Hi everyone, just joined and Trying to research whats the best thing to do for my current situation.
We have just moved into a rental property (paying $580 a week for a 4 bedder) in a suburb we wanted to live in after being in our PPOR for the last six years (in chipping norton), in which we still owe around $270k. We're in the process of finding tenants for PPOR (have 2 applicants but the RE is unhappy with them as he thinks they wouldnt maintain the place properly), but considering the possibility of selling it and using the money to buy a smaller ip with very minimal debt.
If we were to rent it out, we would get around $470 a week. Selling it now would probably net us around $170k after all fees have been taken out.
So not sure as to what to do, sell it and use the money to buy a small ip or just rent out the existing ppor?
I'm the only one working at the moment (my wife is a stay at home mum) im thinking minimising our debt might be a better option until she goes back to work....
We have just moved into a rental property (paying $580 a week for a 4 bedder) in a suburb we wanted to live in after being in our PPOR for the last six years (in chipping norton), in which we still owe around $270k. We're in the process of finding tenants for PPOR (have 2 applicants but the RE is unhappy with them as he thinks they wouldnt maintain the place properly), but considering the possibility of selling it and using the money to buy a smaller ip with very minimal debt.
If we were to rent it out, we would get around $470 a week. Selling it now would probably net us around $170k after all fees have been taken out.
So not sure as to what to do, sell it and use the money to buy a small ip or just rent out the existing ppor?
I'm the only one working at the moment (my wife is a stay at home mum) im thinking minimising our debt might be a better option until she goes back to work....