my not so great investment experience: Cheapie strategy

Threads still going?

Logan is not my only suburb of investment - it is a very very small part of my portfolio. Infact I only recently started investing in Brisbane and Logan/Ipswich (within 12 months). All my houses are in Sydney before these ones.

 

exactly, from personal experience and chats with PMs,
the best tenant in history of all time can become the worst overnight, due to significant incidents such as divroce, split up, death in the family, loss of job etc.

unfortuantely, all of the above scenarions arent one in a million,
frankly nothing surprise me in this game now, ive heard every excuse in the book
in fact I have a tenant in one of my ips, whom me and the agent has recently found out is semi permanently enrolled/attending a mental insitution, however the rent does get paid, however there is still the odd weird comment/observation from the agent,

initially I was like "what now?"
now im like, "just keep an eye on it best you can"

 

awww, thats sweet of you, the way I see it whats the point in gloating about yourself to a bunch of online users,
the internet is a big place, and on a forum like this, there is a high chance there is a lot of more successful people than you, if you are gloating when you arent "that" good, you look like a royal twat

as for this lose face concept, its an asian thing isnt it?

oh well, its ridiculous from my limited knoweldge,

ps. anyway, I have started to enquire about offloading a few props, most of the bad ones,
I have one in albury, its not inthe slums but in the best areas,
I bought cheap, do you guys think I should sell it?
it gave me a massive headache a whiele ago when a tenant absolutely destroyed it
now it seems ok, however i dont think a good tenant should decide whehter to sell ro not

 

Mate it's been 2 years since starting the thread, how long will you hold onto your strategy? Only you know what needs doin.

 

property isnt a short term game,

 

I have to say, @Foxdan... thanks for that link. I've now read the book. I realise my boss does all the things from the book, which makes him such a great manager, and it's why I never want to let him down.

In our 1-1 on Monday I asked him if he read the book, and he said he hadn't! But he did say he learnt some things in some leadership courses at work. Anyway, if he got it all from his parents, huge kudos to his parents for raising such an amazing son. He stays with his parents every Monday night, it's closer to work.... I think he is a good Greek boy

In any case, I think the main takeaways to getting the best from your staff is that you need to be able to see any matter from the other person's viewpoint and to really get to know the other person. eg. What do they like to do in their spare time, let them talk about themselves. This helps people develop an excellent working relationship with you.

But my manager also guides people, if you have a question he won't necessarily tell you the answer but helps guide you to get to the solution so you feel you have ownership of the solution. He also shows appreciation of your work, and gives you a fine reputation to live up to... Eg. "Thanks for doing x, as I knew you would." ("x" being something that I wouldn't necessarily be considered responsible for, but it needed to be done)

"Thanks for sorting out y, yesterday, I knew you stayed back a few hours to complete it and it's really appreciated" (it was something we both knew had to be delivered and shouldn't be delayed to the next day)

And he will avoid openly saying you're wrong, if he does say it, it will be in private* and in the kindest possible way. (*Unless you are being completely and utterly stubborn!! I've only seen him get pushed that far twice.)

Just the best humble human to work for. Everybody who has worked in his team will say he is an excellent manager.

Ethics, integrity, sense of humour... he is an amazing leader. So easy to talk with. And I am amazed by his own commitment. Home for him is up near Newcastle, leaving home twice a week at 5am to be in Parramatta at 7am because the traffic is really bad later... Omg. I simply couldn't do it. Respect.

 

But you forgot your own lessons - always do your homework. Engage brain before starting tongue. Mate, you're not shooting straight at all. And 99% of the forum know that skater bought plenty in 2770 while you were still catching the school bus.
Also, no-one appreciates probablys and guesses. If you've got real numbers, you've got something to start with.
I think you can see that most members are honest straight talkers and good at business. Read up a nd learn a little.

 

Good!

 

Don't think it is worth it, is time for another cigar though..... you ? @TMNT

You can afford one or two if you are in dumping phase, assuming there is equity.

What ones are going ?

If you ever get to a meet, I will talk to you about this guy that is cleaning up, he is right into the cheapies.

 

@Gockie do you think that the learnings from the self help book will stick with you? I have read a couple such books and it feels like I've learnt a lot at the time but the learnings don't seem to stick with me.

 

We had a 12 month lease sign and no real issues with the tenant after the initial teething problems however 6 month later and they have to break lease as their mother hurt her back and they need to go care for her overseas.

They are still paying the rent and we are still adverting and activiley searching for a tenant to reduce their cost.

So nothing wrong with the tenant in fact they left the property in better shape then when they moved in but things happen.

Another tenant at another property was great for many years and all of a sudden she lost her job and wanted to break lease. Never missed a rental payment, improved the yard & garden was a 3 year tenant (IIRC) but all of a sudden fell on misfortune.

Another tenant lived in the house for 10+ years and still there today, not wanting to move out and don't miss rental payments. Still factored vacancy each year on the budget as one day they may leave but they might be there for another 10 years.

 

I feel that in this case it can, because my boss is such a brilliant example of all of the principles and I've worked with him for 3 years. It may all be fairly subtle things, but it doesn't go unnoticed by me.

 

Blast from the past!, tiny update

ive been shedding IPs over the past few years,

an incident happened last night at one of my slum IPs, which further confirmed my decision, once the house is fixed and to sell

apparently, he was driving through the area at 2am, and decided to go to the house to finish something off or something,

and 2 guys with crow bars started banging on the window , they were full adults and not kids

apparently they were screaming and yelling and wanted to know who he was, my handyman had to call the police and is now pretty shaken.

im quite worried the house will get broken into the next couple of weeks, as ive just done an insurance claim for damage about 4 months ago

 

Lizbiff?

 

Make sure the insurance covers you while it is vacant

 

Hi TMNT,
That sounds pretty wild ! Does yr handyman work through the night?
How are you going with yr sell down ?

 

They were just locals looking out for their neighbourhood. Is your handyman on the ice? Why would he come over at 2am to start working...

 

Agreed. The neighbord wouldnhave been equally shaken I'd say.

 

dont worry, that was exactly what I thought too....

 

Maybe had had an assistant with him?