It's the portfolio $$$ that counts not the number of properties

It's easy to get caught up on hypotheticals though. I know I do. For example I saw a house better than mine sell for cheaper. I was in a constant state of regret about not getting that one instead. But who's to say I would have had a chance - the person who bought it for cheaper may have been willing to go higher than whatever I would have been able to pay. Never mind the fact that the place I bought was still outstanding in its own right. But it still lingers in my mind. It's complete BS I know and it's all my own mind game, but I'm just saying success is not always that clear cut. It's human nature to have doubts no matter how irrational they look on paper.

 

Success is a habit, and an attitude.
It won't happen overnight, but it will happen

 

And yes that's my point A lot of it is a mind game.

 

For me definitely. Can't speak for everyone, but I 'assume' it does.

 

Big assumption Different people have different goals

 

Way to ruin the kumbuyah moment.

I understand the topic, and I never said it was a competition. Nor is that my perspective.

As a newbie (we've all been there) it's easy to get sucked into the hype and buy poorly (not neccessarily cheaply) through FOMO. If we can help even one person avoid this before my time is up I'll be happy. For myself I'm happy somewhere in the middle between piles of cash and piles of keys. For now. . . .

 

This happened to me with my Melbourne property. A couple of years ago the house next door went up for sale. I didn't pursue it, even though the two sites together would have made a brilliant development block. I thought it would sell well but it sold for a bargain price. I was really annoyed at myself until I spoke to the new owner and they told me their top price. At their top price it would not have been a bargain at all, so I didn't miss out on anything really.

EDIT: out of interest, I looked up how much they paid: $536,000 in Aug 2013. An agent estimated mine at $750k and that house is better than mine. If we believe the agent, they have made at least $214k in 25 months. Quality, not quantity!

 

I like to study my past 'bad' decisions so I can then reinvest that value into the future.

 

He/She who has the most toys wins...

 

...naughty naughty Sahh.....

 

The most toys? Or the biggest toys?

 

Some people can't sleep without debt "quote Robert Kiyosaki"

 

I think most of the investors on here if told that they are not allowed to have any more debt, the depression that would set in would be staggering.

 

Someone may have said it already
To me it's the quality of the portfolio that counts the most, not the number or the size

 

I agree but imo it really depends. Imagine having 3 'quality' assets in 1 state totalling 1.5m. Or having an asset base of 3mil, diversified across 4 states with a mix of 'quality' of assets, benefiting from various state cycles.

 

Meh. I get told that all the time!

It doesn't take too long to build up equity. Then I call my broker and say "I need more debt again"

 

I have been thinking about this a lot. If all in the same state, when rentals are up, you are killing it. When they are down, you are really hurting. But if across 4 states, some will be performing well and others will stink. Hopefully the great ones balance out the stinky ones. You will be aiming for a portfolio that always has "mediocre performance". Still, better than really hurting.

 

Good point @Perthguy. I tend to look at it more in terms of exposure to growth. Take the last 4-5 years. Those who had all their properties in SA or NT or tassy for example, imagine how much growth they would of missed out on from nsw, vic and wa. Could be in the hundreds of thousands or more.

Now you could also argue that imagine if you had all the properties in nsw in the last few years, you would of raked it in. True but a) no one knows exactly when which state will do well and b) when that state stops growing your growth will have to wait for quite a few years until that state's cycle comes back. But having a few properties in nsw, WA, vic, Qld, SA would expose a portfolio to quite a few cycles of growth taking out the guess work, and ensuring you don't completely miss a states cycle of growth.

All the investors who have properties in say NT for example and who just missed out on the other states massive growth - imo they need to go back and assess their investment strategy, rather then bury their heads in the sand.

 

I think most of the investors on here if told their debts were being called in, the depression that would set in would be staggering.

 

@Random Username please be original will ya