Some thoughts that help keep me on track

[Ridin-High]

Howdy Folk,

Alot of brew ha ha going on in the media re house prices. Was reading some old books to gain focus (shares/property)... some things i took from it to help keep the mental game straight were

- Their are great years, flat ones and ones that stunk the place out.

- Been more good years then bad

- Stay with quality assets (well located property, strong companies)

- Don't over leverage or the stick will break

- Learn from your own and others mistakes (read about others mistakes)

- Have a buffer (cash/insurance)

So i'll just keep doing what i do, accumulate property/stocks for the long term

Regards,

RH

 

[srini]

Howdy Folk,

Alot of brew ha ha going on in the media re house prices. Was reading some old books to gain focus (shares/property)... some things i took from it to help keep the mental game straight were

- Their are great years, flat ones and ones that stunk the place out.

- Been more good years then bad

- Stay with quality assets (well located property, strong companies)

- Don't over leverage or the stick will break

- Learn from your own and others mistakes (read about others mistakes)

- Have a buffer (cash/insurance)

So i'll just keep doing what i do, accumulate property/stocks for the long term

Regards,

RH

Great post.

I particularly like the one about learning from other people's mistakes.

Anyone care to share IP mistakes made? I don't have enough experience yet to list any.

Come to think of it, we paid asking price for the house that we bought. Did not negotiate anything. Should've done that differently.

 

[Ridin-High]

I personally think i should have maybe went for better quality properties as in terms of location (possibly inner west sydney) instead of the high yield fringe stuff, i get decent yield on the stuff i purchased, but the growth has been lower then better located stuff (eg i think i got around 10-13% growth and inner city stuff went up 20% +).

Also with margin lending i've learnt from reading to keep the LVR's down and via experience that a high LVR on shares effects my sleep at night factor

Regards,

RH

 

[gottabespotless]

Great post.

I particularly like the one about learning from other people's mistakes.

Anyone care to share IP mistakes made? I don't have enough experience yet to list any.

Come to think of it, we paid asking price for the house that we bought. Did not negotiate anything. Should've done that differently.

I will never buy a unit, townhouse, etc - basically anything that has body corporate fees. I would rather buy a house in a cheaper area and not have to cough-up for BC fees every three months (on top of rates). All the b******g and moaning from the other owners not to mention usually more 'issues' in regards to complaints from tenants. Nightmare - never again. It's houses or nothing for us from now on.

 

[Ridin-High]

This should have probably been in the Investor Psychology section but whatever

Man just had a massive AHA moment

Regards,

RH

 

[VYBerlinaV8]

I will never buy a unit, townhouse, etc - basically anything that has body corporate fees. I would rather buy a house in a cheaper area and not have to cough-up for BC fees every three months (on top of rates). All the b******g and moaning from the other owners not to mention usually more 'issues' in regards to complaints from tenants. Nightmare - never again. It's houses or nothing for us from now on.

Buy a small block, then you ARE the body corporate. I once had a tenant threaten to complain about me to the body corporate (ha!).