Hello, my first post but long time reader.
Current situation married with 2 children. Income $115k pa, wife PT $50k pa. Our end goal is to build a new home close to children's school and our work.
Situation
IP's
1. 2 bed unit in Parmelia WA rent $250 a week. Purchased 2002 @ $70k value $210k (100% wife)
2. 2 bed unit in Calista WA rent $235 a week. Purchased 2003 @ $100k value $200k (100% wife)
3. 1 bed unit in Fremantle WA rent $365 a week. Purchased 2003 @ $145k value $310 (100% wife)
4. 2 bed unit in West End QLD (tempo) rent $550 a week. Purchased 2007 @ $570k value $550k (99% me 1% wife ) bought through TIC
PPOR
5. 2 bed unit in Maylands WA currently rent fully furnished $500 a week. Purchased 2009 @ $330k value $400k. Renovation cost $30k.
Property own outright (2/3 share me 1/3 share brother) with elderly parents living in rent free. (Not an option to sell)
6. 3 x 2 home Baldivis WA built 2009 @$360k value
IP loans cross collatorised and fixed until march 2015 @6.13. Break costs around $30k. Total loan $918k
PPOR loan $258k fixed until march 2015 @ 6.13. Break cost $4k I think.
We currently rent @ $540 a week and have just found out house is sold and we have until early 2014 to vacant. Probably just move into another rental locally.
Now the part I need some advice on. I know I have a few options eg continue to rent and wait out the fixed period and then start the sell off IP's.But I am unsure of what to sell and when. Do I just cope the loss on the brissie unit or do I wait a bit longer and hope to see some growth. I know if we sell West End that would free up some ability to borrow to build. Also all the IP loans are at around 80 LVR so even though there is good growth with the original IP's when considering CGT and the 80LVR that doesn't leave much in the way of profit. Any advice welcomed. Probably looking at 4 year window.
Current situation married with 2 children. Income $115k pa, wife PT $50k pa. Our end goal is to build a new home close to children's school and our work.
Situation
IP's
1. 2 bed unit in Parmelia WA rent $250 a week. Purchased 2002 @ $70k value $210k (100% wife)
2. 2 bed unit in Calista WA rent $235 a week. Purchased 2003 @ $100k value $200k (100% wife)
3. 1 bed unit in Fremantle WA rent $365 a week. Purchased 2003 @ $145k value $310 (100% wife)
4. 2 bed unit in West End QLD (tempo) rent $550 a week. Purchased 2007 @ $570k value $550k (99% me 1% wife ) bought through TIC
PPOR
5. 2 bed unit in Maylands WA currently rent fully furnished $500 a week. Purchased 2009 @ $330k value $400k. Renovation cost $30k.
Property own outright (2/3 share me 1/3 share brother) with elderly parents living in rent free. (Not an option to sell)
6. 3 x 2 home Baldivis WA built 2009 @$360k value
IP loans cross collatorised and fixed until march 2015 @6.13. Break costs around $30k. Total loan $918k
PPOR loan $258k fixed until march 2015 @ 6.13. Break cost $4k I think.
We currently rent @ $540 a week and have just found out house is sold and we have until early 2014 to vacant. Probably just move into another rental locally.
Now the part I need some advice on. I know I have a few options eg continue to rent and wait out the fixed period and then start the sell off IP's.But I am unsure of what to sell and when. Do I just cope the loss on the brissie unit or do I wait a bit longer and hope to see some growth. I know if we sell West End that would free up some ability to borrow to build. Also all the IP loans are at around 80 LVR so even though there is good growth with the original IP's when considering CGT and the 80LVR that doesn't leave much in the way of profit. Any advice welcomed. Probably looking at 4 year window.
