Ive got so many questions , I need help.
Am I in the right discussion?
My emotional state is stuffin up my decision making. Im a mess.
Dad died last year and left his home to me and my brother.
Sydney Sth, 4 bed double brick, 550m2. Agents says "dress circle location", best street in suburb. $700K to $800K @ auction. ($500K last year). wow.
Dad did not want us to sell it. wanted it to stay in the family. I promised him Id keep it, as an investment, he was OK with that.
Everyone keeps tellin me hes dead, he wont know, sell it. I cant do it.
He worshipped that house, built it all by himself from the ground up, 50 yrs ago. You know the story, hand dug the foundations, cleaned the second hand bricks, (15 thousand ) etc etc.
My brother wants to go to auction to get max cash, I want to buy him out. He wont except my offers, thinks he can always do better in the market. Hes already mentioned the Supreme Court can force me to auction.
Im a prop investor already, with two good inv props neg geared. worth $1.4M less $720K owing, $850/wk income, int only.
We own our home as well except for $70K LOC. Bank holds deeds for all three, with Xlinked security.
Dads house is debit free.
I'd have to borrow all, to buy my brother out.
Im already at max borrowings for my income, (assuming I must still have a life). Havin trouble crunchin numbers to see if dads house can hold its own, debit V rent income & neg gear. My brains a mess.
My business side says, Its not everyday you get to buy a sydney house at half price, dont let this opportunity go. This can be Inv prop # 3. Its solid and very low maintenance, for a house of its size. It wil easily return $500-600/wk.
One day I can pass it on to my kids. (yeah i know, they'll sell it for sure)
Im not sure what my question is, i just need help.
Am I in the right discussion?
My emotional state is stuffin up my decision making. Im a mess.
Dad died last year and left his home to me and my brother.
Sydney Sth, 4 bed double brick, 550m2. Agents says "dress circle location", best street in suburb. $700K to $800K @ auction. ($500K last year). wow.
Dad did not want us to sell it. wanted it to stay in the family. I promised him Id keep it, as an investment, he was OK with that.
Everyone keeps tellin me hes dead, he wont know, sell it. I cant do it.
He worshipped that house, built it all by himself from the ground up, 50 yrs ago. You know the story, hand dug the foundations, cleaned the second hand bricks, (15 thousand ) etc etc.
My brother wants to go to auction to get max cash, I want to buy him out. He wont except my offers, thinks he can always do better in the market. Hes already mentioned the Supreme Court can force me to auction.
Im a prop investor already, with two good inv props neg geared. worth $1.4M less $720K owing, $850/wk income, int only.
We own our home as well except for $70K LOC. Bank holds deeds for all three, with Xlinked security.
Dads house is debit free.
I'd have to borrow all, to buy my brother out.
Im already at max borrowings for my income, (assuming I must still have a life). Havin trouble crunchin numbers to see if dads house can hold its own, debit V rent income & neg gear. My brains a mess.
My business side says, Its not everyday you get to buy a sydney house at half price, dont let this opportunity go. This can be Inv prop # 3. Its solid and very low maintenance, for a house of its size. It wil easily return $500-600/wk.
One day I can pass it on to my kids. (yeah i know, they'll sell it for sure)
Im not sure what my question is, i just need help.
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