commercial property if you are thinking of starting a new business. Maybe you could buy a premises personally out of which to operate the creche and then rent it to the company you start up? Just a thought!
 
In my first house i have 20k and in the second house i have 125k.

Both my mortgages are interest only and i have them spread across 25 years and 30 years.

I dont have really any money worth talking about for a rainy day, but i'm not married and i have no kids.

I rent in Dublin but couldn't see myself living in Dublin long term hence why i never bought an apartment in dublin.

I one of my properties is located in the UK and the other one in Ireland.

My annual salary doesn't include my income from rent, i'm not stuck as such just trying to work out my next steps, i'm not really interested in investing in Stocks or Funds as i already do this to some degree.

So i'm looking at setting up a company(creche) or something of the sort unless someone can give me other ideas but you are right i've invested enough in property.

Thanks for all your replies so far, keep them coming!!!!!!!!!!!!!!!!!!

Brehon
 
Thanks MPH

I've actually started to think about that avenue, i was thinking that i could purchase a town house and do it up, set the repayments as interest only and put it over 25 years which would be cheaper i feel than renting a place.

Thanks

Brehon
 
brehon6789 said:
Today 02:25 PM

Thanks MPH

I've actually started to think about that avenue, i was thinking that i could purchase a town house and do it up, set the repayments as interest only and put it over 25 years which would be cheaper i feel than renting a place.

Thanks

Brehon
​

Today 08:02 PM

Anyone got any other suggestions?

All is gone quiet :)
Click to expand...
Please note the about bumping threads up to the top of the forum unnecessarily.
 
You must log in or register to reply here.
Back
Top