Would you sell this one to buy the other or?

Hey people.

Would you sell a great earner but it's not in such a great location [ banks don't like using it b/c of where it is] but it is a great earner , to buy a lesser earner but in a more bank favorable location ?

Or would you just keep the great earner and buy something else later on instead when you can do it without selling the origional ?

Thanks for any tips
 
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Would you sell a great earner but it's not in such a great location [ banks don't like using it b/c of where it is] but it is a great earner , to buy a lesser earner but in a more bank favorable location ?

Or would you just keep the great earner and buy something else later on instead when you can do it without selling the origional ?
Depends on your overall situation. If you're after income, keep it (as you state it is a great earner). If you need/want growth, perhaps consider flicking it to purchase something else after you have done all sums.

Is it worth doing a refinance (or increase loan) to release some equity to purchase elsewhere as well as hang onto this one?

It's hard to give an opinion without knowing all of the details.

Regards
Marty
 
Would you sell a great earner but it's not in such a great location [ banks don't like using it b/c of where it is] but it is a great earner , to buy a lesser earner but in a more bank favorable location ?
I've got a 'great' earner in a poor location. I couldn't sell the bloody thing.

I'd say I've bought a lesser earner in a more favourable location but it turns out the yield on both is/would be identical (although one after having had it for 7 years and one for 2).

I'd like to sell either of them and buy some land and build new, but they're hard to sell.
 
The problem is I can't borrow against it , banks hate the location- tiny rural town. So although I own it and it makes me money they still won't use it to springboard me into other properties.
At this very point , I could now be set up for life as from 6 mths ago with a new deal I'd found and negotiated ,it was on the table like a roast chicken ready and waiting, couldn't get the bloody money. They wouldn't lend against the other one, that's the second time I couldn't borrow against it.
Instead I've actually got financial trouble b/c that last one didn't go ahead and I couldn't restructure.
Crazy , so I've come to the conclusion that location must be more important than cash flow b/c if the bank doesn't like it , you can't grow.

Cheers
 
It's just a simple little house and I've split the yard and thrown a bungalow in back, has rear access . Just out of Lismore - Vic.
The one I needed to finance was just out of Geelong, house , 4 titles , heaps of potential.
Owell , live and learn , still tossing it all around.

Cheers
 
The problem is I can't borrow against it , banks hate the location- tiny rural town. So although I own it and it makes me money they still won't use it to springboard me into other properties.
At this very point , I could now be set up for life as from 6 mths ago with a new deal I'd found and negotiated ,it was on the table like a roast chicken ready and waiting, couldn't get the bloody money. They wouldn't lend against the other one, that's the second time I couldn't borrow against it.
Instead I've actually got financial trouble b/c that last one didn't go ahead and I couldn't restructure.
Crazy , so I've come to the conclusion that location must be more important than cash flow b/c if the bank doesn't like it , you can't grow.

Cheers

G'Day Random

CBA will lend in any postcode in Australia

Did you have a mortgage when you bought the property or did you use equity from another security?

There is (nearly) always a solution to any problem, particularly with regards to lending

That's what brokers are for ... not just one lender or just one set of lending policies.

What postcode are you talking about and is it a standard residential security in habitable condition?

Cheers
Kristine
 
Gday Kristine.

Yeah , won't go into it done and dusted but had 3 different brokers on it, actually presented to Com' twice . There was more than enough in the one I own but they just didn't like using it . Com actually said to us if we have to sell it we mightn't be able to.
Anyway , love your attitude and thanks all the same.

Supposedly I've sold the place now anyway, after much deliberation. I decided to palm it of for those reasons and a few others .

Cheers
 
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