Hello to everyone!!,
We have invested in an IP in Townsville as well as Cairns. Townsville is almost positively geared, but has made next to no capital growth if just a little since our purchase. It's a steady rental earner with next to zero vacancy.
We also have purchased an IP in Cairns. It seems this IP has gone from bad to wrose, and we are sitting in negative territory with CG and rental earning has slid down as well.
We also have a property in Sydney we are renting out in Sydney and living elsewhere.
Confused so are we. We have been thinking we will sell our Townsville property because it will free up some debt i.e home loan as Cairns is costing us. When we telephone the real estates in Townsville, their opinion is NO NO don't sell hang on.
We are finding it disheartening and feel a little defeated to hang onto any of these properties.Will there be any light or positive growth soon?
Thoughts anyone??
Dear Insamesy,
I have a hunch the IP in Cairns is a unit. Am I correct?
It is hard to give any recommendations or advice because we don't know the full picture. However, if I were you, I wouldn't sell the Townsville property as it is now close to being positively geared. Eventually, it will give you something back.
If I were in your place, I will get rid of the non-performing asset which the the IP in Cairns. Explore the possibility of vendor finance, Paul Dobson here is an expert on the subject.
Failing that, advertise it with a screaming headline that says…. VENDORS WANT IMMEDIATE SALE See what happens. You have to cut your loses in order to fight another day.
Sometimes, you have to take one step back to take two forward. Don't be disheartened or discouraged, there are solutions, you just have to MacGyver it.
Take care.
Angelina
0416261931 – if you need someone to talk to. Take care
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