All Topics / Help Needed! / Negative Gearing – Sell now or later ?

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  • Profile photo of cashdownecashdowne
    Participant
    @cashdowne
    Join Date: 2004
    Post Count: 6
    October 27, 2004 - 3:52 am

    Hi all,
    I have had only a few posts (still finding my feet?) and I think this is a great forum from which to learn from other people’s experiences.

    My query is, after having assessed my position, whether or not I should sell an apartment now or later (now is preferred). Given a new family member (somewhat unexpected, but great, so costs are up and income is reduced) I need to move this negatively geared property (I think I have learnt the hard way) in order to reduce net cash outflow.
    Though I will still have net outflow on another property but perhaps a little more manageable.

    The plan would then be to increase positive cash flow to balance out the other loss and continue down that track.

    The agent says I should wait until March given the current lease runs out in July 2005 to open up the market to owner occupiers as well. (it’s only a small 1 bedder and new in 2001/02).

    I thought now would be better given a long lease may be advantageous, but perhaps only to investors, together with post elction confidence, spring and before Christmas and rates start rising. May be it’s in the marketing?

    I’m sorry if this long, however any views would be most appreciated. Thanks to all.

    Regards,
    Chris

    Chris Ashdowne

    Profile photo of redwingredwing
    Participant
    @redwing
    Join Date: 2003
    Post Count: 2,733
    October 27, 2004 - 6:46 am

    Have you looked at completing a Tax variation schedule to increase your take home pay from wages?

    Check out the ATO site, form 15-15 from memory.

    I’m a buy n hold person though, however if you have to sell, you have to sell..maybe try privately for investors..save on commision also.

    Possibly list with some people offering that service on this site.

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of cashdownecashdowne
    Participant
    @cashdowne
    Join Date: 2004
    Post Count: 6
    October 27, 2004 - 7:15 am

    Thanks Redwing for your comments.
    Originally I was to buy and hold but most unexpected family events have occurred
    Yes I have a s15-15 in place and loans are interest only.

    Do you know anyone can help with listing other than the rental agent

    Thanks
    Chris

    Chris Ashdowne

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