If I sell this property I will take a $70k loss. What do you suggest?
Hi Andrew,
Look into selling it creatively - have you heard of vendor finance?
In the case of the Mackay property, you can try to find a buyer (whom is low on deposit, just changed jobs, etc) wanting to break into the property market and willing to offer somewhere close to $485k.
Set the purchaser's interest rate at say 5%, ask for them to pay P&I, ask for a small deposit upfront say $10k, change your loan to interest only - voila you could have a nice lil chunk of cash AND be in a positive cashflow position once again
Of course, this is only in theory and you should do a lot of due diligence before even considering this option!
Thanks.