Should we sell in Byron Bay

A

Anonymous

Guest
From: Anonymous


Hi all,
My husband and I have about 4 IPs and recently bought into a property in Canberra where we intend placing a house on a dual occupancy block we bought for $80,000- our share- the total price was $198,000. The land is in Cook, a suburb showing strong capital growth, and we intend staying and working in Canberra for a while.
We've figured we can place a kit home on the Cook property for about $120,000 and it should be valued at around $250,000 once finished with gardens etc.
Meanwhile we've run up a $150,000 LOC which we'd like to clear- partly with the purchase of the Cook property and partly with deposits on other IPs.

We've been agonising about whether to sell a unit we have in Byron Bay which has increased in value from $210,000 in 1998 to $369,000 now.
We permanently let it for a while, but decided to try holiday letting and this has been very unreliable. Should we sell it and repay the LOC, or should we permanently let it and hang on.
Would any of you suggest what we possibly should do-
Thanks
Cynthia
 
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A

Anonymous

Guest
Reply: 1
From: Anonymous


Don't sell
 
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A

Anonymous

Guest
Reply: 1.1
From: Anonymous


I know my post was probably a bit too complex but I would love some further advice. Can anyone suggest a creative way for us to finance our move forward?
Cynthia.
 
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Reply: 1.1.1
From: Geoff Whitfield


Steve Navra (a financial advisor with interests and creative ideas in real esate and the stock market) is based in Canberra, and may be able to help- http://www.navrainvest.com.au

He's a contributor to this forum, check for past posts. (and references!)
 
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A

Anonymous

Guest
Reply: 1.1.1.1
From: Anonymous


Thanks Geoff,
I appreciate your advice. I will contact him.
cheers
Cynthia
 
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