For most people, selling one property is stressful enough. Imagine how tricky it is to manage the sale of two properties and refinance two additional properties, all while buying your dream home.
This is exactly the situation we had recently with one of our long-term clients, John and Mary, a couple in their mid -30’s.
The pair had a complex portfolio of property investments. They had recently sold one of their investment properties but not yet settled. They had a home where they were living that was to be sold, and they also owned an investment property in Melbourne.
Mary also owned property with her brother in a mining town in Western Australia. John and Mary have high incomes, but having added properties to their portfolio quickly they were not sure exactly how much equity they had in their property.
Like to know how much equity you have, why not order a free property report.
After reviewing the performances of their properties Awesome Lending Solutions helped manage the process by assisting the couple with the financing around the sale of their home and the second investment property and refinancing their investment property in Melbourne so they could also keep the investment property in WA but pay Mary’s brother out.
This made sense because, it then allowed Mary’s brother to purchase a home and investment property of his own no longer limited by Mary’s borrowing capacity. In a separate transaction, they were able to buy the dream home they now live in.
It took us three months from beginning to end, but the client was happy with the result, which is all that matters. Our suggestion here at Awesome Lending Solutions to anyone in a similar situation is to seek advice and put together a long-term strategy that will help build retirement savings.
It’s easy to get caught up in the moment and purchase a property with a family member or friend. It’s important though to have a clear easy exit strategy.
The value of working with an Awesome Broker in this type of situation is that we can come up with the right structure for you. This might include help providing joint buyer agreements if you want to buy with a family member or friend, all the way to our 10 year Property Acquisition Action Plan. Why not contact us today for a no obligation consultation about how to start your ‘Life of Abundance’