Author Topic: Help! At crossroads in Australia  (Read 1103 times)

JetD

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Help! At crossroads in Australia
« on: July 09, 2014, 06:34:00 AM »
Hi,  I've been following MMM for a while but decided to ask for some help because I'm not sure what to do.  I am 45, single have 75,000 in super, a $220 mortgage on a house that's worth about 750,000 and thinking about building an investment property in a beachside suburb for $335,000.  The problem is I only work part time with an income of about 42,000 (after tax) because I study.  A good aspect is that my house is big with 5 rooms and two bathrooms and two lounge areas and I live in Fremantle which is a hot spot and I rent out these rooms when I need to for about 170 a week each.

Should I just pay my mortgage off as quickly as possible or buy this investment property (which is 500 metres from the beach and should get about $350 a week rent)?   Any advice would be greatly appreciated.  Thank you!!