Hi All,
Thought I'd pick your brains and see what you guys would do in this situation. The wife wants out and move on...but I sort of feel jumping off at the moment is not a good idea...
We purchased the shopfront/warehouse in 2007 for about $500K - it was quite worn down with a decent tenant (who eventually didn't take up the lease after the first expired). Thought the area was going to boom but it hasn't really nor has it re gentrified. We thought it was an OK buy at the start because the size was 600m2 for the price.
Repairs cost us about $20K, electrical & plumbing work another $20K and legal costs to cover two matters cost another $20K. Had about 8 mths of vacancy in between and renting out for about $30 p/a. We had two nightmarish tenants which has basically put off my wife...
Problem is she wants to move back into residential which is now I believe overheated...I'd stay maybe 2-3 years more to see outcome of this place, but she has lost all patience.
Thoughts?
Thanks.
Thought I'd pick your brains and see what you guys would do in this situation. The wife wants out and move on...but I sort of feel jumping off at the moment is not a good idea...
We purchased the shopfront/warehouse in 2007 for about $500K - it was quite worn down with a decent tenant (who eventually didn't take up the lease after the first expired). Thought the area was going to boom but it hasn't really nor has it re gentrified. We thought it was an OK buy at the start because the size was 600m2 for the price.
Repairs cost us about $20K, electrical & plumbing work another $20K and legal costs to cover two matters cost another $20K. Had about 8 mths of vacancy in between and renting out for about $30 p/a. We had two nightmarish tenants which has basically put off my wife...
Problem is she wants to move back into residential which is now I believe overheated...I'd stay maybe 2-3 years more to see outcome of this place, but she has lost all patience.
Thoughts?
Thanks.