C
CelticReaper
Guest
Hi, I am new to this forum and hope it's the correct place for the following question.
I entered the property investment arena in 2005 so I paid close to top dollar for my investments. Based on the advise of a property investment consultant I release equity from my PPR at the time (since has become an investment property). This release equity was used to purchase a house in dublin and a section 23 apartment (for tax shelter).
I was nervous at the time, but I trusted the advise I was looking long term (pension) so I decided to go for it.
Roll on 6 years to 2011. My situation is as follows:
Property 1 Mortg = 230K Interest only, Value = 220K
Property 2 Mortg = 160K Principal + Interest, Value = 140K
Property 3 Mortg = 170K Interest only, Value = cannot be valued. Section 23 changes have killed this one.
To get to my point.... 6 years on I have made absolutely NO headway. I have €560K debt, I am in negative equity, 1 property will not rent. I am just about keeping head above water, only because the interest rates are low.
My fear, is that values will drop further, interest rates will start to climb. There are no buyers out there and I don't seem to have a way out or light at the end of the tunnel.
I expect no one will have an answer for me. But I would appreciate feedback / guidance / encouragement from seasoned investors.
Thanks for your time
I entered the property investment arena in 2005 so I paid close to top dollar for my investments. Based on the advise of a property investment consultant I release equity from my PPR at the time (since has become an investment property). This release equity was used to purchase a house in dublin and a section 23 apartment (for tax shelter).
I was nervous at the time, but I trusted the advise I was looking long term (pension) so I decided to go for it.
Roll on 6 years to 2011. My situation is as follows:
Property 1 Mortg = 230K Interest only, Value = 220K
Property 2 Mortg = 160K Principal + Interest, Value = 140K
Property 3 Mortg = 170K Interest only, Value = cannot be valued. Section 23 changes have killed this one.
To get to my point.... 6 years on I have made absolutely NO headway. I have €560K debt, I am in negative equity, 1 property will not rent. I am just about keeping head above water, only because the interest rates are low.
My fear, is that values will drop further, interest rates will start to climb. There are no buyers out there and I don't seem to have a way out or light at the end of the tunnel.
I expect no one will have an answer for me. But I would appreciate feedback / guidance / encouragement from seasoned investors.
Thanks for your time