Ever feel like you need another project? It has been 3 years since we made a new 'committment' and we're ready for something else.
We have 3 properties:
Investment property – Property A – In my name – Valued at 270K, 180K owing
Investment property – property B – In husbands name – valued ay 400K – 300K owing
Owner occupied – property C – In both names – Valued 500K – 330K owing
what to do next?
We would like to buy a house closer to the coast to live in, prices are around the 550K mark.
The catch is, that I would like to cut back work to spend time with our 2 children.
So, how can we use the equity we have to make this move?
Do we sell the owner occupied?
A friend suggesting me selling property A to him to 'fee up some cash'.
How would this work and does this make sense to anyone?
We've been going around in circles trying to work this out for ages…. any ideas would be appreciated – if the post makes sense!
sorry – that should read 'a friend suggested selling my investment property to my husband to free up some cash'
Hi mumstar
I know the feeling – it makes life interesting.
I'm going through a similar situation at the moment. My wife and I decided that we wanted to tackle another project and move to the otherside of town. A few weeks later and we've just exchanged on a new PPOR.
It's really hard to comment on what's achievable without knowing your actual situation – your assets/liabilites, risk profile, future plans, etc.
From your post, it sounds like you want to retain all the properties but also want to improve work/life balance, which might make things difficult in terms of maintaining the portfolio.
This will sound bias but it might be an idea to get some independent advice on your borrowing capacity – speak with someone that can run a few scenerios for you – such as keeping all properties and selling one.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
what kind of cash flow do you get from your current IPs? you didn't mention that…
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