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Ok, share your worst performing IP that you currently have?

Discussion in 'General Property Chat' started by TMNT, 2nd Nov, 2015.

  1. TMNT

    TMNT Well-Known Member

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    23rd Jul, 2015
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    1,397
    Location:
    Melbourne
    lets share the worst performing IP in terms of CG drop or CG % drop from either at its peak or when you bought it,that you STILL own

    Mine is bought for $150k, valued at $220k a few months later, now 2 years later is $140k
     
  2. Kangaroo

    Kangaroo Well-Known Member

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    21st Aug, 2015
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    Sydney
    Worst one is the 1st IP. Typical newbie mistake. OTP in a highrise, settled in 2003 Sydney Peak. High fee as well. Revalued at 2010 and still the same price.
     
  3. Biz

    Biz Well-Known Member

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    Sydney
    First is my worst. Purchased 12 years ago, would be only worth 30k more than what I paid but have also spent a lot on maintenance. Finally the market does seem to be rising there though so there is hope yet! Added a granny flat to it last year so at least now it is giving me money every week. Total cost 420k for $640 rent per week.
     
  4. larrylarry

    larrylarry Well-Known Member

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    Sydney
    Same here. Rockdale OTP. Sold it a year or 2 later at a small loss.
     
  5. spludgey

    spludgey Well-Known Member

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    Location:
    Sydney
    IP #3: Rockhampton, paid $225k three years ago, now worth just over $200k. $295/week, but horrendous insurance and council rate costs.
     
  6. Kangaroo

    Kangaroo Well-Known Member

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    Wow, 12 years ago ! I reckon you paid around 290K back in 2003 ? That is a record long stagnation. what is it ? house/appt ? where is it ? If you do not mind to disclose.

    Hopefully my Brissy purchase will not take that long to appreciate.
     
  7. Biz

    Biz Well-Known Member

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    It's a regional NSW property (coastal town) purchased at the tail end of the last boom. Paid 285k.

    Lesson learned, be careful what you buy, not everything goes up all the time and don't buy at the end of a boom!!!
     
    Catalyst and Kangaroo like this.
  8. D.T.

    D.T. Adelaide Property Manager Business Member

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    13th Jun, 2015
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    5,606
    Location:
    Adelaide, SA
    My worst isn't measured in money terms, but rather in time. I have one that likes to complain about everything. Her inquiries out number the rest of my portfolio combined - but she's paying me 9% yield so be it.
     
  9. Michael_X

    Michael_X Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    295
    Location:
    Gold Coast/Sydney
    Very similar to my worst one too.

    First IP, OTP studio bought in 2004 for $340,000. Revalued last year for $400,000.

    High strata fees, they doubled from it the time it settled to when I first moved in.

    Cheers,
    Michael