Good evening all
I am new to this site and am enjoying reading the plethora of info that is on here. I have been attending several different seminars over the last few months and am just in my initial phases of paving myself a new and prosperous path!
The first part in this process is to decide whether to sell my IP or not. I have sought advice from several different financial planners whom all have been on the fence about it.
I bought a 4 bed brick property at Caboolture for $355k at the end of 2007, it went up substantially the following year and has now plummeted to around $320k. It is heavily negatively geared at around a cost of $14k out of pocket per year.
I am just wondering what others out there would do if they were in the same boat - sell it now at a low price and wear the loss which will increase my mortgage on my PPOR, or hang in there hoping it turns around? Conservatively, it has already cost me about $150k.
Any advice/thoughts would be appreciated
Thanks
I am new to this site and am enjoying reading the plethora of info that is on here. I have been attending several different seminars over the last few months and am just in my initial phases of paving myself a new and prosperous path!
The first part in this process is to decide whether to sell my IP or not. I have sought advice from several different financial planners whom all have been on the fence about it.
I bought a 4 bed brick property at Caboolture for $355k at the end of 2007, it went up substantially the following year and has now plummeted to around $320k. It is heavily negatively geared at around a cost of $14k out of pocket per year.
I am just wondering what others out there would do if they were in the same boat - sell it now at a low price and wear the loss which will increase my mortgage on my PPOR, or hang in there hoping it turns around? Conservatively, it has already cost me about $150k.
Any advice/thoughts would be appreciated
Thanks