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Hello from rmb

Discussion in 'Introductions' started by rmb, 19th Jan, 2016.

  1. rmb

    rmb Member

    Joined:
    19th Jan, 2016
    Posts:
    7
    Location:
    Sydney
    I am a Sydneysider (yes another one!). I started property investing rather by default almost 15 years ago. Started brilliantly. One badly timed deal just before the GFC saw me almost lose everything I worked so hard to get. But I am still hanging in there by the skin of my teeth. I've joined PropertyChat to connect with other property investors and to get the advice that you just cant get by reading books or watching DVD's or going to seminars, like who in a certain area is a terrific property manager. I did the usual pre-questioning, but all too often all the promises given soon give way to complacency, laziness or the property manager being overworked with too large a rent roll. I hope that at some time, I will also be able to contribute to the forum.
     
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  2. MsAli

    MsAli Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,147
    Location:
    Sydney, Australia
    Welcome rmb. Sounds like you've had character building experiences. I'm a firm believer of what doesn't kill us makes us stronger :)
     
    York likes this.
  3. rmb

    rmb Member

    Joined:
    19th Jan, 2016
    Posts:
    7
    Location:
    Sydney
     
  4. Redom

    Redom Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    863
    Location:
    Sydney (West) and Canberra
    Welcome rmb! Great intro - with all the folks on here, this place is a great resource to promote action. Have a chat to a few people here to get insights into who's great on the property manager side of things in different locations. :)
     
  5. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Gday @rmb , welcome aboard.
    Could you tell us a bit about the really good start and the bad timing?
     
  6. rmb

    rmb Member

    Joined:
    19th Jan, 2016
    Posts:
    7
    Location:
    Sydney
     
  7. rmb

    rmb Member

    Joined:
    19th Jan, 2016
    Posts:
    7
    Location:
    Sydney
    Hi Azazel,
    The good start was purchasing a property that right from the start took care of all expenses and gave a little bit of profit. I purchased a cash-flow positive property when at the time "negative gearing was the fashion. It was in an area that was not considered a "good"area but the return spole for itself and I gave it a go. Pitty I did't buy many more.
    The bad timing was a purchase at the very other end of the spectrum. We over-comitted (even the bank knew that but gave pre-approval) as we were going to re-sell soon after settlement. This was my first off the plan purchase with a 3 year timeframe that was called on over a year early, with settlement on the week before the GFC hit the front pages of all newspapers. The developers saw this coming. The result was that overnight, the "value" of the property dropped over 50%. Fire-sales in the complex saw this bottom out to 60% below the OTP purchase price.
     
  8. Xenia

    Xenia Adelaide Property Manager Business Member

    Joined:
    21st Jun, 2015
    Posts:
    2,347
    Location:
    4/136 The Parade Norwood, South Australia
    Good to have you here rmb
     
  9. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Thanks for giving more details of your experiences.
    Hope that you've recovered from the OTP/GFC problems.
    Have you got any more in Sydney since then?
     
  10. rmb

    rmb Member

    Joined:
    19th Jan, 2016
    Posts:
    7
    Location:
    Sydney
    No. I've hit the proverbial brick-wall in regards to lending.