@domascnn Passive income is from FD, REITs, UT etc. being a landlord is a job, you have to look for tenants, fix issues, settle problems. I was a landlord with 3 properties, ppl who say it's passive income, have never been one
@domascnn It's only passive if u fully own it (fully paid) . In OPs case he basicly got a overleverage loan (cashback) so he now owea the bank 1.5mil after intrest for his 1mil loan. If any thing his networth is - 1.5mil on this unit alone. He mentioned he did this before so I would guess his networth is negative 3 mil.
@bigfranck22 Sell it unless you’re planning to live in the property yourself. Right now im also bounded to a property and i wanna get rid as soon as i can regardless if my profit is low. I dont consider property as a good investment, its a wrong perception that property makes money because im not a rich investor. Im just a normal servant.
Plus u can never tell what happen, dont be too comfortable thinking abt the money
@bigfranck22 I would sell it and take the money. On top of what other people have mentioned about the sustainability of rental and additional hassle of maintenance , you could take the 300k and put in FD (if you're risk averse) or invest it.
Assuming you really get 18k per annum rental , to breakeven you only need 6% return on the 300k which isn't that tough a rate of return to get from stable investments like dividend yielding stocks.
@bigfranck22 I would create a dummy account and list the unit for 1.4m to test market. If got serious buyer, why not. I expect 1 year from now some owners who just VP cannot keep up with installments, and I would buy their unit then
