It has been a very long time since I updated here & there’s a reason for that. The property in Townsville left us over-committed & then the escape vehicle of our dreams popped up. We went for it using a short term loan, believing that we could easily pay it off by re-financing our whole portfolio. Five months later, we are now in default on the loan & paying interest at 12% a month. Yes, you read that right. BTW, if you are an investor with some cash available to loan, DirectLine Finance will get you a very good return on your investment. Not doing much for us right now, but it might help you!
Financially, big mistake. Huge. (Yes, straight out of “Pretty Woman”). However, as a lifestyle decision, it was the right choice, although the end result has been that we are trading 6 of our 8 properties for 1 motorhome. Not something I would ever have done voluntarily, but now that it is actually in process, I am at peace with it.
I am actually looking forward to seeing my pay packet arrive in my bank account & knowing that not all of it is earmarked for paying off loans. We do still retain one of the properties plus our own home. We will decide later whether that one will be sold off.
We still look forward to hitting the road permanently & it is still my goal to set up a computer repair service called AussieRodney’s Outback IT Service on a “we come to you, wherever you are in Australia” basis. Although it might be a little further away than we thought! But having said that, it may well be that the income from the 1 or 2 remaining properties could be enough to sustain us on the road. We’ll find out!
