Well, I’m one of those people Steve talks about who has reached the limit so far as bank borrowing is concerned. As my properties are in Melbourne and high growth seaside towns (Inverloch and Merimbula), I am finding it difficult to convince myself to let any of them go! They have all given me tremendous gains in the past few years and I feel all will keep heading up steadily, even if the market slows. The difficulty is knowing which one to sell? I am thinking the one with the most debt, but it is in Melbourne, a cute Edwardian, 8 k’s from the city, so there is a reluctancy to ditch it. I have three blocks of land in Merimbula with no debt, a house in Merimbula which is negatively geared and a house I live in at Inverloch which I have subdivided and have put a removal house on.
The point is I need to sell something to move on and start investing in positively geared property.
Help!!!!!!!!!!!!!!!!!!!!
[
]My advice for what its worth. Keep what you have – your strategy in the long term will be better than buying shitty positive geared properties at $80k each with low capital growth prospects. Quality wins out in the end.
Hi Jacqui
Before you decide to sell, have you spoken to other Lenders or Mortgage Brokers?
Regards
stevenMortgage Broker
[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
i am reading richard bransons virgin book. brillant.
he was always borrowing to expand and always found a way. family,friends, j/ventures,different banks,networking.
your equity still may increase over the new year.
i know this is no solution .
check the book out certainly not conservative like yourself.cheers.Well, I’m one of those people Steve talks about who has reached the limit so far as bank borrowing is concerned. As my properties are in Melbourne and high growth seaside towns (Inverloch and Merimbula), I am finding it difficult to convince myself to let any of them go! They have all given me tremendous gains in the past few years and I feel all will keep heading up steadily, even if the market slows. The difficulty is knowing which one to sell? I am thinking the one with the most debt, but it is in Melbourne, a cute Edwardian, 8 k’s from the city, so there is a reluctancy to ditch it. I have three blocks of land in Merimbula with no debt, a house in Merimbula which is negatively geared and a house I live in at Inverloch which I have subdivided and have put a removal house on.Your strategy seem to work and working well why change it. Just stick to it and you have done well.
Congratulation.
I wish I have what you got.
Warm Regards
ChanDollars
[Keep going, you’re nearly reach the end of financial freedom]I wouldn’t be selling anything. Every time we think we can’t borrow any more money, there’s always some sucker out there who’s willing to lend it to us. And if the properties are all performing well, I definately wouldn’t consider selling.
Just my 2c.
Karen[]Yack,
This is where the holes in your line of thinking are exposed… if coastal land in NSW and Victoria is worth so much, why are you against investing in coastal cities and towns in Queensland or other places, where you CAN still find cheap houses around 80-150k with good yields of 8.5 – 10%? WHAT IS WRONG WITH THAT?? I guess when those same houses are worth around 250-300k, you’ll think about investing then… I think you’re extremely narrow minded to continually bag other people’s strategies. I bought 4 in June for a total of 300k, returning 10%… in a city of 50,000, 15 minutes from the beach… They’re worth around 350-400k now, fully tenanted by good people in an area with low vacancy rates, and I don’t have to worry about meeting the repayments… in fact, there’s money left over each month…
By the way Happyjak, congrats for having the foresight to invest where you did… muchos kudos to you…
I’m sorry to sound so aggro, I just don’t like people bagging the plans of others when I don’t think they have really looked into, or understand, alternatives.
Cheers
rBy the way. happyjak, why not develop your blocks in Merimbula and start earning some income off them?
Cheers
rYOu have already moved a house onto one block so why not do the same with thevacnt blocks ?
Will council allow this ?
Is the land too good to do this ?
Increasing your loan if it is going to be used for the above purpose looks fine to me provided (as I would think) the rental will make it worthwhile to do so.
Regards,
Pisces133
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