Best Advice?

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From: Sharon Luttrell


To all you highly experienced ones from all us newbies....

What is the best advice you have received (or given)?

What is the worst (or the worst mistake you made)?

I know I'll make mistakes, I'd just like to try and make as few as possible (and avoid the really dumb ones).

sharon
 
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Reply: 1
From: John P


Best Advice: Invest in Property
Worst Advice: Any advice I have received from people who don't actually own Investment Property but think they know everything!!!

Or...people who recommend I do something after I've already done it. This makes them look even dumber and insults my intelligence.
 
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Reply: 2
From: Bydntsel .


Hi Sharon

One of my big mistakes.
Purchased a flat in 85 cost 42K.
In 89 an agent approached me who’s client was willing to pay 100K.
I declined believing a paint job would get me an extra 20K.
Within a short time the market fell over the cliff.
GREED GOT ME

PS I still have that flat(apartment)

bydntsel

"Follow your own advice"
 
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Reply: 2.1
From: Donna Larcos


Best advice: "Never sell the land". Not
sure whether this was Jan Somers or
Scarlett O'Hara in Gone with the Wind.

Worst mistake: Buying a very old property
initially and getting no depreciation. Its
been no trouble to rent and the return is
about 7-8% but it cost me dearly in terms
of cashflow in the initial stages and I
couldn't afford to buy another one for 3-4
years. We renovated it and picked up a
very small amount of capital growth but it
was a studio and there wasn't much
room for leverage. Also because the
building was old, I was hit with a number
of serious levies to do repair work. Also
generally wise to avoid swimming pools
and lifts as these can be quite costly over
time (unless you are going to make a
killing on the capital growth or the
property is in Queensland where a pool is
almost mandatory).
 
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Reply: 2.1.1
From: Donna Larcos


PS The unit was in a block called "Tara"
 
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Reply: 3
From: The Wife


HI SHaron,

Best advice: always look at, "What is your motive?"

DUmbest Mistake: Brought a house without a building inspection, it didnt have a roof on the back, and I didnt notice. DOH!

TW
~Life is a daring adventure, or nothing at all~
 
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Reply: 3.1
From: PT Bear


Best advice: "It doesn't matter when you start, but figure it out and start now." It then took me another 2 years to start.

Worst advice: "You can't do that." From someone who's never figured it out and never tried to do it.

PT_Bear
 
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Reply: 3.1.1
From: H T


Best advice
don't sell

worst advice
sell - still regret selling that double front in inner melb that i thought was never going to go up appreciate anymore..missed out on 25% in 1 year didnt I.

just my experience, but im a buy and hold kinda guy.
this strategy is not for everyone.

HT
 
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Reply: 3.1.1.1
From: GoAnna !


Best advice

Invest in what you know.

Worst Advice

Stop now! You have enough.

GoAnna !
"The real measure of your wealth is how much you'd be worth if you lost all your money."
 
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Reply: 3.2.1
From: Michael Croft


Best advice I ever got was "buy the land my boy, they aren't making any more".

Michael Croft
 
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Reply: 3.2.2
From: The Wife


You Michael, YOU!!

:eek:)
~Life is a daring adventure, or nothing at all~
 
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Reply: 3.2.1.1
From: Anthony C


Best advice: "Buy Residential Property" - Jan Somers.

Worst Advice: "Buy Shares" - Work friend.


"Let us so live that when we come to die even the undertaker will be sorry."
--Mark Twain
 
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Reply: 3.2.2.1
From: Kpw <----


Best advice: "That's it hon,,I've booked us into a IP seminar,,and no ifs of buts, YOU'RE COMING!!!!!!"

Worst advice: "She'll be right mate!!" You know what? She's never right. Funny thing though,, seems to always be me handing out this advice.... :eek:(
 
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Reply: 3.2.2.1.1
From: R S


For myself was the learning curve of negotiation with the vendor. I find that the agent/vendor always put $1000 on top the offer you put. So start from the offer you put in then keep increasing the offer slowly till the you meet an agreement price.
Also, getting a good loan! If you're interested I sell a little booklet "56 guides on how to get the best loan for you".
This helped me and saved me a lot of time and money. E-mail me on reynaldo_s@hotmail.com if youre interested.

Good luck and all the best in your investments

Reynaldo
 
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Reply: 3.2.2.1.1.1
From: Tom Cleary


Best advice
"Never take odds on or run up stairs"
worst advice
"Trust me"

Regards
Tom
 
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Reply: 3.2.2.1.1.1.1
From: Anonymous


TW.

A frame without a roof is an alfresco outdoor dining area.

This can only add value if marketed the correct way.
 
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Reply: 3.2.2.1.1.1.1.1
From: Michele B


Best advice:
Readers are leaders

Dumbest move:
Not making my dad buy (in my name!!) a row of el cheapo terraces in Paddington that he was offered as a job lot when I was 4 years old. He said it was a nasty area

Michele
 
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Reply: 4
From: Michael G


Hi,

Best Advice: a good friend told me to read "Rich Dad, Poor Dad"

Worst Decision: bought AMP warrants before float.

Michael G.
 
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Reply: 4.1
From: Felicity W.


Best advice:
"Do SOMETHING, don't just become an eternal student and then never put that information into practice"
Worst advice:
Pretty much everything that all the people around me who have no knowledge or background in investing tell me - mostly along the lines of "it can't be done" "you'll get into trouble" "be careful"
etc etc
Keep smiling
Felicity :cool:
 
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