Hello,
As some may know, we own 1 IP which is a 4 bedroom house in Ashmont (Wagga Wagga), NSW. It is CF neutral.
We've had this house for about 2 years but I'm not sure if we should just sell it as maybe it wasn't as good of an investment as we initially thought. Tenants have been a nightmare which I sort of expected, being a low-income area and all but I thought we would at least have one who managed to get to the end of the lease without arrears.
Our current one hasn't paid rent since the start of December. At the beginning, they requested repairs and we promptly organised these. They still didn't pay. We went to the tribunal to get them evicted, our hearing got pushed back a few weeks and then they were awarded an extra month to get the rent sorted. Their lease is about to end and they will be evicted next week. We've had to cover all the outgoings with no rental income for 6 months.
Coincidentally, my husband has had a reduction in work hours which has meant even less income coming in. We're a few weeks behind with the IP mortgage, the rates need to be paid, the building insurance is due tomorrow and we have a bill to pay for the repairs too. I was just going to wait for them to be evicted so we can get the insurance payment to cover the arrears and expenses but I'm wondering if it's worth hanging on to this property at all? The potential for CG seems slim but it is cashflow neutral when someone is actually paying the rent.
What would you do?
As some may know, we own 1 IP which is a 4 bedroom house in Ashmont (Wagga Wagga), NSW. It is CF neutral.
We've had this house for about 2 years but I'm not sure if we should just sell it as maybe it wasn't as good of an investment as we initially thought. Tenants have been a nightmare which I sort of expected, being a low-income area and all but I thought we would at least have one who managed to get to the end of the lease without arrears.
Our current one hasn't paid rent since the start of December. At the beginning, they requested repairs and we promptly organised these. They still didn't pay. We went to the tribunal to get them evicted, our hearing got pushed back a few weeks and then they were awarded an extra month to get the rent sorted. Their lease is about to end and they will be evicted next week. We've had to cover all the outgoings with no rental income for 6 months.
Coincidentally, my husband has had a reduction in work hours which has meant even less income coming in. We're a few weeks behind with the IP mortgage, the rates need to be paid, the building insurance is due tomorrow and we have a bill to pay for the repairs too. I was just going to wait for them to be evicted so we can get the insurance payment to cover the arrears and expenses but I'm wondering if it's worth hanging on to this property at all? The potential for CG seems slim but it is cashflow neutral when someone is actually paying the rent.
What would you do?