Hi,
I’m new to this, and I reckon one of the best ways to learn is to hear about (and learn from) the mistakes others have made. But we usually only hear the success stories. I would love it if others would be prepared to share some of the things that have NOT gone right, some of the errors and pitfalls and downfalls, from which we could all learn.
Thanks in advance!Hi Mara,
A mistake that I’ve made is taking the easy way out and not researching for proper PM, lawyer & loans before starting out. Stuck with a less than satisfactory experience.
If I can have a do-over, I would certainly take the time to find myself a good team. Trying to research good ones for the next IP.Best of luck!
Hi Logan,
Yes, good advice … thanks for that!
Mara
Hi Mara,
I can tell you with absolute certainty the biggest mistake I made was not investing in knowledge and resources linked to real estate prior to buying. Far too often people are happy to part with 300-400k to buy an investment property but are very unhappy to part with 10-20k on mentoring or materials that would save them 10s of thousands of dollars later on.
I would say before you take the plunge take 6 months out to read books, attend seminars, take courses, and in that time do not buy any real estate. There will always be deals at any given time so don’t feel bad about missing out! If you want to be an investor you will at some point have to take action, but action taken when you’re adequately prepared is the only action worth taking.
My biggest mistake I think was not starting investing 20 yrs ago …. But certainly spend time researching all the ins and outs, reading books talking to people, that have been there done that and researching areas to buy in ..
JohnnyK
If the deal sounds to good to be true ... dont worry it will be ...lol ...
Agree @johnnyk when I look back on money wasted on cars etc.thinking that could be an income producing house etc it kills me…..
Thanks jmnes12, JohnnyK and DeanCollins. All sounds like really good advice, which I will heed!
MaraGood luck Mara the trick is to get started … all the rest will follow ;-)
JohnnyK
If the deal sounds to good to be true ... dont worry it will be ...lol ...
My lesson;
Definately first listen to those who have done what yr trying to do
but also be careful as success can bring arrogance,and greed,leading
to a “make money for me first” attitude instead of a
“I will help others succeed before my own profits” attitude
Be wise and dont get emotional ,take yr time !Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Don’t lend anyone money.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Don’t lend anyone money.
Terryw | Finlaw Pty Ltd
http://www.terryw.com.au
Email MeDo you mean personally Terry or as a mortgage broker?? LOL
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Personal money. I have lent money out about 5 times and have had 5 lots of problems. People just think they don’t have to pay it back.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
My mistake was definitely not starting early enough for fear of making a mistake.
We all make mistakes at some point, the trick is to not beat yourself up over it, learn from it and keep moving forwardThanks everyone. All great advice. I think that fear of making a mistake (or more particularly of messing up and making a loss) is where I’m at right now Jo!
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