hi all,
always a lurker and learner and now appreciate if i can get feedback on our current position
3 IPs:
All loans are with westpac, interest only and stand alone (non cross colateralised). interest is 4.83 p/a
1. WErribee , loan $178k, value $245k - purchased in 2007
Rent $240 p/w as of next month
2. Pakenham, loan $260k, value $295k - purchased in 2010
Rent $315 p/w
3. Seaford, loan $221k, value $275k; purchased in 2009
Rent $265 p/w
last financial year 13/14 based on my spreadsheet, our negative gearing costs for all three was $8893. This is pre tax and depreciation deduction.
our seaford property is my concern, i cannot believe our luck with this one. last tenant did a runner in january and we are now taking our current tenant to vcat due to arrears.
own corp is also an issue, unjustified levy, legal fees and not responding to queries. long story short we are also being taken to vcat by them as we are disputing their legal charges.
our pakenham property atm costing us $4k in gutter repair. im sad but ok with it as i do believe given the location, this one will be ok in a long term
i just feel like we need to cut this loss and move on. am i failing to see the big picture here? not too happy about the capital gain however could be on par with melbourne market as a whole in recent years.
i dont know, i just need a bit of reassurance or perhaps firm kicks to finally do something.
We have been pretty complacent with our properties so far but really not want to lose on opportunity costs going forward.
thanks in advance.
always a lurker and learner and now appreciate if i can get feedback on our current position
3 IPs:
All loans are with westpac, interest only and stand alone (non cross colateralised). interest is 4.83 p/a
1. WErribee , loan $178k, value $245k - purchased in 2007
Rent $240 p/w as of next month
2. Pakenham, loan $260k, value $295k - purchased in 2010
Rent $315 p/w
3. Seaford, loan $221k, value $275k; purchased in 2009
Rent $265 p/w
last financial year 13/14 based on my spreadsheet, our negative gearing costs for all three was $8893. This is pre tax and depreciation deduction.
our seaford property is my concern, i cannot believe our luck with this one. last tenant did a runner in january and we are now taking our current tenant to vcat due to arrears.
own corp is also an issue, unjustified levy, legal fees and not responding to queries. long story short we are also being taken to vcat by them as we are disputing their legal charges.
our pakenham property atm costing us $4k in gutter repair. im sad but ok with it as i do believe given the location, this one will be ok in a long term
i just feel like we need to cut this loss and move on. am i failing to see the big picture here? not too happy about the capital gain however could be on par with melbourne market as a whole in recent years.
i dont know, i just need a bit of reassurance or perhaps firm kicks to finally do something.
We have been pretty complacent with our properties so far but really not want to lose on opportunity costs going forward.
thanks in advance.