So for me. The drive. The goal. Is to show my boys what hard work looks like, whilst loving what you do. None of us intentionally set ourselves up to ‘live to work’ – but actually what you do for work is bloody incredible and deep down, it can make you happy and grateful. I want to set out a path that gives me the flexibility to be there for my kids when it counts and also buy them those pair of sneakers just because they earnt it. I want to create memories by travelling with them. And partly, because I never want to worry about money. I never want to lose sleep because of it.
This brings me to the next 5 years. I’d like to start with buying another project of course. To live in and renovate (because part of that is the fun of doing it with the boys – vision: smashing through the reno together) build some memories and see what it takes to turn a toad into a prince charming. In order for me to do this, I had a conversation with a very experienced agent (thanks @carlafetter from @jelliscraig), Kribashini and my mortgage broker.
The idea was to sell Carnegie as it’s a new build apartment (in hindsight a very poor investment – but I didn’t have all the intel I do now) as the costs of running it ie. body corp fees, agent fees etc would start to outweigh the offsets and rent I would earn on it. The thing is, I’ve found out (with the help of my very smart (and honest) mortgage broker) and running through a few feasibilities, that it’s not actually worth selling. It provides more benefit at this stage to me as a rental, than it would if I sold it.
He reassures me that by the end of the Rathmines project I will again be able to use the profits and equity in Carnegie to reinvest and buy my dream run down home. It’s fair to say I couldn’t have known all of this, or what questions to ask, had I not had the education around developing for profit.