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Shouldn't you ask whether your tenant is willing to leave first?
...What do you guys think I should do, or what options/tips do you have for this situation? ...
Ask the agent first and see what they say before deciding. Specifically asking if it was better to be tenanted rather than vacant possesion.
Have you asked the tenants if they are interested in buying the unit?.
This is always the first thing I do when selling IP's -it worked on one occasion and saved me the selling commsssion.
Why would there be a larger pool of buyers in June?
So there are 2 agents i'm talking with tomorrow. I'll make a decision and I reckon my ip will be on the market in the next 1-2 weeks
I'm excited!
Sounds good. Will you add a link?
I purchased one lemon since investing 12 months ago, just offloaded as market was rising, saw the opportunity to get rid of it quickly.
The property was in QLD and I got the figures wrong, on paper the returns looked great 10% yield, however it took up to 3 months to rent due to client base in this area. I made the mistake of comparing this area to West Syd where rental demand is crazy high and dual occupancy is OK.
My point is it was a lemon, renting out was always going to be an issue eroding my rental returns, moved on, used the money for another deposit on a development site in Perth. Just have to be ruthless if you want the best results.
MTR
I've just been going over my old notes.
This ip in the last financial year holding costs
$86 pw before tax
$49 pw after tax
Its only gone up about $30-$50 k in value since 2009
$49 pw after tax doesn't seem like a lot but for someone on my $60 k income it could limit me in the type of property I buy next.
I wonder when it will become neutral??! Anyhow I'm thinking the next property I buy will need to be a newer ip with depreciation/less repairs!
I'm happy