This is my story - the last 18 years

Hi guys,

I've really enjoyed my interactions on PC the last few months, and since I plan on hanging around, I thought I would share my story.

Luckily API have recently summarised it for me

Article 1
Article 2

So it comes down to the lessons learnt along the way:

Follow your gut - I really didn't know what I was doing at the start and tried out several different strategies in the early years, but it was important for me to have taken the plunge, followed my instincts and gotten into the market.
Recover from setbacks...eventually - unfortunately my gut led me astray at one stage and there were some difficult days having taken the plunge (poorly) into development. But I couldn't quash my desire to do more than passive investment so I continued on, took much smaller steps and eventually recovered.
Trust the right people - in my failed project, I trusted the wrong people and didn't trust myself enough. Nowadays I'm more selective in who I trust, surround myself with the right team, but always make sure ultimately I'm responsible for the project.
The right partner - all this wouldn't have been possible without my husband @Morgs. There are good days, bad days, stressful times and celebrations, and if the person I share my life with wasn't at least interested and supportive then it wouldn't be rewarding at all. Luckily he's more than just interested.
Reward yourself - after the first 10 years or so of delayed gratification, and especially now that we have a young family, its become really important to appreciate spending time with them, taking some time out and setting new goals.

OK so thats it for now, happy to answer any questions.

 

I can relate to these , especially about trusting the right people.
I suppose its a case of once bitten twice shy

 

Great story @Meristone. Well done

 

Well done!

 

Perfect Sunday reading!

 

Thanks @MyDarlinghurst @TapTap @Noobieboy @Tom Rivera

Its been a relatively lonely journey so far, but since PC the last few months I can't believe that half the people I talk to/work with are now from PC one way or another!

 

Definitely well done on the journey so far! I love looking at the photos of your Reno’s!

 

Thanks @Kassy! I have a few more renos/projects to post when I get some time - been saving 2 of my favs for a rainy day.

 

So you essentially build and sell and not holding for rental returns and CG? Average after costs profits good?

 

Actually the first 10 years I went with a buy & hold strategy (with the occasional flip) and accumulated 9 properties in Syd, Bris, Melb and Adelaide which I hold onto for CG, whilst the last 8 years or so I've been concentrating on adding value and building a job out of it. Profits are good enough to want to keep going!

 

Great to learn from your story. Just one thing, is the land tax a burden given the number of properties you are holding? Or you are holding them under different combination of names and trust to avoid the "accumulation calculation"? I am paying 5 digits land tax for my portfolio and it is hurting.

 

Nice work @Meristone. I can really relate to your lessons learnt. Life is short, and you never know what's around the corner, so really important to take time, relax and enjoy. Good luck with the next chapter

 

The diversification over 4 states as really helped the land tax, so its only a few k in NSW. Could have avoided it if we'd had the foresight to have different name combos The development properties are currently in 2 different companies so they each have their own threshold.

 

Some great reading, thank you for sharing your journey and lessons learnt. I agree with the partner comment!

 

Thanks @fols. I think my investment mindset has definitely changed over time from learning, trying new strategies and doing the hard yards to focusing on the areas that I enjoy the most and trying to see the bigger picture.

 

Thanks @Peppas - I look forward to meeting you at some stage soon!

 

Thanks for sharing @Meristone ! You're an inspiration. Look forward to hearing more about your projects as I want to get started doing my own small scale developments too

 

Nice work @Meristone

 

I agree with the other posts
You have learnt along the way, adapted and prospered from it, largely due to your determination, and persistence thru the hard times thanks to your support network (hubby).

Well done

18 years, goes to show that a property investment journey is a long process, and with the right attitude and persistence can be well worth while

 

I'm hoping there'll be another 40+ years of property investing/developing to go!