Lessons from IP investment

[ozi]

And i will never overlook a great property that Ozi finds again!

Neither will I

 

[natmarie73]

Be willing to sell and reinvest in larger deals.

this is pretty much what I did - sold CF+ townhouse and baught development block with house. However in hindsight I could probably have just drawn down the available equity at a stretch and had both.

 

[oc1]

this is pretty much what I did - sold CF+ townhouse and baught development block with house. However in hindsight I could probably have just drawn down the available equity at a stretch and had both.

Really depends what you do with the proceeds after you sell. Remember if you can only refinance up to 80% there's 20% you cant access. On a 500k property thats $100k. Everyones situation and strategy is different and not one solution fits all.

 

[GoAnna!]

Not sold a dud when I should have.....what a lost opportunity !

Playing hard ball in a rising market...duh! Missing out on a property for 360K that was valued by bank at $400K because I was trying to get it for $330K. That ws 2001. Recently sold for close to a million with no improvements.

 

[gooram]

My lesson is: Don't procrastinate... just do it!

I agree with this.

I'm in this position at the moment, have all this available equity and servicibility, but not sure what to do with it.

So to add this, I guess I would say, make use of people with more knowledge than you to help you make decisions.

Be informed and decisive!

 

[Alanna]

Really depends what you do with the proceeds after you sell. Remember if you can only refinance up to 80% there's 20% you cant access. On a 500k property thats $100k. Everyones situation and strategy is different and not one solution fits all.

But you pay more than 20% tax on the proceeds! So have you really come out better off?

 

[HandyAndy888]

When you see a deal...act!

Have now missed out on lets say about....15 deals that have basically shown 100% CG from 2004 to 2007..but anyway....make sure you act!

 

[HandyAndy888]

Oh, and I don't mean act as in Nicolas Cage in Face Off..I mean act...oh you know what I mean....

 

[Shirley]

Bodies Corporate

We will not buy anything with a Body Corporate again. Far too much of the fees go to Admin and not enough to the Sinking Fund. We'll only buy or build houses or duplexes from now on where we have full control.
Cheers
Shirley

 

[oc1]

But you pay more than 20% tax on the proceeds! So have you really come out better off?

Depends...are you creative like me?

 

[sailor]

I will not sell any of my properties ever again unless I absolutely had to, or they were dogs. I definately will never sell a CF+ property again that's for sure.

Ditto

Hi,

Make sure your property manager is top notch. Needless to say our new property manager is brilliant.
Regads jason.

Ditto

As soon as you are able to afford it, buy. Don't ever sell.
Then, repeat the above a lot.

Ditto

Pretty much that.

Start as soon (as young) as possible.

I could have been retired now if I had started at 18 and not 28.

M

I could not have been partly retired now if I hadn't started 10 years ago.

2. Have good accountant and a good legal structure.
Cheers

I now have both, plus a brilliant mortgage broker, and they are all true blessings.

We will not buy anything with a Body Corporate again. Far too much of the fees go to Admin and not enough to the Sinking Fund. We'll only buy or build houses or duplexes from now on where we have full control.
Cheers
Shirley

Ditto!

 

[yadreamin]

I agree with this.

I'm in this position at the moment, have all this available equity and servicibility, but not sure what to do with it.

So to add this, I guess I would say, make use of people with more knowledge than you to help you make decisions.

Be informed and decisive!

I have been like this for 12 months gooram and it very frustrating to say the least. Makes it harder when Melb and bris are going off and all the post on good buys, CG in short periods of time.
Sit back make a list of what market and where you are comfy with. What do you like about the ips you have so far. Then go to the market you like and just wait and see what pops up. I was running around trying to follow too many markets. I made my list, watched and picked up an ip 140k off original asking price in a prime area l had been watching for 4 years Oh l it was block price l got it for as well/ Yeild is crap but its what l want where l want. l have made money on the buy. I will be out of the market for awhile now but l am satisfied with the purchase, and quite frankly thats all that really matters.
good luck cheers
yadreamin
ps have you ever heard the saying 'the biggest mistake is doing nothing"

 

[firstmillion]

ps have you ever heard the saying 'the biggest mistake is doing nothing"

I agree..

Cheers

 

[VYBerlinaV8]

I have two lessons...

1) Understand the risks of what you're doing, and develop strategies to manage these risks. By considering your risk control plans before a risk actually eventuates, you can manage risks in ways that are convenient and complimentary to your larger plans. If something goes wrong and you haven't considered things ahead of time, you can come badly unstuck.

2) Develop you own strategy and operate to it. Change it if need be, but because you think you can improve your performance, NOT just because someone else has done well (ie better than you).