Hi guys
I am a young investor seeking some advice.
My partner and I are building an investment property in South East QLD, due to circumstances out of our control (ie. council). it had been put on hold for several months. They have restarted work on the property over the last week and it is now at frame stage. The property should be finished by end of May and we have planned a trip overseas early June for two months. As we can not afford the repayments, while we travel, what is our best option? The only two that I can think of are to rent or sell… or are there other options?
Looking forward to your wise words.
Thank you!
I assume your plans were to rent the property if it had been finished prior to your overseas trip. If so, why not leave it to an agent to rent it while you are away, assuming it is ready.
Is your finance through a broker, and if so, can he organise anything, a repayment holiday, or maybe extra funds to cover the repayments for two months until you are back.
You don’t want to be worrying about it while you are away, but on just the facts you have given, if it were me, I would hate to sell it for the sake of two months’ repayments.
Could your family pay the first two months’ repayments to give you breathing space until either it is rented, or you are back?
My thoughts, Wylie.
Don’t take the holiday.
It seems to me that a little delayed gratificatioon may be in order here. Why lose an asset that will grow in value over time because you are taking a holiday.
Based on information provided it would seem the priorities are wrong.
Derek
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http://www.pis.theinvestorsclub.com.au
0409 882 958V good point Derek- agreed- Also I really think you are being over optimistic,Hotty, in assuming your house will be finished when the builders say it will. Long experience has taught me that completion will be delayed– and despite whatever is in your contract you just have to hack it– So I would be delaying the trip until prop. is finished and you had a tenant installed– All the best-
I assumed on reading your post that you may be financially committed to the trip. I agree that if you can postpone it you should, otherwise I’d try to keep the house by some other means, even borrowing just for two months’ repayments.
As has been said, you may find it is not finished before you go, in which case your can neither rent it nor sell it, unless you trust someone to do these things for you.
Wylie
Worst case scenario, you will no doubt get more than 1 offer from a financial institution over then next couple of months to take up an offer on their new and inproved credit card.
Take up the offer, cash advance the interest required while on holidays. Hell of a lot cheaper than selling.Mal
Getting out of your comfort zone, can help you become comfortable
Rent it out, we build & sell houses in SEQ suitable for investors & there seems to be a high demand for rental accomodation in the area.
isn’t that why you built it in the first place ?cheers Jeff
http://www.property.focusdevelopments.com.auThanks to all that replied,
I have been looking forward to this trip for four years ,as i am going to Germany for the World Cup, so i cant postpone the cup.
From what i have read it seems to me that I just pray that the property is finished and rented out by the time i go OS, and if not.. my cedit debt may just get even bigger while i am away.. thanks heaps guys and girls [biggrin]
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