amisraelhai
New member
Inheritance - recently lost my father, and about 5 years ago, he bought an apartment in Stellies in my name as an investment. The property brings in R16500 in rental monthly. When we bought the apartment, we only bonded R400 k in 2019. I also inherited about R1.4 m in cash, and I have about R150k in debt which I'll settle. The question is, what do I do with the money?
This was my thinking. Take the R1.2m and buy 2 townhouses in Gordon's bay in a security complex. (R900 000 each) The rental market currently gets R8500 rental for each and levies are R890. Wife is in the property industry so she has all the connections and deals.
What's the best way to buy it? R600 k cash deposit on each and bond R300k on each? I have taken into account transferring costs (which I'll settle personally)
The total bonsld costs and levies will be R14400+- but the rental income will be R33 500.
This leaves me with R20k a month.
What do I do with that 20K
Options
I'm 39, married . Between my wife and I we earn about 80k after tax so don't need the money currently.
We don't have a pension at all. Cashed it in to start a business.
Thanks everyone
Buy a donkey.. Baie dankie
This was my thinking. Take the R1.2m and buy 2 townhouses in Gordon's bay in a security complex. (R900 000 each) The rental market currently gets R8500 rental for each and levies are R890. Wife is in the property industry so she has all the connections and deals.
What's the best way to buy it? R600 k cash deposit on each and bond R300k on each? I have taken into account transferring costs (which I'll settle personally)
The total bonsld costs and levies will be R14400+- but the rental income will be R33 500.
This leaves me with R20k a month.
What do I do with that 20K
Options
- Pay R15k a month (5k extra into each bond essentially paying double bond) ? Save 5k...
- Do I contribute to my pension fund.
I'm 39, married . Between my wife and I we earn about 80k after tax so don't need the money currently.
We don't have a pension at all. Cashed it in to start a business.
Thanks everyone
Buy a donkey.. Baie dankie