Have to keep PPR and sacrifice rental property.

[DAVID1974]

Hello,
I will be out of work in December 2011 (on contract). I have our family home (PPR) along with 2 rental properties in Meath and Roscommon. At the moment I'm saving 750€ pm to cover a rainy day fund, the rental properties do pay for themselves which is great, I have good tenants too, however, we are strapped for cash as wife heading back to work after Mat leave and we need nanny for two kids which costs 1300€ pm.

We cannot afford this extra 1300€ for the nanny which is like another mortgage, however, we cannot avoid getting a nanny. Something has to give here though, I was considering sacrificing the Roscommon property which is on a variable mortgage, my other rental is a tracker mortgage which I will never relinquish.I have all three properties for over 6 years and never missed a repayment.

Whats the best course of action here?, any advice from experienced posters to this site?

 

[csirl]

Can you look after the kids yourself when you are out of work? Then you wont need to spend money on the nanny. You can hire the nanny once you've found a new job.

 

[Bronte]

, my other rental is a tracker mortgage which I will never relinquish.?

What's the logic on this? People are far too attached to their trackers. You have to do out the figures and see which is better to sell.

 

[DAVID1974]

Yes I will look after kids when out of work, I have contract work until xmas and possibly thereafter if all goes well.The nanny must be covered for 4 - 6 months.

Bronte, people are very attached to the trackers and rightly so, I have three properties and would definitely let a non tracker go to the wall first. I'm fortunate in that the tracker property is in a better location than the one I'm considering sacrificing.