Advice Needed - What to do next?

Hi All!

So it's been a while since I last posted and I have come here looking for some guidance/advice on my current situation on what my next move could be. Summary;

Property 1 - Gold Coast Unit
Purchase 2012 $185k
Current Value $250k
Rent $265 per week
Extracted $45k equity loan from this and have not used funds yet

Property 2 - Toowoomba House
Purchase 2014 $215k
Current Value $215k with loan of $208k
Currently vacant looking for tenant
Rent will drop from $265 to $250 per week.. If I am lucky

PPOR - Gold Coast
Purchase 2015 $295k
Current Value $340k - Loan $240K

So I am currently having some issues with the Toowoomba IP given the high vacancy rate and some previous tenant issues that have forced me to re paint the house and possibly have to sand and re-polish the floorboards. Also, the street is in a housing commission area and has had some bad press lately which is not helping at all.

I am trying to take the next step to purchase another IP but I am also contemplating selling the Toowoomab IP at a loss given the headaches it has caused me.

What would others in my situation do? Has anyone sold at a loss just to get rid of a property that hasn't performed or is just giving you constant problems?

My end goal is to have $50k per annum in passive income from IP's and I know having 2 properties aint going to cut it so I want to know what I should be doing from here...

Thanks i advance for reading and hope to hear back from you all soon

 

Whats your serviceability like?

 

I haven't checked since my PPOR loan last year...

I was approved for $350k last year and only purchased $295k and my income has gone up approx $5k pa since then...

Should this be my first step in determining what to do next?

 

Yes you should check this as if you can't borrow any more money your plans may change.