Hi,
A couple of years ago i made a very bad decision. We bought a property off the plan, as we knew the developer and thought we were onto a good thing !
When the building was finally finished the bank evaluated it less than the contract, and to save our deposit (and face) we borrowed against our home to complete the deal (in hind sight "the worst decision of our financial lives !").
We have subsequently re-financed and surprise surprise it was values at even less again !!
On the good side (If it can be found, I am a optimist...just) the property has always been with a tenant, and that side of things seems to be going well, but it is negatively geared and the depreciation has helped with tax etc.
Do I sell the thing and cut my losses ?
Since I've already lost do I keep it ?
I'd like to continue investing in property but this situation has got me completely stuck.
For a newbie where do the gurus go to get educated, with so many promises from educators that have made it like Dymphna Boholt and the like !
Any advice opinions will help...
Thanks for reading !!
A couple of years ago i made a very bad decision. We bought a property off the plan, as we knew the developer and thought we were onto a good thing !
When the building was finally finished the bank evaluated it less than the contract, and to save our deposit (and face) we borrowed against our home to complete the deal (in hind sight "the worst decision of our financial lives !").
We have subsequently re-financed and surprise surprise it was values at even less again !!
On the good side (If it can be found, I am a optimist...just) the property has always been with a tenant, and that side of things seems to be going well, but it is negatively geared and the depreciation has helped with tax etc.
Do I sell the thing and cut my losses ?
Since I've already lost do I keep it ?
I'd like to continue investing in property but this situation has got me completely stuck.
For a newbie where do the gurus go to get educated, with so many promises from educators that have made it like Dymphna Boholt and the like !
Any advice opinions will help...
Thanks for reading !!