- FIDOParticipant@barakovJoin Date: 2014Post 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.
ThanksTerryParticipant@talsarJoin Date: 2014Post Count: 74jojoParticipant@4jojoJoin Date: 2009Post Count: 18
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.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Terry, it was thru the advice of a certain armchair investing organisation.
Happy to PM you there details off forum.
Yours in FinanceRedwoodParticipant@redwoodJoin Date: 2013Post Count: 340