Hey all,
Been reading your forums for a few months now and seems like there are a lot of very knowledgable people. So i think its time to ask for some help!
I have one investment property at Gracemere (just near Rockhampton) currently getting $285 per week rent.. I purchased it for 180K. I owe $145K and it is expected to sell for around 300K (it is currently on the market)
I have 30K in savings.
I purchased a Residex report on the suburb which predicted only 2-4% growth over the next 5 years (this is why i decided to put it for sale)
So my big question is have i made a mistake selling it? Should i have just held onto it and purchased another IP?
If i have stuffed up do i have rights to take it off the market and if yes is there any penalty?
So i guess my options are that if it sells i can look at purchasing another IP or 2 (or do i try and hold it and purchase another IP)
Please help as all the options are doing my head in.
Just for the record i am 27 and my income is 55K.
Any help would be much appreciated
Been reading your forums for a few months now and seems like there are a lot of very knowledgable people. So i think its time to ask for some help!
I have one investment property at Gracemere (just near Rockhampton) currently getting $285 per week rent.. I purchased it for 180K. I owe $145K and it is expected to sell for around 300K (it is currently on the market)
I have 30K in savings.
I purchased a Residex report on the suburb which predicted only 2-4% growth over the next 5 years (this is why i decided to put it for sale)
So my big question is have i made a mistake selling it? Should i have just held onto it and purchased another IP?
If i have stuffed up do i have rights to take it off the market and if yes is there any penalty?
So i guess my options are that if it sells i can look at purchasing another IP or 2 (or do i try and hold it and purchase another IP)
Please help as all the options are doing my head in.
Just for the record i am 27 and my income is 55K.
Any help would be much appreciated