Biggest risks you've taken.

Discussion in 'Living Room' started by Steven Ryan, 7th Jul, 2015.

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  1. Ace in the Hole

    Ace in the Hole Well-Known Member

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    Probably going from owning a duplex and median PPOR to entering into 2 x 3mil multi unit developments interstate in brisbane (11 all up) and buying a 3 mil PPOR, all pretty much simultaneously.
    If our business went bad, it would not have ended well, as future profits were required to get through the development period.
    It was a fast accumulation period and we hold all properties to date.
     
    Ace in the Hole, 8th Jul, 2015
    #21
    happyhome, mrdobalina and Redom like this.
  2. aussieshorter

    aussieshorter Well-Known Member

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    29th Jun, 2015
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    Brisbane
    The biggest risks are still to come!

    But so far they've all been related to a lack of cash buffers, because I'm too impatient and like to move onto the next project quickly.

    The most recent was settling on a property about a month after our first baby was born, and temporarily using up most of our cash to get it over the line. To top it off, the property was a completely run down old Queenslander and unlivable in its current condition, so no chance of rental income until we dropped $250k more on it!
     
    aussieshorter, 8th Jul, 2015
    #22
  3. MTR

    MTR Well-Known Member

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    Thank you, if you get a chance read Karina's post on SS she has I think 21 properties in Atlanta, I won't disclose the income but it won't take too much effort to work it out from my numbers/income.
     
    Last edited: 8th Jul, 2015
    MTR, 8th Jul, 2015
    #23
  4. Depreciator

    Depreciator Well-Known Member

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    A bloke I know, a bit of a risk taker, bought his wife a lesson on how to apply make-up properly. I haven't seen him around for a while.
     
    Depreciator, 8th Jul, 2015
    #24
    pianissimo, Darren A, WattleIdo and 2 others like this.
  5. Bayview

    Bayview Well-Known Member

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    Inside your device
    1. Left school halfway through VCE to do an apprenticeship in Pro Golf. Completed and spent almost 30 years in the industry.
    2.Left a perfectly good business running a ProShop for almost 10 years, to start up a B&B/Golf School business. Fail. Too much month at the end of the money..
    3. Lent a golf colleague $30k worth of stock (from my ProShop) for his new Pro -Shop business (He could not get credit - long story). Fail. He declared bankrupt owing $25k to me.
    4. Moved to USA for 3 years. Great experience.
    5. Left perfectly good (but only average wage-paying) Assistant Pro/Teaching job to buy workshop business. Fail. Still operating, but provides only average income and requires many contact hours. Will have to sell house to pay debts and escape problem.
    6. Got married. Will let you know. So far so good...21 years. :)
     
    Last edited: 8th Jul, 2015
    Bayview, 8th Jul, 2015
    #25
    Genia, Redom, MTR and 2 others like this.
  6. Biz

    Biz Well-Known Member

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    It sucks Bayview but good to see you are moving ahead and doing something about it. No shame in that. Your family will be better off with less financial pressure.
     
    Biz, 8th Jul, 2015
    #26
  7. Waldo

    Waldo Well-Known Member

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    Location:
    South Australia
    So I met a girl right.....

    Seriously considering trying a major (for me!) development with some land I already hold. Big rewards, but obviously big risks too.
     
    Waldo, 8th Jul, 2015
    #27
  8. geoffw

    geoffw Moderator Staff Member

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    How did she find you?

    I mean, a lot of people have trouble finding you, right?
     
    geoffw, 8th Jul, 2015
    #28
    Bran, Angel, wombat777 and 1 other person like this.
  9. JDP1

    JDP1 Well-Known Member

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    Like with all risks, some work and some don't...trick is to keep your chin up and not be afraid of risk taking after failure...provided you learn something from it. . Conversely, not to get overconfident upon winning a risk.
     
    JDP1, 8th Jul, 2015
    #29
  10. SeafordSunshine

    SeafordSunshine Well-Known Member

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    HItchhiked on Yachts around the west coast of France, hitchhiked on Road Trains to Central Australia, hitchhiked Southern France to Spain through the Basque countries, learnt to keep the Truck window up because the separatists liked to throw bombs in. Learnt French , decided to blow glass on the Cote d'Azure, when people said I couldn't. ( I needed a letter of introduction) Got a job there in half a day. Workd on Venice as a glass blower and engraver. I should have had a government Grant... Barry Humphries did it all too without one. I haven't finished yet, I am still following my heart. I tend to love life first and think about it later. Real estate wise, purchased when it suited me.. got sick of being poor and shifted the mindset.
     
    SeafordSunshine, 9th Jul, 2015
    #30
    Gockie likes this.
  11. Genia

    Genia Member

    Joined:
    18th Jun, 2015
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    Location:
    Mel
    1. 2005, Moved from Russia to Australia on professional visa all on my own with my 5 yo daughter and 15K in my pocket and two suitcases (left my apartment to my younger brother); having broken English, no local experience, no rental history, no work, no family or friends here. Outcome: Australia is my home, I have very good friends, 1 IP, flashy car (could be second IP though), many trips overseas, but, alas, my English is still far from perfect

    2. 2014, Abandoned my IT career to work in Real Estate. Outcome is not known yet :) But so far I enjoy seeing LIFE around me. Not just sitting in the City in the office like a hamster in aquarium and looking at computer all day.
     
    Last edited: 10th Jul, 2015
    Genia, 10th Jul, 2015
    #31
    Touristy and Gockie like this.
  12. Beachy

    Beachy Active Member

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    QLD
    Jumping out of an aeroplane...then I realised it wasn't so bad...lol
     
    Beachy, 10th Jul, 2015
    #32
  13. geoffw

    geoffw Moderator Staff Member

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    That's scary... Until you've jumped. There's no turning back then.
     
    geoffw, 10th Jul, 2015
    #33
  14. The Y-man

    The Y-man Moderator Staff Member

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    ...up to the point you realised you didn't have a parachute.........

    The Y-man
     
    The Y-man, 10th Jul, 2015
    #34
    Beachy and MTR like this.
  15. geoffw

    geoffw Moderator Staff Member

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    I'm not sure, but I suspect he wouldn't be posting if that had happened.
     
    geoffw, 11th Jul, 2015
    #35
    Beachy likes this.
  16. wombat777

    wombat777 Well-Known Member

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    Location:
    On a Capital and Income Growth Safari
    Attempting to collect a tennis ball from the top of a waterfall when I was 7.

    Fortunately no broken bones after a 20ft drop onto rocks.
     
    wombat777, 11th Jul, 2015
    #36
  17. stumpie

    stumpie Well-Known Member

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    That is an awesome result. I keep saying this… your knack of getting into a market at the right time is insane. Well done.
     
    stumpie, 11th Jul, 2015
    #37
    MTR likes this.
  18. Beachy

    Beachy Active Member

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    Location:
    QLD
     
    Beachy, 11th Jul, 2015
    #38
  19. Norwester

    Norwester Member

    Joined:
    22nd Jun, 2015
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    Location:
    Perth
    Moving to the NorthWest of WA from Melbourne......to live (not FIFO)

    I will never forget the looks on the kids faces as they walked across the tarmac at Paraburdoo airport in '98

    Fast forward to now..............best damn thing I ever did.

    Ciao

    Nor
     
    Norwester, 11th Jul, 2015
    #39
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