I have a 3/1/1 house in Sydney west, purchased in 2008 for $445,000 did a simple paint job and fixed up the kitchen with a flat pack. It's been rented ever since and it really doesn't cost me money to keep. I've never pulled the equity out from it (silly I know), so could potentially 1. Sell and have substantial cash towards paying own house or buy others. OR. 2. Keep it, Draw on equity and buy more.
Recently next door 2/1/1 knocked down same land size sold for $825,000, and surrounding others that had renovation or even crappy house but good land are selling over $1m. So to be veryyyyy conservative I should get at least the same as next door.
I'm interested in hearing from other investors who have a buy/hold strategy, do you ever sell? When you did sell, why?
Recently next door 2/1/1 knocked down same land size sold for $825,000, and surrounding others that had renovation or even crappy house but good land are selling over $1m. So to be veryyyyy conservative I should get at least the same as next door.
I'm interested in hearing from other investors who have a buy/hold strategy, do you ever sell? When you did sell, why?