I here a lot about people who are finding great deals, but we only learn from our Mistakes[/red]. On this note I would like to here from people who have bad experiences????
Sorry, none here, so far touch wood.
It’s called due diligence, the stuff really works…
Cheers
GeoffBI agree, it’s not so much the house, or where it is, or anything like that – it’s how you solve the problems. Hey, is being next to a gang member a problem? Not if you get 100 percent CG’s in 18 months. Is a renovation that costs 14k to get the house up to scratch a problem? No, not if you end up getting 24 percent cashflow returns on purchase price plus reno costs. Plus when you get 100 percent CG in two years to boot.
I can’t say that I didn’t have problems, and loads of them, but how you deal with them is what counts.
Now my latest ‘problem’ is that my fence is falling down and the new tenant was complaining about the lack of pantry. I am getting a new pantry for $175 put in to the kitchen which will add value to the house and keep my tenant happy, but is that a problem, or just something you do?
That one happens to be a 20 percent return and I haven’t spent a cent on it for 18 months, when I renovated it completely from top to toe.
I do hear horror stories, i.e. “help, the only rental manager in town refuses to manage my property any more.” And the answer is ‘well that was because you didn’t pay a repair bill and she got the shiznits with you”.
And so I go in and schmooze and flowers are sent and everything is solved. You see, it’s not what happens it’s what you make of it. Example, Winston Churchill.
What is a “bad experience” for some may just be an “opportunity to learn” for others. It all depends on how you choose to view it! Personally, I’ve never had a bad experience, but investing sure provides lots of learning opportunities [grad]
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