Selling PPOR to survive!

Wow..... hope it keeps going
Bet your glad you purchased your primary residence

Perth is doing well too as our budget is in surplus due to iron ore prices soaring

 

Thanks for replying. Told agent no rush to sell only if right price is offered. What you wrote is what we've being trying to do since March. Refinanced with BOQ last year.
Applied for many jobs, either want recent experience or will get back to you.
Only JK, wife applied and getting some benefits.
Trust me, 6 mths of no work and in lockdown, sort of lost motivation with the food business.
thanks for the tips.

 

Yes, that was our thinking. Especially when other states are open and Melbourne you can't even leave 5kms from home.

 

Come to Perth.... we have the best beaches

 

Thanks mate for the advice.
Forced lockdown makes you realise what you have to do, with no income to hold PPOR and rather putting stress on the family, best thing is get out with some money and start fresh.

 

All good with your first sentence, It's true.
Brisbane is the place to be, we know a few foodies from Melbourne who moved to trade in Brisbane and might not return.
Sorry not just Large festival, we do all kinds, council run, school fetes, privates.
Thanks for your reply.

 

would love to , only if your PM would let us in

 

That is why we have tough restrictions at our border.

Otherwise every Australian would be moving to Queensland - the AFL did, the netball did, some of NRL did, part of car racing did, foodies have, ...

 

No worries - yes, really tough situation and there must be thousands in similar if not worse situation. At least you have equity And sounds like you want to preserve that so you that you can restart in the future

How much are repayments compared to the rent you will need to pay. My only other point is don’t feel like you have to do something (eg sell) for the sake of taking action. Selling and buying is an expensive business

 

Sorry to hear you are dealing with such a difficult situation. I can only imaging the stress with having to think about your business, your housing options and your children. Brave and sensible to consider whether you need to sell your PPOR to give yourself a safety net, breathing room and flexibility.But there are large transaction costs, and you and your family still need somewhere to live.

What are you options for accommodation if you sell? Would it be viable for you to try and find work interstate so you can send home most of the income as an interim measure - or would you consider an interstate shift for the whole family?

On the employment front - are you acknowledging and selling your skills sufficiently. Running your own food truck enterprise would include a range of skills and experience - it isn't a 'gap' in your working experience.

Building from Angel's suggestions about whether you can shift your market/business model, depending on the food options you provide? Would it be feasible to do a slight pivot, like the pubs that started delivering cocktails, or one of our local high end French restaurants that started delivery meal kits with instructions so people could prepare their own at home?

There are a couple of different brands of wood-fired pizza vans that go to different venues (such as parks) here in Brisbane on regularly scheduled evenings to cater to locals as a takeaway dinner option. For example, one of them has a pop up every Tuesday night in our suburb, and in a nearby suburb every Thursday night. Usually in parks, so must be some guidelines that Brisbane City Council allow this sort of activity. They seem to regularly sell out before the scheduled finish time, so must be doing reasonably well.

I thought it would be great if we had other vans with other food options that could do this on a once a week basis, particularly if it is a type of cuisine not catered to by a local bricks and mortar cafe/restaurant.

Would this be viable in Melbourne with current restrictions?

In the current environment, I like that this model is not dependent on a festival or special occasion. Food trucks on a regularly scheduled basis in open air probably has opportunities to reduce risk of becoming virus vectors if managed well. A regular schedule of different locations also allows more opportunity to build up a regular client base.

Would it be viable to take this a step further and set up as a moveable food delivery hub around dinner time? If your set up is moveable, would it be possible to set up in a position, take bookings in advance from customers within a certain distance of where you will set up, and have someone on to deliver the food to nearby customers? If you keep the radius small, keeping the food fresh would be easier, bike might be viable cheaper delivery option.

One of the challenges would probably be marketing and building awareness in your customer base. I found out about local pop-ups in our local Facebook community group.

 

Not too sure your exact financial situation. If you have money to survive until mid to end of 2021 then selling is least preferred. House mkt could be normal by end of 2021.

Few other options, rent PPOR and move to cheaper options like but away from city and rent.

mid you have bought pre 2010 then this option would give positive cash flow and survive with job seeker.

 

You can drive a truck or van. Fantastic! Australia Post has a massive hiring spree. They are hiring thousands of people and especially in Victoria where the most of the country's ecommerce / online businesses are based.

They are not only looking for employees but also independent contractors, if you prefer to operate that way.

Jobs - Recent Jobs

HC Truck Drivers - Full Time, Christmas Casual Positions

 

This is so sad but chin up - do what's necessary and take it step by step. One door closes, another opens.

1. sell your house now or IF rent covers obligations, rent it out (am guessing it doesn't)
2. if food trucking is your passion and something you're good at, use the assets at your disposal and be the greatest. Pivot the product if you need to. What you sell, how it tastes and how much you sell it for is EVERYTHING. For example: Food truck millionaires who beat the odds
3. move to where the action is yet long term - look past festivals perhaps as they're once off events, you want a permanent anchor, like a Harry's Cafe De wheels. Maybe its outside Melbourne, maybe its in, say, Byron Bay or Perth or Brisbane or the GC etc??
4. whenever the threat of redundancies looms at my company (which is at least once a year), I watch this

 

We regularly attend the New farm markets every sat morning and do a lot of our fresh food shopping for the week, would gladly support you if you made the move and set up, As would a bunch of our friends. Could also put you in touch with someone that sets up at most events/festivals and does very well out of it. Not to mention you would rent a decent 3-4 bed home within 10-15km of the city for less then $550 a week..

 

I appreciate you said that you’d lost your motivation for the food business, and that’s completely understandable, but I just thought I’d share that the NT News published an article this weekend saying that there’s the beginnings of a foodie boom in Darwin due to all the visitors and working from home, and it wouldn’t be on mainstream news. I thought of you when I read it having seen this thread earlier:
“DARWIN'S food vans have exploded in number across the city, as council points to coronavirus restrictions for a boom in business“

 

I didn’t know people could leave Victoria right now? Either way you could sell your house to @MTR I think her daughter is looking to buy in Melbourne. The market seems to be holding up atm.

 

Thanks for all the reply's something to think about before rushing in.

Kids go back to school tomorrow since ages, so should give us time and space to work out the numbers and see what's best.

Guess not knowing where the future income was coming from sort of led to panic thinking and selling.
1. Rent PPOR and renting accommodation for short term looks good. Jk/Job for now and rent will cover the costs. Still have the property.
2. Selling house, rent short term, but what to do with profits. Hold on for now / invest ? Not ideal time to start another business.

 

Thanks something to think about, Darwin would suit us with the weather and we do SE asian BBQ outdoors. Guess it's about making the big move.