Hi Forum
I have 5 cashflow property in south auckland. Had the odd tenant paying issue but overall, generally experienced no issues with renting the properties over the last 8 years. I purchased for long term buy and hold. I have a current statement of position that when I used the latest 2011 GVs at 80% the LVR covers all my mortgages and my PPOR has no borrowing but the property is used for collateral security from historical times when original rental mortgages where obtained.
Generally the positive cashflow is used up in maintenance and I currently have 4/5 properties on floating mortgages with the 5th property coming off its fixrd rate within 12 months. If interest rates go back to average 7s % rate or greater, it may not become cash flow positive any more.
Is the south auckland market worth staying in long term or should I sell.
My thinking is if I am not really getting much cashflow and the likely capital gain is minimal, is it worth the hassel of keeping them.
The properties are in clendon, and the area is not as bad as many say well in my expereince any way.
Any constructive debate would be appreciated.
I have 5 cashflow property in south auckland. Had the odd tenant paying issue but overall, generally experienced no issues with renting the properties over the last 8 years. I purchased for long term buy and hold. I have a current statement of position that when I used the latest 2011 GVs at 80% the LVR covers all my mortgages and my PPOR has no borrowing but the property is used for collateral security from historical times when original rental mortgages where obtained.
Generally the positive cashflow is used up in maintenance and I currently have 4/5 properties on floating mortgages with the 5th property coming off its fixrd rate within 12 months. If interest rates go back to average 7s % rate or greater, it may not become cash flow positive any more.
Is the south auckland market worth staying in long term or should I sell.
My thinking is if I am not really getting much cashflow and the likely capital gain is minimal, is it worth the hassel of keeping them.
The properties are in clendon, and the area is not as bad as many say well in my expereince any way.
Any constructive debate would be appreciated.
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