What's the biggest challenge for you with property investing?

Discussion in 'Investor Psychology & Mindset' started by Jake Milne, 7th Dec, 2015.

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  1. fols

    fols Well-Known Member

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    Trying to keep the day job going when I am clearly not engaged- got my mind on bigger things! Will definitely opt for career change / exit in a few years, but need to maintain salary to finalise acquisition phase.
     
    fols, 7th Dec, 2015
    #21
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  2. B-Mac

    B-Mac Well-Known Member

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    Mine is Patience.

    Keeping spending in check is also a challenge for me - the more i earn the more i spend!
     
    B-Mac, 7th Dec, 2015
    #22
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  3. RetireRich101

    RetireRich101 Well-Known Member

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    +1
    + when the wife couldn't sleep last night because she thinks we have too much debt.
     
    RetireRich101, 7th Dec, 2015
    #23
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  4. joel

    joel Well-Known Member

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    My biggest challenge is that I don't have enough money
     
    joel, 7th Dec, 2015
    #24
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  5. Perthguy

    Perthguy Well-Known Member

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    My biggest challenge is sourcing reasonably priced properties. Almost every property I look at is overpriced to me.
     
    Perthguy, 7th Dec, 2015
    #25
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  6. D.T.

    D.T. Specialist Property Manager Business Member

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    Then you either need to look at a different market or fix your perception of value?
     
    D.T., 7th Dec, 2015
    #26
  7. Perthguy

    Perthguy Well-Known Member

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    Or neither :p My target area is a falling market. It's easy to see everything as overpriced when prices are reducing every month. :) I have seen people jump in early in a correction phase, thinking they scored a bargain and finding out in 6 or 12 months time they paid too much. Learn from other people's mistakes. You don't have time to make them all yourself! :D
     
    Perthguy, 7th Dec, 2015
    #27
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  8. wogitalia

    wogitalia Well-Known Member

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    This is the hardest part right now in Perth... trying to decide when you will catch the falling knife and just hoping you at least get some handle in the process :)

    Trying to have a positive outlook when just about every KPI in the economy is screaming negativity is another genuine challenge.

    Essentially patience is the biggest challenge right now!
     
    wogitalia, 7th Dec, 2015
    #28
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  9. Perthguy

    Perthguy Well-Known Member

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    If a deal stacks up I will buy. I don't really care what everyone else is saying, doing or not doing. It's a numbers game. The numbers stack up or they don't and that is what drives a purchasing decision. Last time I bought in Perth the word on the street was that the market had peaked. It hadn't. :D

    I have a pessemistic outlook on the Perth market for at least 12 months. I don't think it is the right time to have a positive outlook.
     
    Perthguy, 7th Dec, 2015
    #29
  10. Random Username

    Random Username Well-Known Member

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    Getting out of it after nearly 40 years.
     
    Random Username, 7th Dec, 2015
    #30
  11. Bayview

    Bayview Well-Known Member

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    LOL!

    Been struggling with that one for about 35 or so years. :p
     
    Bayview, 7th Dec, 2015
    #31
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  12. fols

    fols Well-Known Member

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    Yeah same, but it's getting worse by the day! Actually I was pretty good up until about 3 years ago.
     
    fols, 7th Dec, 2015
    #32
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  13. Foxy Moron

    Foxy Moron Well-Known Member

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    What changed ? Your attitude or the job ?
     
    Foxy Moron, 7th Dec, 2015
    #33
  14. Rugrat

    Rugrat Well-Known Member

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    Biggest challenge: 5 kids. ;)
     
    Rugrat, 7th Dec, 2015
    #34
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  15. Kmac

    Kmac Member

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    Biggest challenge is convincing my partner to let me buy more and getting finance.
     
    Kmac, 7th Dec, 2015
    #35
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  16. dabbler

    dabbler Well-Known Member

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    Hey Kmac, I am one of these "me" people, but what is needed, is a "we", both need to be on the same page, find out how to make both happy or compromise.

    I am not one of these overly optimistic people with rose glasses, and we all have ups and downs, but mind set is a big part.
     
    dabbler, 7th Dec, 2015
    #36
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  17. NTR

    NTR Active Member

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    Couldn't agree more, maintenance (esp on period homes) must be supervised by someone who cares more than the PM. Otherwise down the line you'll need to bulldoze the dwelling. Im a licensed builder and help look after my fathers portfolio, some of the stories i could share would make your eyes water. My advice have, lots of sons and make them learn a trade each, i suggest at least one plumber, one carpenter and throw in a painter for good measure.
     
    NTR, 7th Dec, 2015
    #37
  18. HUGH72

    HUGH72 Well-Known Member

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    It's this and despite seeing long term CG finding the drive and nerve to continue to push on rather than settling and thinking 'that's enough'.
     
    HUGH72, 7th Dec, 2015
    #38
  19. dabbler

    dabbler Well-Known Member

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    The painter will be the poorest if he does family love jobs....
     
    dabbler, 7th Dec, 2015
    #39
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  20. HUGH72

    HUGH72 Well-Known Member

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    Don't tell her then, ignorance must be bliss.:p
     
    HUGH72, 7th Dec, 2015
    #40
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