Should my son hold or sell in Mount Gravatt East?

My 2c

You take it over, hold it & look after it, if he chnges his mind later, give it back.

May mean re structuring.

Or offer to run it for him so he feels no baggage, and re visit every 5 years or so.

Can always be sold.

He will appreciate what you have done at some point, no matter which way you go, it is a great lesson to give, even with the agro.

 

agree but there are issues at play within the power struggle

 

Yeah you cant really avoid situations where your child tries to push things they are personally responsible for onto their parents. It will be just yet another time where healthy boundaries will be put in place.

 

lol this is probably not the right forum to ask about family issues even if it has something to do with property.

As some have identified, the issue is not the property, its the concept behind "oweing".

Let him do what he wants. Not a big issue. Not like it's doing drugs/alcohol/gambling etc that's gonna kill him or cause harm onto others.

He can always get into property investing if he is interested in the future.Who knows what he can or cannot afford in the future?Who knows if he loses his job and is forced to sell in a property market correction/crash?

Should have probably had a good discussion with him before going ahead to get the property. At least the Brisbane market is not tanking like Perth's did and he can still sell out at a profit.

 

@wylie, $10 a week cost to him? If he smokes tell him to kick the cancer sticks and he'll make a profit of $20 a week or $1000 a year.

Don't blow your asset, Son of Wylie, stick with it, don't stuff up your investment, and delay your gratification.

Then. Go get another one.

 

Upper Mt Gravatt is in high demand - both for sales and for tenants. To demonstrate, we sourced a tenant within 24 hours of obtaining the keys for a new listing from a high quality tenant profile - professional couple one with her own business that is doing exceptionally well based on earnings. Perhaps ask your son "What would it take for you to feel excited about hanging onto this property?" That may unpack some of his reservations where you may be able to support him through that to continue holding...Brisbane has been flat for seven years and the tide will turn

 

At the end of the day, he doesnt want it and you do.

So why not buy it from him.
Sure u will pay stamp duty again.

If you chuck it into a company and trust, then you can directorship later to him if he wants it or not as you both decide.

 

Hold for sure. This is his chance to be set up for life.

 

I will go against the grain and say "let him sell it". How else will he be able to kick himself for not listening to you when it was time.
If you convince him not to, he is going to do that all over again next year and year after.

 

It comes down to needing gratification straight away vs.. waiting for a better return.
Patience is a virtue

 

I agree with this. The property, especially if there us equity built up, will be a future security for him.
It does depend on what else he will do with the money and how confident on getting returns greater than holding inn the time period.