Selling help?

Heres the details...

1. IP #1 - Karratha (WA) - returning $1100.00 rent a week (mining town)
2. IP#2 - Bellmere (Qld) - returning $340.00 rent a week
3. PPOR - Pacific Pines (Qld) - USED to be IP returning $400 rent a week but now living in for mean time.

We are still having to top up $250 a week for mortgages.

Situation is;

Me - I want to sell all 3 houses and put whatever profit we make into our "dream PPOR"... which will lower the mortgage right down and therefore mortgage won't be so high.

Hubby has 2 options - Sell IP#2 and PPOR (keep IP#1 as its returning high rent), purchase "dream PPOR" and then rent from IP#1 will help to cover PPOR mortgage too.

OR -

Sell IP#1 and IP#2 and put profit onto PPOR to make it freehold (or almost) and then look for "dream PPOR" and once found sell current PPOR and whatever made of that put onto "dream PPOR"...

Not sure what to do??? Any recommendations??

Also on another note, does anyone know any good sales agents for all areas just incase we decide to sell.... We have never sold a property before so its all very new to us.

Thanks!
 
More info required....

1. What are the projected slaes value of the 3 props?

2. How much do you owe on each property?

3. How much is you "(for now) Dream Home" going to be?

4. What is you tax bracket?

5. What is hubby's tax bracket?

The Y-man
 
I'm not sure what you should do, but the rent on your Karratha property sounds pretty cheap. If it's a standard sized house I would expect you could get $1500/wk for it. More if it's a big place. It's common for landlords to put rents up $400/$500 per week in one hit.
 
Hey Y-Man

Answers below:

1. Karratha - maybe $600-$700k
Bellmere - maybe $380k (which would be a loss)
Pacific Pines - maybe $450k

2. Karratha - $360k
Bellmere - $400k
Pacific Pines - $350k

3. Dream home maybe $500-$600k max (if that even)

4. my tax bracket - i don't work
5. hubby tax bracket - earns over $100k p/a so not sure what tax bracket is.

And "just learning" yes it is under rented at the moment but when the next rent review comes up in august (if we haven't decided what we are going to do then we will most likely increase the rent)... not sure yet though.
 
Top