Hi to all
The dilemma that I need advise on is that I currently have a holiday rental in a busy tourist town in victoria and my partner and I would like to purchase a highly productive farm not far from town.
The purchase price of farm is approx 600K
we figured we could make approx 112Kgross from farm.
The holiday rental is used for girls weekends and gross $1800 per month it is situated an a very large block 2500sqm we were hoping to subdivide this lot and sell off land at the rear of property .Planning permit is underway but could be some months.
We would probably need a deposit to purchase the farm and have only the rental property to use
So…should we sell the rental and purchase the farm or wait for subdivision to be finalised and risk missing out on farm.
Cheers Blewblew
Have you thought of borrowing against your investment property to pay for a deposit on the farm. This will be at a cheaper rate than you will probably have to pay on the loan for the farm, assuming you would need a commercial loan for the bulk of that purchase.
Regards
Alistair
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