Hi all,
Any and all help would be gratefully received … We have been reading Steve’s books and are very anxious to get started but our only asset is our farm – into which we have put all our savings and then some (yes wrong, wrong, wrong – we know that now) and on which we owe approx 330k – current estimated value 1,000,000. The property is located on the Pacific Hwy between Ballina and Byron Bay and is currently unsaluable as it is affected by the proposed upgrading of the highway – in fact two of the proposed routes will require total purchase of the property by the RTA!! Decision on preferred route scheduled to be announced mid to late this year.
Any suggestions on getting finance?bronwyn from jindebah[blink]
Hi Bronwyn,
I have a lot of relatives up your way, so I know the area well. It would be a great place to live. The Pacific Hwy was upgraded not that long ago, what more are they doing to it?
I don’t think you have done the wrong thing by paying all you money into the loan on your farm by the way. But back to your question. This is a very interesting situation, and i can’t say i have a definitive answer, but I your property still has value, as it will either be acquired by RTA or will become saleable again, you should therefore be able to lend against it, maybe at a lower leverage. I’m going to ask around for my own interest sake and will post whatever feedback i get.
Regards
Alistair
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