All Topics / General Property / Expert Bust #34 My Worst Mistakes

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  • Profile photo of Jeremy SheppardJeremy Sheppard
    Join Date: 2015
    Post Count: 0

    Learning from my mistakes:

    • Never say “never sell”, there may be a time when you’ll be better off
    • Pick a loan you can easily replace if your lender turns ugly
    • Good finance doesn’t make for a good investment, it’s only a lever
    • Research the tenant if the property you’re buying comes with one already fitted
    • If buying O/S, re-learn everything & make sure you’ll have excellent intel
    • When the banks so “no”, take the hint
    • Renos may deliver bigger gains than a part-time job, but come with higher risk
    • Don’t JV with “talkers”, have very clear terms, especially the exit
    • Don’t cross-collateralise. Unless … no, just don’t cross-collateralise
    • Contribute to the charity of your choice, but act like your insurer would to tenants
    • Always have repairs & maintenance money ready for when things go bung
    • Ensure you have cash reserves that match your portfolio size, jobs don’t last forever

    Not exactly an “expert busting” topic, but hopefully helpful to someone.

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