I know we should leave emotions behind but I have become kinda attached to one of my investments. There is profit to be made in developing the splitter block but since purchasing it few years ago i have slightly changed my end goal and now I want to keep everything although I cannot afford it atm. That's why im just sitting on it and waiting for rents to increase to the point where it becomes cashflow positive after the new builds. Maybe this is too much pride as a man. Maybe its holding my investment back. Wondering if people are in the same situation. How do people get over this.
Anybody emotionally attached to their investment properties
- Thread starter eggnog
- Start date
I know the problem and can sympathise.
I try to have an end goal that I focus on: the ip is merely the means to achieving this goal. The goal could be something like paying off a debt, buying something nice (car, bike, clothes etc) or just having a better income or financial position.
Focus on the end goal.
I try to have an end goal that I focus on: the ip is merely the means to achieving this goal. The goal could be something like paying off a debt, buying something nice (car, bike, clothes etc) or just having a better income or financial position.
Focus on the end goal.
I like all our IPs.
I don't want to sell any of them, except one.
One property is being rented under a Rent to Own.
He is 3 years into a 10 yr contract and doing very well.
We actually hope he continues, and will get a home out of this.
We bought the property for $20k and over the 10 years he is paying us $90k.
I don't want to sell any of them, except one.
One property is being rented under a Rent to Own.
He is 3 years into a 10 yr contract and doing very well.
We actually hope he continues, and will get a home out of this.
We bought the property for $20k and over the 10 years he is paying us $90k.
It's easy to get attached, especially to your first IP, but it really is best to treat it simply as a business.
Yep, I was in this situation. Should have sold the IP a year or more ago, now it's hanging around like..... Since it's the wort performing IP in my portfolio, I can't wait to get rid of it when the current fixed term tenancy finishes...
I think once you get into the buying and selling mode, all the IPs will become just another commodity to be traded as needed get continue getting you to your goals (now I need to listen to my own advice here!
)mmmm, I could see where you're coming from (I assume you're talking about the tenants keeping the place as you want, always on time etc etc so you're hesitant to increase the rent or sell from under them).
I could see how this is worse. You have met them as part of the landlord-tenant process??
I could see how this is worse. You have met them as part of the landlord-tenant process??
A little emotionally attached to my first IP because I really like the location and it my first
The house is in horrible condition with matching very bad yields so it is being developed.
End result is the best choice numbers wise, fits in with my end game strategy and I can still be a little emotionally attached
The house is in horrible condition with matching very bad yields so it is being developed.
End result is the best choice numbers wise, fits in with my end game strategy and I can still be a little emotionally attached
Yes and no.
The more I have to fight to get what I want, ie compete against other buyers, fight council blah blah the more I become invested emotionally but I also have back up plans for most of them.
I am probably least attached to my first development, most attached to Highgate. So I would say MOST effort = MOST attachment for me.
The stubborn person in me who 'has to be RIGHT' is fighting, fighting, fighting. The investor in me says ' go to back up plan' but I can't just yet.
I love my money. My money's tied up in property. QED I love my properties.
I'm more attached to the ones we fully renovated. I guess we have more invested (with time, blood, sweat and tears), all of which came into play, as well as a few arguements.
But it wouldn't stop me from selling them. At the end of the day we only bought them so we could retire comfortably so whatever gets me to that goal wins (selling, keeping?).
But it wouldn't stop me from selling them. At the end of the day we only bought them so we could retire comfortably so whatever gets me to that goal wins (selling, keeping?).
I am. Other than my first IP, which is a fibro cottage on the wrong side of the tracks that I only bought because it was the only thing I could afford at the time, the other IPs have all been well-located, character properties that I would happily live in (except one modern unit in Ultimo, which I still loved). Over the years I've sold 3 and I was sad in all cases to see them go, but I needed the cash.
It's hard not to get attached to them, seeing as my investment strategy is to buy places I like, in places I would like to live, because if I like them then other people (renters/buyers) will too.
It's hard not to get attached to them, seeing as my investment strategy is to buy places I like, in places I would like to live, because if I like them then other people (renters/buyers) will too.
I'm not. The only reason I don't sell some to pay off my PPOR loan is because I'd then need to pay CGT and find more investments.
If they burnt down tomorrow and I got a cheque in the mail I wouldn't be concerned.
If they burnt down tomorrow and I got a cheque in the mail I wouldn't be concerned.
Hiya
I am not emotionally attached to my Ips but am emotionally attached to, well at least 2 of my tenants
I think that is worse!
I'm interested to know how you formed this attachment.
... Or the nature of the attachment.
Emotions
Ha Ha....i know what you are insinuating
The simple fact is one of them is a slightly intellectually "disabled" young man...has a 89 year grandma who is his guardian both of whom i am very fond of...
He is living independently and working his wages and paying his tax ...he would find it difficult to find another place to rent..but you know what...he is one of my best tenants ...never missed a rental payment in 3 years...and so i keep my rent slightly below market...
Ha Ha....i know what you are insinuating
The simple fact is one of them is a slightly intellectually "disabled" young man...has a 89 year grandma who is his guardian both of whom i am very fond of...
He is living independently and working his wages and paying his tax ...he would find it difficult to find another place to rent..but you know what...he is one of my best tenants ...never missed a rental payment in 3 years...and so i keep my rent slightly below market...
