Hi Guys,
Im unfortunately in a position where I have to sell a property.
Two accountants have adviced I have to clear some debt due to a now failing
business.
I have the business on the market but no bites.
Its been there for over 20yrs but due to paying too much in buying my ex partner and being left with most of the debt out over 12 months ago and the FGC,Im struggling.
I have 3 properties.
1.PP is a house in Byron area.I have an over draft on the house which I used to buy partner out of business partnership.Prior to buying him out I was debt free on this property,now I have maxed out overdraft at just over $200,000.
2.Investment house.Slightly positve geared.
3.Investment Duplex.Slightly potive geared.
I had to accept a loan of 10% on the duplex as my ex sold one and I wanted to keep the other.
St George so kindly refused to give me a new loan in my own name,even though for years this duplex was positive geared.They claimed had more than(5?) late payments in a year(due to ex not paying his share).I used a local broker,he couldnt get one single bank to refinance me.Ended up with solicitors group to keep the duplex.
Anyway have to sell and concerned about paying capital gains tax.
One accountant said if I sold the investment house it would CGT would be about $50,000.He said sell PP!
He warned me not to be emotional and save the tax.
This guy has never favoured real estate as an investment.
I can let go of my PP(would be very hard),love the house but has a big yard I dont need.
Im concerned that by selling my PP,the house with the most value,Im ripping myself off from the best of all the 3's future gains when and if ever this slump in real estate turns around.
Things are not good in Byron.Real Estate is down..very down.Retailers are closing up shop.Landlords unwilling to help(as usual).
Im not in a good position to retire financially even though its looking like I have to.
Im 55 and have poor health so consider myself unemployable.
Thanks to all
Hope I explained my position well enough for some appreciated feedback.
Im unfortunately in a position where I have to sell a property.
Two accountants have adviced I have to clear some debt due to a now failing
business.
I have the business on the market but no bites.
Its been there for over 20yrs but due to paying too much in buying my ex partner and being left with most of the debt out over 12 months ago and the FGC,Im struggling.
I have 3 properties.
1.PP is a house in Byron area.I have an over draft on the house which I used to buy partner out of business partnership.Prior to buying him out I was debt free on this property,now I have maxed out overdraft at just over $200,000.
2.Investment house.Slightly positve geared.
3.Investment Duplex.Slightly potive geared.
I had to accept a loan of 10% on the duplex as my ex sold one and I wanted to keep the other.
St George so kindly refused to give me a new loan in my own name,even though for years this duplex was positive geared.They claimed had more than(5?) late payments in a year(due to ex not paying his share).I used a local broker,he couldnt get one single bank to refinance me.Ended up with solicitors group to keep the duplex.
Anyway have to sell and concerned about paying capital gains tax.
One accountant said if I sold the investment house it would CGT would be about $50,000.He said sell PP!
He warned me not to be emotional and save the tax.
This guy has never favoured real estate as an investment.
I can let go of my PP(would be very hard),love the house but has a big yard I dont need.
Im concerned that by selling my PP,the house with the most value,Im ripping myself off from the best of all the 3's future gains when and if ever this slump in real estate turns around.
Things are not good in Byron.Real Estate is down..very down.Retailers are closing up shop.Landlords unwilling to help(as usual).
Im not in a good position to retire financially even though its looking like I have to.
Im 55 and have poor health so consider myself unemployable.
Thanks to all
Hope I explained my position well enough for some appreciated feedback.