Hi Everyone
I have a property in South Hedland which has a lot of equity in it which was managed by one company for 7 years very effectively (or so I thought) until last year when I became dissatisfied with certain members of staff. In hindsight I should have taken my grievances up with management. I ended up switching management companies. About one and a half months in the new management company tells me that I have $18,500 worth of work that needs to be done to the property before it can be re-let. Because I really see the future upswing for this property I'm left with no choice but to have the work done. Now I'm in a bind. Had the previous company informed me that there were maintenance issues I would have had them seen to as I always do. Now I'm in a position where I may be forced to sell because of someone elses negligence. I only owe about $14,500 on the bill now but am after any suggestions on how to raise the rest?
I really appreciate any help that you may have.
Thank you
Nathan
Personal loan secured or unsecured??
With 300 properties listed for sale and 200 rental vacancies I wish you luck.
Because I really see the future upswing for this property
I admire your optimism in the face of a declining market.
You say you have a lot of equity in the property, have you thought of setting up a line of credit against the property? I am not so bullish about port hedland, maybe its time to cash out while you are ahead.
A personal loan is bank loan with a rate higher than your IO loan but lower than your credit card. The rate is higher because it is unsecured but if you have equity in the property, it may well be much more effective to take out a line of credit against that property. Have a chat to your bank or broker.
what do you need to know exactly?
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
You must be logged in to reply to this topic. If you don't have an account, you can register here.
