Share your best and worst IP

I'll go first:


Best IP

Location: Woy Woy, NSW

Purchase price: $280k

Purchase date: 2012

Current rent: $425/week (combined)

Current value: $550-600k

Comments: One of the worst houses and granny flats in Woy Woy. House has an outhouse only, no toilet inside. I could probably improve on the rent a bit. It’s on 700m2 zoned medium density, so I’m waiting for the property next door (the other side is villas already) to come onto the market, so that I can get my (ex-)mentor to buy it and we can develop.


Worst IP

Location: Rockhampton, QLD

Purchase price: $225k

Purchase date: 2013

Current rent: $230/week (took three months to find a tenant last time)

Current value: $170k

Comments: Sunk $36k into this property over the past two years, as it had a leaking asbestos roof and some other work needed doing as well. Council rates are over $3k a year.

 

Damn that Rockhampton one is a pain? That's why I'm hesitant to buy in any regional area to be honest.

Touch wood I've never lost any money on any housing investments thus far. Some haven't gained as much as I like though.

 

@spludgey Do yourself a solid and sell that Rockhampton turd.

 

Rent seems rather low for a combined amount.
I have a mate that sold his house + granny flat to a his brother (in Woy Woy too)
His combined rent is about double what you have stated.

1. Renovated existing house (well renovated 7 years ago)
2. Brand new PROPER granny flat (well it was brand new when he built it about 7 years ago).

I had a house in Sydney that was renting at $460 per week. Did a reno @ $40k on it and increased the rent to $600.

Food for thought.

 

I definitely should, however what's holding me back is that I don't want to take another $40k+ hit.

Here's my mortgage: -$218,361.67

 

Look at the positives mate, you will have a nice capital loss to carry forward if you sell ;/

 

My best one is my ip in Collingwood Park so far, bought for 295k in 2015 and now is roughly 390k, rent has always been 350/wk since day one.

Over the last few years I thought my Singleton property was bad as I bought for 235k in 2014 and price doesn't seems to have moved in the last few years until recently I look at domain again, and the houses around my street are selling for over 300k. It seems a like a sign of the economy is picking up again in the area. Oh and I'm receiving 300/wk rent.

 

Best:
In 2007 bought a place in Taperoo, SA, for $250k (previous owner bought it 4 years prior for $280k); sold it 2012 for $365k
In 2013 bought a place in Downer, ACT for $598k, currently valued $800k+ and $500/week rent. But it's ACT, so the rates and land tax are making it negatively geared.

Worst:
In 2009 bought a unit on 320sqm in Largs North for $300k. Sold it a few weeks ago for... $300k. Hated to do it as I really liked the place, but my employment meant I had to