Embracing Golden Rule #3. Never sell!
My final golden rule is to NEVER SELL.
And certainly never buy with the intention of selling in the near future. When you sell an investment property, you have a number of expenses, like capital gains tax and agent’s commissions. More importantly, you will never make another dollar from that property again.
The name of the game is to buy time so that you can hold onto your properties long-term and reap the benefits. Selling is like taking a chainsaw to the apple tree.
Why do people sell? They’re afraid. They think the market is going to collapse. They sell because they need the money but they don’t understand how the finance structure works so that they can get money from their property without having to sell it.
There are exceptions to this rule, when it does make sense to sell: the first is to trade it for a better one that will be a better investment for you. The second is if you have a dud property and you just need to cut your losses and buy a proper one.
If you’re unsure about your investment property, book yourself in for an analysis with my team.
~Daimien Patterson
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