Hi All,
I am hoping I can get some advice please so I can plan my next move forward in my portfolio. I currently own 4 IP's and my PPOR. I am looking at possibly selling one of two of the poorer performers and buying another in Sydney. My current situation is this :
Property Loan amount Current Value Equity
Medowie NSW 330,000 350,000 20,000
Burton SA 390,000 460,000 70,000
Townsville 420,000 440,000 20,000
Caddens NSW 575,000 650,000 75,000
PPOR NIL 600,000 600,000
I have approximately 1.7M debt with about $ 185,000 Equity without PPOR or $785,000 with it. I refinanced with ME bank 18 months ago and we are locked in for fixed for 3 years. So if I refinance there will be penalties.
Q1. Should I get individual valuations on each of the property to gauge what is really happening ? I previously used HTW but they were very expensive. Any recommendations or is it a case you have to go to each state/place and find one there to use.
Q2. Releasing equity is often brought up here ? Is this an option or don't I have enough to worry about when you take my PPOR out of the equation.
Bit depressed about my situation. I have worked hard, had a decent crack but cant seem to climb the mountain. Not getting any younger either.
Any advice is greatly appreciated. Take care.
I am hoping I can get some advice please so I can plan my next move forward in my portfolio. I currently own 4 IP's and my PPOR. I am looking at possibly selling one of two of the poorer performers and buying another in Sydney. My current situation is this :
Property Loan amount Current Value Equity
Medowie NSW 330,000 350,000 20,000
Burton SA 390,000 460,000 70,000
Townsville 420,000 440,000 20,000
Caddens NSW 575,000 650,000 75,000
PPOR NIL 600,000 600,000
I have approximately 1.7M debt with about $ 185,000 Equity without PPOR or $785,000 with it. I refinanced with ME bank 18 months ago and we are locked in for fixed for 3 years. So if I refinance there will be penalties.
Q1. Should I get individual valuations on each of the property to gauge what is really happening ? I previously used HTW but they were very expensive. Any recommendations or is it a case you have to go to each state/place and find one there to use.
Q2. Releasing equity is often brought up here ? Is this an option or don't I have enough to worry about when you take my PPOR out of the equation.
Bit depressed about my situation. I have worked hard, had a decent crack but cant seem to climb the mountain. Not getting any younger either.
Any advice is greatly appreciated. Take care.