My situation is
1st IP – Tokoroa (bought 5 years ago)
Estimated Loss on Sale 40k (Still to be sold)
Through BNZ
Bought 5 Years ago
Second IP - Flatbush
Owing to bank 525k
Verbal Market valuation 625k
Bought Sept 2013
Through ASB
My intention is to sell the tokoroa and take the loss with a pinch of salt.
I am a bit lost though and need guidance from all you property investing gurus out there.
what would you do if you are in this situation… Please guide me !!
Thanks
1st IP – Tokoroa (bought 5 years ago)
Estimated Loss on Sale 40k (Still to be sold)
Through BNZ
Bought 5 Years ago
Second IP - Flatbush
Owing to bank 525k
Verbal Market valuation 625k
Bought Sept 2013
Through ASB
My intention is to sell the tokoroa and take the loss with a pinch of salt.
I am a bit lost though and need guidance from all you property investing gurus out there.
- Upon Sale of property in tokoroa – Bank will have to give me unsecured lending on 1st IP on a higher interest rate. Because I have some equity in 2nd IP – If I move my 2nd mortgage to BNZ and apply for 565k (525k + 40k (loss) using some equity when switching banks – do you think it’s doable ? Is that the right thing to do – can anyone else think of anything else ? OR I can ask
- My current situation restricts me for any more lending to buy any more IP’s – what would you do in a similar situation to climb up the property investment ladder ? I have burnt my hands pretty bad but I would like to try again to get on the ladder of IP’s and make my portfolio.
what would you do if you are in this situation… Please guide me !!
Thanks
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