Have you experienced buyer's/Seller's remorse? I could of made a profit of 1.3 m over ten years by keeping Sydney property or investing in another house, instead only made 520K by selling property and buying apartments. While not a loss, still very disappointing.
Selling a 4 bed, 400sqm house in Coogee, Sydney which was a PPOR for 19 years, with no CGT- when all I had to do is sit on it and wait a few years for it to appreciate another mil, is hardly comparable to trying to crack the lotto mate, but I appreciate the sentiment
@Mermaid I feel your pain. I think all the investors on this forum who have been around more than a cycle or three have at least one or two stories about a fish that got away. Whether it is a buy than never happened or a sell that did happen, it is really hard not to mentally bank the difference. For to stay sane I ask myself... "did you keep moving forward and taking action?" If so the lessons learned can pay off later. I equate them to being banked in my brain as life lessons that will accrue interest and pay off in due course.
That's a really eloquent way of putting it. It is really hard not to "mentally bank the difference", futile as it may be. I am trying to educate myself now so as not to make the same mistakes. As silly as it sounds, I think the psychological impact might be worse than the actual financial loss. Thanks for your input, it makes a lot of sense.
It doesn't sound silly at all, it is a good insight. Some statistics say the average millionaire has been bankrupt 3.5 times. If this is true then it would seem to be evidence that mindset is a really big deal. The psychological impact of your past can be transformed if you wish. My history with this: I wrestled with this stuff a lot years ago. It used to keep me up at night - missed opportunities and regret/frustration etc. Over the years I have done some mindset work. The more I embrace a growth mindset (Read Carol Dweck "Mindset" directly not just internet articles about her) plus reading Caroline Leaf Neuroscientist "Switch on your brain" plus some other personal (See Brene Brown on vulnerability, & John Demartini on values "Values Factor") and Christian faith-based stuff as well (pm me if you want authors but I will probably get slammed as evangelising if I put links here) I can now honestly say that I believe that all childhood trauma, any past mistakes, any regret and past things as working for my good long term. They can all be turned around into new more positive thoughts and now I seem to be better able to see the good in anything even as it happens (still working on this part). Sorry for getting esoteric but aim to educate yourself no only to avoid mistakes, but also to see new opportunities and see things differently.
I get buyer's remorse every time I buy a house! I've never sold one, so I don't know if I get seller's remorse as well.
Without sounding rude, as a fairly newbie property investor, what I love about theses forums is the ability to leverage of other peoples success and failure story's.
Building in Darwn at the peak. 150k down in 2 years if we were to sell today. luckily we aren't in a position where we have to sell.
