Nope – nothing to do with web based community – just what I have been doing for the last week or so…
We have recently finished an ‘investment’ property / spec home and I am finishing parts of it off ready for sale. I put ‘investment’ in inverted commas because the last time we did this we fluked buying at the bottom of the Perth property cycle and selling at the top enabling us to pay of our mortgage (It wasn’t huge but it is nice to be free of it) but this time we will lose between $10K and $60K depending on how things pan out.
I guess these are the risks of investing and I am not crying over it because we did well the first time round. But because we are losing money I am trying to do a fair bit of the grunt work myself to minimise the loss.
Last week I cleared dirt to get the levels right for paving. On the weekend I did a heap of digging for our own veggie patch. Today I spent 5 hours digging trenches and pumbing in soakwells – to be finished tomorrow and then followed by retic… more digging… I must have done alright because the young guy who drove the excavator (I wasn’t digging 9 soakwell holes on my own!) couldn’t believe how much I had got done… or maybe that’s an indication of how ‘hard’ he works…
Its been a lot of digging and tonight I am well and truly buggered.
Days like today make me appreciate:
a) Why tradies like beer rather than wine! Normally I have a nice red with dinner but today on the way home I picked up a carton of crownies. I was so thirsty I could have drunk the lot. (I didn’t…)
b) Why many people don’t want to leave their homes once they get home and why church activities mid-week are hard to get people involved in. Many people are wiped out.
Maybe you get used to physical labour, but as a relatively healthy 43 year old I know my body is already screaming me at me to chill out. So… might need to go do that now…watch two weeks notice in divx
Don’t sell it. Rental properties are scarce at the moment, so you should be able to get a good income from it and then sit back and wait for the market to pick up again. Ideally you shouldn’t sell at all, let the income and value increase over time and then you have your retirement fund all set up for you.
Yep tiredness is the biggest killer of mid week church activities.
This is where home groups are so nice. People coming together in their own geographic location is a lot easier than traveling to church.
Like Anon said, any harm in looking at renting it out for a while? Obviously Im not looking to move wherever your house IS, but as someone looking for a rental at the moment there really ISN’T enough places out there. As such, you can afford to be a tight b**** and make sure your tenants come with good recommendations.
Could still make a profit yet?
Do i know you?
I noticed you are with e-wire?…
Yes – we have considered renting, but the ‘gap’ between rent and mortgage is too high and will shift our own lifetsyle more than we are willing to.
Its not all about the $$ for us. While we want to make it worthwhile we see the picture from another angle as well and if we finish up having to work extra just to pay the invest ment off then somewhere somethign has gone wrong!
YOu win – you lose – we have done both 🙂