Knowing What You Know Now... What Would You Have Done Differently?

• Buy an IP first, not PPOR
• See a broker before buying first property, not asking family and friends for input
• Capitalise on the income streams and businesses I created on the side for fun as a student...man, I threw away some opportunities

 

too focused on paying down PPOR debt rather than investing

 

Lived in the present instead of the past / future

 

I'm a creature of habit, i'd do the exact same thing again, including the same mistakes.

Maybe things would workout different second time round lol.

 

I wish I'd learnt about how to use OPM earlier. Sold my fist PPOR to cash in on equity gain to upgrade PPOR. Looking back, should have just made that first one an IP and leveraged into the next one. I sold at almost double what I paid for it after 18 months. It's now triple what I paid.

 

Yeah same. x3 degrees.
I earn a packet, but I'm 15 years later than everyone else.

 

What's OPM? (I bet it's obvious)

 

Other people's money. Y'know that thing we do

 

Wouldn't have done much differently.
Am happy where we are now and wouldn't have got there without the experiencing the path we chose, with only minor mistakes/losses made along the way relative to current position.
The mistakes is what provide the best lessons.

The only thing I can think of is that I should have just tried to find the highest possible paying job/s straight out of school not requiring any qualifications, and save hard.
Also, would have likely done much better if I read - The Richest Man in Bablylon, when just starting out.

 

Nope. I bet it's obvious is IBIO. Not sure what OPM is.

 

I never would have bought my first as an apartment in Melbourne cbd...how do you think that worked out...still reeling from it. Made a measly 160k gross profit in 6 year hold.

 

Interesting replies indeed. The consensus is mainly start as early as possible and save hard. Even though some regret starting 'late' I think the fact they even got started is testament to their character. Too many in this world are all talk and no action so better late than never

No plans to get married soon, no kids and I'm now on Seek now looking for that second job. Making good decisions already!

 

But is getting a second job the best thing to do ? It will keep you as an employee

RK has a whole chapter about that subject in one of his books

 

Mine is simple...start earlier!!

 

I dont have a job for that reason I figure doing my own maintenance and repairs rather than using the PM'S tradies saves me what I'd earn in a wage!!

Who is RK please?

 

It will only be to get the next deposit together. I'm happy being an employee as I know it's helping me get to my goal faster. Plus will be looking for something RE related to get a better understanding of the industry.

 

Robert Kiyosaki. If you haven't read any of his books, get on it!

 

Mine is make more mistakes, as I learner from my mistake and others.

Fail more and fail early, so you can't feel the pain anymore..

I start dabble share in my early 20, wish GFC come sooner, but I was greedy back then. Lucky i still able to bounce back and re-invest in property

 

That's a good way to move forward, learn while you earn.

I don't agree that getting a 2nd job will lock you in as an employee, but rather get you some capital to be able to go to the next level.
Employee is generally the first step, then you can progress from there.
The only ones who get stuck as employees are those who choose to stay there or who don't make an effort to go to the next level.

 

Can repair quickly and cheaply.

Don't bother with valuer / inspector. Just b & p to ensure its structurally sound.