Hi,
I have a 3x1 IP in a not so desirable part of the Gold Coast. It's been problem after problem, I've been through 5 tenants in the two years that I've had it (all of which have been problem tennants, breakages, repairs, arrears etc. The neighbours on both sides and the back are constantly having domestics at all hours of the day and night. So even if I did manage to find a good tennant they probably wouldn't stay long due to the neighbours.
I originally purchased it because I got such a great deal and the yield was great. Bought for $280k a couple of years ago and was renting at $330.
Now rent has gone up to $350 however out of 6 open homes Ive only had 2 very unsuitable applications. I had the house valued at around $310k.
So if I sell I'll be at a slight loss.
Should I hold on and hope house prices go up and keep putting up with bad tennants or cut my losses and sell?
Thank you
I have a 3x1 IP in a not so desirable part of the Gold Coast. It's been problem after problem, I've been through 5 tenants in the two years that I've had it (all of which have been problem tennants, breakages, repairs, arrears etc. The neighbours on both sides and the back are constantly having domestics at all hours of the day and night. So even if I did manage to find a good tennant they probably wouldn't stay long due to the neighbours.
I originally purchased it because I got such a great deal and the yield was great. Bought for $280k a couple of years ago and was renting at $330.
Now rent has gone up to $350 however out of 6 open homes Ive only had 2 very unsuitable applications. I had the house valued at around $310k.
So if I sell I'll be at a slight loss.
Should I hold on and hope house prices go up and keep putting up with bad tennants or cut my losses and sell?
Thank you