Biggest Regrets in the last 5 years?

Discussion in 'Investor Stories & Showcase' started by willister, 21st Nov, 2018.

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  1. willister

    willister Well-Known Member

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    What were some of the worst decisions finally you made in property in the past say 5 years (so 2013 till now) with the benefit of 20/20 hindsight? Either you didn't pounce on a property that has now skyrocketed or purchased something that wasn't as wise of a decision as you thought?

    Personally in 2013, I had enough borrowing power to but into Wewak Street in Ashburton which sold for $680K, but the Mrs. at the time wanted to renovate/rebuild our Chadstone PPOR "for the kids" which at the time we only had one kid.

    The said Ashburton property is now worth roughly $1.2mil in the worse cast scenario so roughly a $500k profit before tax. Money was squandered on a new house which doesn't really appreciate in value and when I think back the our property wasn't squalid or at least $20K worth of renos would have easily fixed it to a relatively decent standard of living, the only drawback was that it is a 2 bedder but a granny flat at the back would have fixed things later on anyway.

    It still haunts me till this day...
     
  2. NHG

    NHG Well-Known Member

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    Too much focus on cash-flow, buy-and-hold.
    Read too many pro cashflow books without understanding the bigger picture.

    Turned down several 4-townhouse development sites at $350-400k, because they were only 4-5% ROI, they are now worth $1M each just for the land.

    Turned up to auction, thought a block was worth $300k. Nobody else was there. I Offered $260k, they wanted $270k, I walked. Was a development site for apartments near St Marys station.

    This was all in 2012/13, Sydney.
    I was cashed up, solid income, and APRA hadn't reared it's head yet.

    Just turned it into a lesson for future investments, and to tell my kids.
     
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  3. wombat777

    wombat777 Well-Known Member Premium Member

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    I wish I had better explored granny flat options for the PPOR build I did in 2013. Certainly thought about it.
     
  4. oneone

    oneone Well-Known Member

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    bought first IP around 2010 at 24, only after being pestered by parents to buy property and put my money somewhere - I had no interest and didn't want debt cos I thought it'll tie me down. Randomly got a small 1bdr for 250K. The unit is in good location and has done well (as has most of Syd, no cred there) but should've gone for a house with land or at least apartment around bondi, north shore which I could've easily afforded but was too lazy and like all 24s - thought I had infinite time to muck around with
     
  5. JZ93

    JZ93 Well-Known Member

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    Buying my first two investment properties in Brisbane two years ago, believing it was the next to go. In hindsight would’ve been better off buying in areas I was looking at in Victoria. Geelong and Melton...
     
  6. Westie

    Westie Well-Known Member

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    I was driving past Laverton in 2013 and there was a corner block with a house on it for sale about 100m from the train station. A sign said 'open for inspection' at 1pm, it was 12.45. I pulled over, waited, the agent came, he told if I was interested to which I said yes. He showed me the house, livable condition, 700sqm or so block, it had been on sale for a month with no takers. The guy said the owners would be happy to part with it for $300k. Went home, talked with the wife, she persuaded me not to buy it. That house sold again last year for $610k+. 2x in 5 years would've been pretty good for a no-frills guy like me.
     
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  7. mickyyyy

    mickyyyy Well-Known Member

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    Should of bought more and sold one IP one year earlier to make more but still nearly doubled my money.

    Cant wait for next boom to kick ass!
     
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  8. Westie

    Westie Well-Known Member

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    Lol, aren't we all!

    Should "have". #grammarnazi
     
  9. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Purchasing a property in QLD via a trust with a corporate trustee. Land tax is killing the returns. Definitely not worth the benefits the trust brings.
     
  10. Eric Wu

    Eric Wu Mortgage Broker Business Member

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    biggest regret was not buying a few more in Sydney.

    bought one in regional QLD, no good.
     
  11. mickyyyy

    mickyyyy Well-Known Member

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    Oh man! If it makes you feel better I should of looked for that stuff too but was looking to build a large base before moving into development sites
     
  12. New Town

    New Town Well-Known Member

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    When my mum recalls some deal she missed out... " I could have had that Coogee unit for $100,000", I say to her...real estate and hindsight - don't do it to yourself
     
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  13. Beano

    Beano Well-Known Member

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    Perhaps if you brought the investment the missus would have been unhappy , divorced you and taken half of your assets .
    With half of your assets gone you then spent your half on "wine women and song" ...and today regretting buying the investment :)
     
  14. willister

    willister Well-Known Member

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    Haha funny you do mention that because on hindsight with 20/20 vision and all, you'd think yeah the other road taken would have been bliss and perfect. Reality, there is no perfect, that other road taken would have had it's own set of issues, but you really can't help it but dream and ponder about the "what ifs" in life.

    I've can't stop helping to think that sometimes decisions in life really swayed your destiny in life or at least in this case, financial destiny.
     
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  15. The Y-man

    The Y-man Moderator Staff Member

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    Bought (villa) units in Lalor and Epping (Vic) in 2013.

    In hindsight, should have gone house(s) but these things were $280k each and getting $300pw rent. Prices these days are close to $400k, so not a major disaster in any way - just more likely to have got better CG with a house in the same area.

    The Y-man
     
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  16. John_BridgeToBricks

    John_BridgeToBricks Buyer's Agent Business Member

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    Y-Man, you are being too hard on yourself.
     
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  17. luckyone

    luckyone Well-Known Member

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    Many years ago (late 1990's/early 2000's), I tried to persuade my then husband for us to move from Canberra to the Gold Coast and buy one of the canal houses. He wouldn't consider a move and wouldn't even buy one as an investment cause he'd heard the Gold Coast was a bad investment. The one I really, really wanted was about $260,000. Absolutely stunning double storey with 4 bedrooms and a pool overlooking the canal. Looked it up again about 5 years ago and it had just sold for $1.4m :(
     
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  18. Simon Hampel

    Simon Hampel Founder Staff Member

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    Biggest egrets has to be the "Great Egret" ... this is what they are referring to when someone starts a letter or a conversation with "It is with Great Egret that ..."

    [​IMG]


    Also relevant is the song made popular by Frank Sinatra ...

    [​IMG]
     
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  19. Beano

    Beano Well-Known Member

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    You said "my then husband "
    Let me guess
    You left your husband and found Scott and now live in a $70 house in point piper Kim
    37-year-old buys Australian mansion for record-breaking $76 million
     
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  20. Coota9

    Coota9 Well-Known Member

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    Probably buying my 2 IPs in Brisbane in 2014 & 2015 if I had purchased in Melbourne I would have done a lot better,hopefully their time will come......