One Thing You Wish You Knew

[roypropertyinv]

Whats the one thing you wish you had known about property investment before you bought your first IP?

Or if you haven?t yet bought an IP, whats your biggest fear about taking the plunge and purchasing?

 

[Terry_w]

Whats the one thing you wish you had known about property investment before you bought your first IP?

Or if you haven?t yet bought an IP, whats your biggest fear about taking the plunge and purchasing?

The ins and outs of deductibility of interest and how some simple mistakes can be avoided.

 

[The Fence]

I wish I'd known about PI long before I did.

 

[Thann]

I wish I'd known about IP long before I did.

Agreed

LONG before

 

[Ace in the Hole]

Wish I was born 10 years earlier, or the market was 10 years behind...
Missed out on all the growth period prior to 2003, which is basically when we started.
Don't know if we'll see that kind of strong growth again any time soon.

 

[EN710]

Whats the one thing you wish you had known about property investment before you bought your first IP?

I wish I know the entire process and fund required earlier so I can start earlier!

Or if you haven?t yet bought an IP, whats your biggest fear about taking the plunge and purchasing?

This was 1 year ago. I take the plunge by forcing myself to go through buyers agent. If not, I will still be there stuck. Biggest fear is fear of losing money and making mistakes and have a miserable life.

 

[Peter_Tersteeg]

I had the opportunity to become self employed in 2000. I dismissed it but eventually took it up in 2004. What a difference that 4 years would look like today.

 

[TMNT]

The lottery numbers would have been good!

 

[westminster]

I sold my fist IP instead of releasing equity - I wish I'd know how to easily do that and kept it.

 

[The Fence]

Biggest fear is fear of losing money and making mistakes and have a miserable life.

My biggest fear was living life as I knew it without any clear investing direction, no idea about how to go about it other than savings accts. And that I would be a renter the rest of my life.

I dont fear losing money....its only money

 

[Ace in the Hole]

The only significant thing I can think of is - How to buy better.
Still don't have great skills in this department, but it hasn't stopped us accumulating lots of property.
Property investing is really quite simple, no need to overcomplicate.
To keep accumulating you need equity and cashflow, that is all.
After that, buying property is easy.

My no.1 tip is to focus on generating cashflow before all else.

 

[Nth Brisbanite]

I wish I knew about the importance of having a good team around me - mortgage broker, solicitor, accountant, property manager.

 

[Bullfrog]

Better Questions

I wish I had known better questions to ask. Bought a 2brm Unit in Highgate Hill (Just behind Southbank in Brisvagas) just after Expo in 1989. Paid $42K for it. Sold it 3 months later for $65K. Thought we we're hero's. Bad advice from Accountants and Solicitors. Neither had property and I didn't know what questions to ask. Please don't post what it would be worth now as it'll send me back into Therapy!!!!
Cheers Bullfrog

 

[marg4000]

I wish there had been the financing options in the 1980s that there are today, and that there was as much information "out there".

Basically we stumbled along blindly.
Marg

 

[china]

Wished I had bought any property in Sydney when I got my first paycheck in 1999.

Had a fear of large financial committment back then and still do.