Sell to trade up decisions

[Craig Pillay]

Hello

I hope you are all doing well!

I am about to place an offer on a new property than can really unlock great cashflow and push me closer to my goal of being financially free/independent.

I'm undecided about how to finance the upfront cost though (deposit/reno cost). I'm considering selling one of my rental properties that I've had for 8 years that's still not in a positive. However the location and growth is excellent. But selling this will really give me the cash that I need for the new property, and potentially reinvest in another, or even settle an existing one - great equity in this property. I have this fear of letting go of a property.

The 2nd option is to refinance the same property for the needed cash as I have enough equity. Not my favorite option as it will further erode my current cashflows . Perhaps I can sell the property after refinancing it?

Getting this right will really unlock value, so I'm consulting as broadly as I can. Would appreciate any advice please.

Thanks!

Craig