***************************************************GeorgesA said:In regards to this property in specific, If i had the knowledge i do now back then i would never had bought this house. It is not an ideal house, low side, housing commision on the street, 12.12m frontage, 5 min from station(not good in my area) 2br fibro etc etc.. I can probably get 330 k for it now if i tried... leaving me wiht a 15k mortage (after paying agent fees)..
The way i see it is when houses in chester hill go up 7% my house will only rise 3% due to all the negatives associated wiht it..
I think i could probably break even if i hold it for say 5 years but 5 years is a long time where i can be using these funds to buy something better and more financially sound.
Dear GeorgesA,
1. What are your own figures and real losses (plus new investing costs) if you were to proceed with the "Sell with the loss" option and subsequent re-invest again?
2. What are your basis for saying that you will break even in 5 years time?
3. How do you intend to use these capital loss to benefit your future property investments?
4. Are you not expecting your property value to double by the end of the next property cycle? and if so, do you still think that it is still more feasible for you to still want to proceed to sell off your present property with a loss?
5. What are the lessons that you have learnt from this experience? What are some safeguards which you will introduce when you next invest again.
6. Looking forward to hearing your thoughts and further sharing on this matter again, please.
7. Thank you.
regards,
Kenneth KOH
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