Hi,
I have hit wall with finance to acquire more property,so now it seems my only option is to sell one or two properties & Re invest with a new strategy. Or, do I sit & wait for more gain?
I dont have enough equity or cash to use as 20% deposit for next the purchase as it stands, so even lo doc wouldn't help with my current portfiolios LVR being about 72% already. so,unfortunately I cant keep all my current portfolio & simply add another to it f I want to move ahead soon.
My income is too low to re finance all property to full doc loan. Looks like I need to sell something then re -invest. Im thinking of using funds from sale for a deposit on a reno and for reno costs. Perhaps if i can do a few of them one after the other & keep selling them, then at least I can build up my "bank account"
Im not sure which ones to sell though (or even if I should sell any)
This is what I have that I would sell if advised:
Unit in Melb I have owned for 10 years has about 100K equity and costs me 8K per yr. out of pocket
Oldish Unit in Surfers Paradise with beach views-No growth since purchase 3 yrs ago so no CGT. At least I could get my 60K (original 20% deposit) back out. This property costs me 11K per year out of pocket.
Old unit- potential development site. Not much growth past 4yrs Only get about 10K out of that one. Costs me 3K per year out of pocket.
Some say NEVER sell, others say its OK to sell. I feel stuck and need ideas. Should I sell the first & second ones. The first because its had a full cycle & the second because its highly neg geared? Should I sit & wait for more growth??
Any suggestions greatly welcomed and appreciated.
Thanks
I have hit wall with finance to acquire more property,so now it seems my only option is to sell one or two properties & Re invest with a new strategy. Or, do I sit & wait for more gain?
I dont have enough equity or cash to use as 20% deposit for next the purchase as it stands, so even lo doc wouldn't help with my current portfiolios LVR being about 72% already. so,unfortunately I cant keep all my current portfolio & simply add another to it f I want to move ahead soon.
My income is too low to re finance all property to full doc loan. Looks like I need to sell something then re -invest. Im thinking of using funds from sale for a deposit on a reno and for reno costs. Perhaps if i can do a few of them one after the other & keep selling them, then at least I can build up my "bank account"
Im not sure which ones to sell though (or even if I should sell any)
This is what I have that I would sell if advised:
Unit in Melb I have owned for 10 years has about 100K equity and costs me 8K per yr. out of pocket
Oldish Unit in Surfers Paradise with beach views-No growth since purchase 3 yrs ago so no CGT. At least I could get my 60K (original 20% deposit) back out. This property costs me 11K per year out of pocket.
Old unit- potential development site. Not much growth past 4yrs Only get about 10K out of that one. Costs me 3K per year out of pocket.
Some say NEVER sell, others say its OK to sell. I feel stuck and need ideas. Should I sell the first & second ones. The first because its had a full cycle & the second because its highly neg geared? Should I sit & wait for more growth??
Any suggestions greatly welcomed and appreciated.
Thanks