My husband and I purchased our first IP in May 2011 when we knew nothing about property investing other than we knew we wanted to own 10 properties one day. Since buying IP#1 I have read books on property investing, read the somersoft forums and gained a lot more knowledge. I have since realised that we made every mistake possible on this first IP. Mistakes: We paid the asking price We got sentimental about it We knew nothing about cross collaterisation or to ask our broker not to do this. We would have been better off drawing down the equity in our PPOR and using that as a deposit for the IP which would have meant no cross collaterisation and no LMI ! We renovated the property as if we would be living there not what would give us the best return We took too long to do the renovations We did the renovations ourselves on weekends which in hindsight would have been better to pay someone else to do them in a quicker timeframe. We bought a house that is hard to rent as it has many stairs and on a steep block I am considering selling it because it is just costing us more and more money and I can't see us getting any return on it for a long time. Hubby thinks if we keep it then it will eventually go up in value but I am thinking we should cut our losses now and buy something that is giving us good returns now and then we can move forward into buying more properties but doing it the right way next time. Has anyone been in a similar situation and regretting selling? or did getting rid of the bad egg propel you further along into your investing journey in a quicker time frame?