OK, I screwed up big time and bought a house in Gladstone in 2012. I expected there to be high demand for rentals for a longer timeframe than there really was, and we have hung onto a dead horse for way too long.
Hubby has finally agreed to sell it and carry forward the loss against future IP capital gains. Yesterday when I got it valued it's potential price has dropped yet again (thanks real estate agents for suggesting we not sell back at the beginning of the year). It is now $100K less than I paid for it, more taking stamp duty into consideration. Mark still said to sell it last night, as it is such a pain dealing with tradies up there, we get slugged an additional insurance premium after the big storm last year, and when the current tenants move out, the rent will fall to an abysmal amount. It is most likely stopping us from refinancing and buying something else that will recoup the potential loss.
What do you think about trying to vendor finance it? Or would a VF agent just try to buy it off us for an even lower price than the open market. I don't need the hassle and expense of getting a license if I'm not likely to use it again. On the other hand, will a license open more opportunities down the track if I start some kind of real estate business.
We plan to write to the tenants and ask them if they would like to purchase it.
Thanks.