A home-equity loan, also known as a line of credit, lets homeowners borrow money by leveraging the equity in their homes.
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A helicopter and yacht on which fallen childcare entrepreneur Eddy Groves defaulted mortgage repayments are likely to be sold after approval was granted by the Federal Court.
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Becoming a millionaire used to mean you were on top of the world. Nowadays, it means you are climbing up the ladder.
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You cannot imagine how many times I've heard business builders lament: By the time I'm able to smell the roses, I'll be too old to walk through the garden!
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Rather than sell the house you could rent it out that way the mortgage and any other expenses are tax detuctable.
As far as I am aware, as long as you do nit declare another primary residence you will not incur caplital gains tax for up to six years.
If the property is in a good area and in good condition then maybe selling is not the best option as what you are indicating is that it is not the money you need just reducing your overheads.
Using the, then investment property, as equity you could then, at a later stage, take out a line of credit for share investment.
The greatest skill in building wealth is to e able to ride the storms.
Looking at your goals there are other ways to end up owning a house in 10 years than paying cash
I feel if you sell out now without doing the due diligence it will become another "could have" in your life.
Hope this helps
I'm just wondering would it be silly to sell my house and rent. Then use the money from the sale of my house($100k) to invest in shares or funds?
ps. sick of being a slave to a mortgage!