Selling the family home will result in divorce and really is not an option for us. So, I need to sell one car, find another income stream (2nd job), win the lottery. This is what I get for trusting the old bricks and mortar !!!!!
I think you need to talk with your wife and go through the figures and options together. The worst thing is to do nothing and lose also the equity in the family home, because that is what you are facing unless you take action now.
If you don't position yourself to deal with the banks, when they come knocking, and they will, then they will take your home.
Brendan, in you earlier posts you advise that all 3 investments are profitable as the rent is more than the interest + costs. On that basis, would the banks not look favorably on this and if I can afford to contribute something to capital repayments then better again. If I can get another 5 years I am hoping the situation will improve i.e. property value increased, mortgage decreased etc..
As outlined on other threads I disagree with you in relation to tax, as far as I'm concered he's paying around 54% or thereabouts. He is in addition paying exceedingly low interest so these properties are quite a headache tax wise I would have thought.
Actually, I don't think the OP is paying any income tax at all on his net rental profits (given the available Section 23 relief). This would actually be a compelling argument in favour of paying down the debt on his rental properties but that is a moot point if he is not prepared (for perhaps understandable reasons) to realise the equity in his PPR, which appears to be the sole source of available capital.
On the more general point, I would be interested to see a reasoned argument (perhaps in a separate thread) why you believe it is inappropriate to use an average tax rate when comparing an investment that is subject to a tiered tax rate (such as income tax) to an investment that is subject to a flat tax rate (such as DIRT).
I obviously appreciate that every Euro earned above the relevant ceiling is subject to income tax at the marginal rate (plus USC and PRSI) but that is a different point. Again, I would make the point that all sources of income are fungible for income tax purposes.
On the more general point, I would be interested to see a reasoned argument (perhaps in a separate thread) why you believe it is inappropriate to use an average tax rate when comparing an investment that is subject to a tiered tax rate (such as income tax) to an investment that is subject to a flat tax rate (such as DIRT).