Heres the details…
1. IP #1 – Karratha (WA) – returning $1100.00 rent a week (mining town)
2. IP#2 – Bellmere (Qld) – returning $340.00 rent a week
3. PPOR – Pacific Pines (Qld) – USED to be IP returning $400 rent a week but now living in for mean time.We are still having to top up $250 a week for mortgages.
Situation is;
Me – I want to sell all 3 houses and put whatever profit we make into our “dream PPOR”… which will lower the mortgage right down and therefore mortgage won’t be so high.
Hubby has 2 options – Sell IP#2 and PPOR (keep IP#1 as its returning high rent), purchase “dream PPOR” and then rent from IP#1 will help to cover PPOR mortgage too.
OR –
Sell IP#1 and IP#2 and put profit onto PPOR to make it freehold (or almost) and then look for “dream PPOR” and once found sell current PPOR and whatever made of that put onto “dream PPOR”…Not sure what to do??? Any recommendations??
Also on another note, does anyone know any good sales agents for all areas just incase we decide to sell…. We have never sold a property before so its all very new to us.
Thanks!
Have you looked into whether it would be cheaper to rent a "dream PPOR" ?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
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Keep all three and stay where you are lol….. Sounds like a decent portfolio.
When it comes to property the more properties you have the more growth you are going to receive. If any of your properties are returning a positive cash flow then why not keep them and use the cash flow to help pay off your dream PPOR.
You need to be smart about this. Yes you want a dream home, but you also want to be able to generate a passive income so that you don’t have to work as much and you are more secure.
Keeping all three properties ensures both capital growth and rental growth. But you have to be careful of rising interest rates.
Basically the most important thing is whether you want the dream home and you want to start building your portfolio all over again, or if you want the best of both worlds. If you want the best of both worlds then keep your portfolio, maybe sell one property, and buy your dream home if you can afford it.
Friends of mine are buying their dream home but splitting it in 2 and renting out half of it until they can afford the whole thing. That way they own their dream home, but they can afford it too. Good luck
Ryan McLean | On Property
http://onproperty.com.au
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