From: Steve B
I'm posting this so that other (newbies) investors can learn from my mistakes.
I purchased a new property through P.R.G (seminar Company) Price $277,500 Their information booklet (during construction)indicated that the rent would be approx $260.00 p/w. so far so good.
When it was time to put a tenant in the property on settlement, they said the rent would be $240.00. what could I say.
When a tenant was found the rent went down to $235.00. they said that this was the market rent. They said don't listen to family and friends, listen to the experts. Well I listened to the experts and I still got caught.
Without going into detailed figures,the problem I face now is that I am unable to purchase anymore property for AT LEAST 2 years due to my D.S.R.
As I was told in the beginning, "buy property with NEGATIVE GEARING", I now believe that this was a BIG mistake.
It all looked so easy at the seminars as it was suggested, every man and his dog could do it, but don't you learn quickly as time goes on. obviously if I had my time over I would do it TOTALLY different.
I'm just going to cool my heels for a while now and I hope that other people realise my mistake and learn from it.
Steve
I'm posting this so that other (newbies) investors can learn from my mistakes.
I purchased a new property through P.R.G (seminar Company) Price $277,500 Their information booklet (during construction)indicated that the rent would be approx $260.00 p/w. so far so good.
When it was time to put a tenant in the property on settlement, they said the rent would be $240.00. what could I say.
When a tenant was found the rent went down to $235.00. they said that this was the market rent. They said don't listen to family and friends, listen to the experts. Well I listened to the experts and I still got caught.
Without going into detailed figures,the problem I face now is that I am unable to purchase anymore property for AT LEAST 2 years due to my D.S.R.
As I was told in the beginning, "buy property with NEGATIVE GEARING", I now believe that this was a BIG mistake.
It all looked so easy at the seminars as it was suggested, every man and his dog could do it, but don't you learn quickly as time goes on. obviously if I had my time over I would do it TOTALLY different.
I'm just going to cool my heels for a while now and I hope that other people realise my mistake and learn from it.
Steve
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