Why are you selling - which state
- Thread starter INVSTOR
- Start date
I'm buying. The seller and his wife are nearly 100 years old, so they're going into an aged care facility.
I don't think the house is worth the pain of renting out and I'd like to at least get back the money I've put into it over 6 years, although I'm going to be really cutting it fine.
Where's the option for:
You're a moron, I'm not selling, I'm buying:
??????
You're a moron, I'm not selling, I'm buying:
??????
I am just selling a block of land so that I can buy more houses
I'm thinking of selling a 2 bedder that has not been performing as well as expected (it was the first property purchased as an IP...beginners mistake of not doing enough DD)...have just have looked at the figures and it's not going to be CF+ as I would have hoped. My rationale is to get rid of dud assets and use this money to reduce debt and make improvements elsewhere to generate capital growth.
Have also just purchased elsewhere, next to a uni and it was a good deal from a divorcing couple.
Oh...and the state is VIC.
)...have just have looked at the figures and it's not going to be CF+ as I would have hoped. My rationale is to get rid of dud assets and use this money to reduce debt and make improvements elsewhere to generate capital growth. Have also just purchased elsewhere, next to a uni and it was a good deal from a divorcing couple.
Oh...and the state is VIC.
I don't plan to sell any. 3x of my IPs went cf+, 1 is nearly neutral (will be close after next month's IR fall) ans some still neg but much easier to cope with now and I'm still confident has the best chance for long term CG. No dogs to shoot
Can you guess what your "other" might be?
Are you aware we are in a credit crunch?
Regards JO
Hi marg,
Why don't you agree on an independent valuation, and then pay out your 3 siblings. This is exactly what my parents did with the grandparents house.
The other 3 couples got cash in hand which they wanted, and my parents got a debt equal to 75% of the value of the property. No x-coll.
Within 2 years the siblings had frittered away the cash on plastic rubbish made in China, and the parents had a +CF property that had jumped up 26% in value.
Wealthy people just make better choices, and don't necessarily have to upset family in the process.
Many reasons.
Main one is that we are just about to retire and not interested in more IPs. Even at 3/4 of the market value it would be VERY negatively geared as it is a smallish 60 year old wooden house on a very valuable block of land (only 4km from CBD), and ongoing maintenance would be an issue we don't particularly want to take on.
It is best suited to extensive renovation or demolish and rebuild.
But if values tank and it is going cheaply enough......
Marg
