Hi everyone, I was wondering if you could give your opinion on wether to hold or sell my current IP. It was my 1st IP (It is a 2x1 unit bought in Perth at the height of the boom) and although I am ashamed to say it it was bought with haste and little DD. Thankfully I have learnt a HUGE amount since then, especially through lurking around this forum
My strategy was buy and hold but upon looking closely at the figures the unit is costing me $200 per week to hold (after tax) with a yield of 5%.
I could probably sell it for what I bought it for but factor in the costs, st duty at time of purchase, and the 20k in interest I have payed out over the last 2 years I will be looking at a loss of approx 45-50k.
I have a good income and can afford to hold the property but I think I would be better suited selling and looking for something much closer to CF neutral?
10k per year to hold with little prospect of CG over the next few years and I am sure I have answered my own question…
Was just after a couple of opinions from seasoned investors I guess.
Cheers
My strategy was buy and hold but upon looking closely at the figures the unit is costing me $200 per week to hold (after tax) with a yield of 5%.
I could probably sell it for what I bought it for but factor in the costs, st duty at time of purchase, and the 20k in interest I have payed out over the last 2 years I will be looking at a loss of approx 45-50k.
I have a good income and can afford to hold the property but I think I would be better suited selling and looking for something much closer to CF neutral?
10k per year to hold with little prospect of CG over the next few years and I am sure I have answered my own question…
Was just after a couple of opinions from seasoned investors I guess.
Cheers