Forums / Property Investing / Help Needed! / Which way out of the Pilbara?

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of FIDOFIDO
    Participant
    @barakov
    Join Date: 2014
    Post Count: 4

    I’ve made a couple of bad investments – a development in Karratha and one in Port Hedland. Both are one bed apartments that took over 2 years to complete….. Key points:

    – I can sell both, gross loss of $200k – if I can sell, cost ~$275/wk gross
    – I can rent both at a combined gross loss of $650 per week at current market rates.
    – Unrented is gross $1,600 per week cost
    – one is in a unit trust / business structure so capital loss is quarantined there

    Leaning towards selling as cash flow is terrible. Only upside may be holding out for capital growth but it’s a long shot.Port expansions provide some upside during construction phase (when/if that happens).

    Anyone else in, or experienced a disaster like this? Any advice on loss minimisation would be appreciated.

    Thanks

    Profile photo of FIDOFIDO
    Participant
    @barakov
    Join Date: 2014
    Post Count: 4

    Thanks for the PM’s

    Profile photo of TerryTerry
    Participant
    @talsar
    Join Date: 2014
    Post Count: 7

    Hi there
    How did you end up in this position ?

    Terry | TRC Property Services
    Email Me | Phone Me

    Remember: nothing stays the same and you can't make change with out changing

    Profile photo of 4jojo4jojo
    Participant
    @4jojo
    Join Date: 2009
    Post Count: 18

    Hi,

    Just saw your post about your properties in the Pilbara. Just wondering what you ended up doing? I have same problem with one property in Port Hedland. Thanks.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,010

    Terry, it was thru the advice of a certain armchair investing organisation.

    Happy to PM you there details off forum.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of 4jojo4jojo
    Participant
    @4jojo
    Join Date: 2009
    Post Count: 18

    Ok, please do.

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    ISn’t ‘that’ organisation still spruiking the benefits of mining towns?

    FIDO hang in there mate

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
    Email Me | Phone Me

    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    Profile photo of jmnes12jmnes12
    Participant
    @jmnes12
    Join Date: 2015
    Post Count: 20

    Sorry I’m new to the forum as well and have the same issue in Newman WA, any advice is welcomed!

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