Hi All,
Looking for some advice from our Nth Qld people please. I have an investment property in Douglas ( townsville ). It is a quality 2003 constructed 4 bedroom dwelling on 600m block near the University etc. It is a current DHA property, however, the lease has been reduced and I will be running solo from September this year. Currently getting $440 per week.
I have held this for 5 years and purchased it for 400,00K and I reckon I will get $420,000 if I sell today. My concerns are this :
Do I hold on - rent it privately and hope i achieve around that money ?
Do I cut my losses and dump it and look elsewhere ? ( no doubt will lose $$ )
Do I try and maximise the potential rent somehow ? ( DHA paint it inside/out and re carpet etc at the handover of the property )
I feel that I need to hold because I held for 5 years without any GAIN and I feel that it will run soon. Then again - it has been threatening to do this for past few years. If someone can suggest a Property manager up there that would be awesome if I decide to stay on.
Any advice is always appreciated.
Looking for some advice from our Nth Qld people please. I have an investment property in Douglas ( townsville ). It is a quality 2003 constructed 4 bedroom dwelling on 600m block near the University etc. It is a current DHA property, however, the lease has been reduced and I will be running solo from September this year. Currently getting $440 per week.
I have held this for 5 years and purchased it for 400,00K and I reckon I will get $420,000 if I sell today. My concerns are this :
- Vacancy Rate is about 4.3% in Townsville apparently ?
- Flat market for at least 5 years *( I stuffed up and bought at the top )
- Need to achieve the $440 or more to stay afloat ( still negative though )
Do I hold on - rent it privately and hope i achieve around that money ?
Do I cut my losses and dump it and look elsewhere ? ( no doubt will lose $$ )
Do I try and maximise the potential rent somehow ? ( DHA paint it inside/out and re carpet etc at the handover of the property )
I feel that I need to hold because I held for 5 years without any GAIN and I feel that it will run soon. Then again - it has been threatening to do this for past few years. If someone can suggest a Property manager up there that would be awesome if I decide to stay on.
Any advice is always appreciated.