Hi everyone, We fall into the category of 92% of Australians negative gearing houses. We have two houses in Springfield Lakes QLD and are unsure to cash in or hold. We have read 0-130 houses in 3.5 Years and am convinced we could do this but with a young family and now one wage, we are unsure if we make a mistake it could ruin everything we have worked for already. Has anyone else been in this predicament and have advice on weather to take the plunge or not. If we were to sell both, with careful buying, we could probably only turn the two houses into four or five, then we are unsure weather we can progress from there?
Thanks Winnie
Owing to the lack of specifics (figs etc.) in your post, its impossible to give ones opinion. i have been in a similar situation to you and the first thing I did was speak with a good broker that came highly recommended to us. He had a look at what we had and then gave us a number of options to structure our finances according to what our plans were. This was very helpful.
Eric
I was recently renting in Springfield Lakes and there wasn’t that much movement in housing considering it’s meant to be Australia’s fastest growing suburb. This means that you might not be able to sell too quickly and for or near your preferred price.
If you can sit it out for a while and hold onto these houses and research more into the +CF techniques and general property invesment market. Don’t panic sell just to change direction, be patient and remember sometimes the best thing to do is to do nothing (just sit it out for a while and see what would be the best course of action for yourselves).
Good Luck…G7
That sounds like a wise move, thanks for your response. The properties are taking longer to sell and the I think we might ride the wave out for a while. I am pleased that we made the decision to purchase the second property but now feel as if we are sort of stuck as we both know what we could do if we didn’t have the property.
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