Hi,
I am currently residing in Tassie, and renting a property here. I own a home in Melbourne which is currently rented out and covers my mortgage only. What ever equity I had, I used to purchase a business in Tassie. I am sure I can’t get any more finance from lenders. The question is do I sell the house, or the business or both to free me up, both finacially and time wise. (As I am typing this I have just answered my question, partially). I will sell the business, do I sell the house?
Is the business making money? If you sell, you may get some money, but you will have to find a job or other income source. What about the costs of selling the business and/or house, have you factored these in?
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Pick up a book titled “The E Myth” by Michael Gerber. After reading the first couple of chapters you’ll decide whether or not to sell your business.
Cheers
JeffWhat are you trying to achieve by selling?
Are you looking to get a bag of cash you can use to invest back into property? If that is the case I can not see the benefit in selling a property which will result in CGT expenses etc when teh cash will be rolled back into another house.
Selling the business could be a good way to get cash but you stil need an income stream to leave and qualify for a mortgage etc. I like Jeffs comment – read the E Myth.Cheers,
Pete
…Beware of the dreamtakers…
BTW – I was part of the MAP Program and am more than happy to answer and questions/comments you may have – Happy Investing…
You must be logged in to reply to this topic. If you don't have an account, you can register here.
