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Hi carpe-diem
Thanks for the reply. I will probably still sell but not just due to frustrations. When we purchased, my business partner's dad went as a partner for the deposit (he used his house as security) and we always said we would sell the first one in around 12 months to release him and so we could continue purchasing IP's without him having to be involved.
Shame in a way – as the properties seem like they may do ok and in 6 months the rental returns will be returning around $43,000 without anything else being done to them and more if the last unit is upgraded a little. However, we really have to stick to our plans. I suppose the dramas we have faced with the renos has pushed us across the decision line but if we want more IP's then we have to sell this lot first!
We were thinking of asking around the $780k mark as our aim is to have them priced attractively enough for someone to purchase and easy enough to sell. We are not after a huge profit here. Only problem is that the local area RE agents are stuck in the sand saying they wont sell at the moment due to the depressed state of the area – mmmm I am sure that they are wrong but how does one argue with the locals and how do we market them positively when the agents wont look at the figures and base there judgments on that – after all they are IP's not PPR's. That is why we are not sure were to next – but I suppose things will work themselves out soon enough!
Thanks again for the reply
Cheers, Nathan
Glad you found a tenant Sara – it is a nasty time without them! Hope your property improves for you and you never know – a little improvement and maybe the rents can be increase? Hang tight – I am sure things will sort themselves out for you. Cheers, project U
