We have a negative geared property that we built to generate some cashflow. (wasn’t aware of positive gearing strategies at the time)Now we are struggling to keep up with repayments as rent only covers half the mortgage…..are trying to sell it to cover just the mortgage. It’s 5 brms and centrally located near shops and university on Gold Coast……Help??Ideas???
How is it currently rented, to one tenant? Have you thought of student accommodation, maybe you could add some value that would more than cover your costs. Hard to say more without knowing more, but if you can find a way round it, then keep it. Is it interest only?
I agree with Misty. I would start by putting locks on all the bedroom doors. Get quotes to install phone lines in each of the bedrooms as uni students these days will need use of the internet. Also look at getting some basic furniture, bed, desk wardrobe etc for each room. I live in a university town and the students love this sort of set up. It is half way between a house and staying on campus. I would also include electricity, gas and water in the rent charges to make it more appealing.
Cheers!!
You raised a simple point I had overlooked. We reckon now we need to look deeper into that possibility.
Thanx again guys.[laughing]
18yrs old. Straight out of school. Wanting to fire all systems.
Post some numbers for people to assist, have you had a QS do a depreciation schedule?
Have you filed a tax variation form?
More Info = More Help..
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
You must be logged in to reply to this topic. If you don't have an account, you can register here.
