Got to admire your risk taking though.
Risk? Sure there's risk. There is risk in just getting up in the morning & taking a shower (you might slip and fall), yet most of us turn up at work nice & clean. There is risk crossing the road, but somehow we all go to work, school, outings etc.
The thing is, you do your best to mitigate that risk. When taking a shower, you would not step into the shower if it was covered in soap. Crossing the road, you look both ways, use traffic lights etc. With IP's then you use insurance, you might fix your interest rates, you use a PM etc.
Without risk there is no reward. There is NO LIFE without risk. Life is all about taking risks. Stretching, growing, being all that you can be. To succeed at anything there are risks. The greater the success, the greater the risk.
Buying is not difficult. Managing the properties/lease and repayments over 10+ years, is where all the hard work goes. If you do it well, and your property doubles in that period, then that is definitely something to congratulate about.
If it doubles in 10 years? Sheesh, property on average doubles every 7-10 years. If it hasn't doubled in 10 years, then it will be about to double or he has selected a poor area to invest in. I don't believe that is so. Travelbug is a cluey kinda guy.
Sure, there maybe a little time where things don't go smoothly. But, hey, that's life, and it ain't plain sailing for most of us.
I know 2 families who shared about 5 Ips between them, the breed winner recently lost their jobs and had to fire sale their homes. Not a pretty picture.
We all know horror stories. But the whole point of this forum is educating ourselves so that you don't fall into that category. Those families might not have done all they could. They might have bought at the wrong time. They may have paid too much for the properties. They might not have been insured. They might have spent beyond their capacity. They probably weren't members of this forum. They may have done something totally silly and most of us have done that at some stage of our lives.
And sometimes, you just have bad luck. You don't know in advance if you are going to get retrenched or sick. But you don't live your life in fear that these things may happen. They might not! You go out there and be all that you can be and do all that you can do. It's worth it.
Good on you Travelbug. Another great purchase. Don't let the naysayers get you down.
