Hi All,
I bought an IP and it was purely based on emotion, knowing what I know now I want to sell this IP as its costing me money.
The current market looks flat so I was hoping if you could share some exit stragety to achieve the most out of my sale.
Thanks
FlavioWell for one thing you could try a private sale to start with. You coudl save many thousands of dollars doing it yourself and lets face it, unless you’ve got a strange property or a very expensive one the basic RE agent will just put up a picture on the net and hand out the keys for inspection. On a $250k house you could save in the region of $5k (which would get you and the missus or mister to SE Asia for a week or two).
Also, take a cue from the DIY shows and make sure the place is cleaned up, the yards tidy, any strange smells gone, chipped paint fixed and so on. Only really costs you time but could mean a couple thousand on the sale price.
yes, those emotional properties. I have bought them too years ago when none of this information was available [angry2].
can you “value add” anywhere? Ie if you can do something to the property to increase its value, it means that you can get a better price for it. Ie put up front fence, new carpet, paint, landscape etc.
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582I would advise not rushing into another mistake… the biggest cost of property is getting into and out of it, now that you have paid to get in you may be better off holding for a good period of time and just following a standard negative geared investment pattern. If you really need the cashflow, perhaps find a property to offset it.
http://www.megainvestments.com.auExtensive list of ‘Off The Plan’ property available for sale in Perth.
John – 0419 198 856
Thanks guys for your imput.
surreyhughes19905 – a private sale is a way looking at it. To tell you the truth it never crossed my mind.
Dr.X – Im currently looking at adding value ie rendering, posible a kitchen revamp. My concern here was that I was going to overcapitlise the property and not recoup the expense through the sales. At least the property is rented and I can increase the rent. So its not a total loss.
AUSPROP – I agree with you there and hence Im trying to find out the best exit stragtegy. The way I currently seeing is that its costing me money to maintain the prop so I should cut my losses and move on. If I keep the prop and wait for growth will the growth cover my current loss? I dont think so.
Another option is if the mortgage on the property is P&I, then maybe switching to an interest only mortgage for a few years will improve the cashflow and allow you to hold into it for a while, until the selling conditions improve.
Andrew
http://www.rentmaster.co.nz
Software for Landlords
You must be logged in to reply to this topic. If you don't have an account, you can register here.
