This is meant to be a big year for crypto, but the human in me has a fear that because it is "meant to be" - it won't be. If there was ever a year where a good crypto year would have a major impact on my family, it would be this one, and I hope that unlike the last "good year" I would actually take some advantage of it and at least get rid of the debt we hold on our house. Without a job at the moment, the thought of getting rid of as many of the debt costs as possible is in mind, even though it might not be the best way to go to maximise earning potential.
One alternative I have considered in the past is the roll the dice further and instead of paying off the mortgage on the house, we would invest into two or three apartments instead. This way, we would be able to earn on the rent and pay the mortgage off with that instead. This way, we would slowly be increasing our ownership, probably in a time where a lot of people are choosing the freedom of renting, either because they are making a lifestyle choice, or they can't afford to own.
A few months ago, things were looking pretty good for us financially in the future, because we both stable jobs and mine was actually the one that looked more stable and secure - even with opportunity to change position for the better. But in the space of a few weeks, that all came crashing down and stability turned into volatility. I now get the feeling that this is the make or break year for me in crypto, where either it is going to make the positive impact on my family and secure more of our future, or it is utter collapse.
A polarizing statement.
But, it isn't ever quite like that, as there are a whole range of options between those two points, like finding a decent job, getting a decent amount of work for my business, or winning the lottery (if we entered). Lots of things can happen on either side of the positive-negative spectrum. For instance, I just went over to visit the neighbour for a coffee (and a small whiskey), and he mentioned that one of his friends (whom I have met for drinks a few times over the years) is high up in a tech consultancy company based here, and there might be something there.
Ultimately though, I would like to be in a position of not really needing to work much in order to maintain our simple lifestyle, which means having significant usable reserves, or investments that are returning significant income that leaves enough to invest more in order to cover rising inflation. Paying off the mortgage doesn't increase income, it reduces outgoing expenses. However, with a collar on the loan for a few more years and the interest rates still significantly higher than our lock, it is worth paying off a bit more if we can, so we can reduce it for when the collar releases, just in case.
So, while it all depends on whether crypto does something really mammoth this year, I am leaning more toward investing a portion of it as deposits on apartments to rent out. My wife and I have been pretty good at picking apartments, renovating and then selling for places we have lived in, and I think that we would be okay at doing it for places to rent also. Ideally, if we were able to reduce the mortgage debt down significantly also, then I reckon my business income would be enough to cover our daily expenses without too much work.
Come on crypto.
I'd hope that whenever the next run up is, I am able to take advantage enough that when the markets are in the cellar again, I will be able to buy significantly. Life's timing always seems to be off for me though, and so far I haven't been able to capitalise on either side, just grind.
I can only grind for so long, before my heart gives out.
Or more likely, my body.
I think that next week I will make a few calls and do a bit of research to see what kinds of possibilities there are for investing into property here and calculate a few numbers. Whether it happens or not is another matter, but going through the process will give me some focus and answer some yay or nay questions, rather than it all being hypothetical.
Anyone have any experience with owning rental properties?
Taraz
[ Gen1: Hive ]
