What would you have done differently?

1. Never lend anyone money!

2. Never do wraps!

If I followed these 2 I would be rich!

I was just thinking of all the capital gains I could have had on those properties that I wrapped. If only I had kept them.

1) Start earlier
2) Start way earlier
3) Not waste so much money on cars
4) TWO lessons that I have learnt from that have stifled what would have been good gains……
a) Dont be obstinate and haggle over a couple of grand – after reading mantras about 'walkign away' and 'you maek money when you buy'. True, but ever worked out the interest on a couple of hundred bucks  or a grand or two? Exactly.  Did that once – missed out on the property – it DOUBLED in value between 2005 and 2008. Never had anouther one do that…..
b) When 'your bank' says no more – dont say, 'oh ok' and then do nothing. Look elsewhere. Did that worng a few years back now too…..

Cheers
Whoops – forgot one important one ……..DONT invest in the sharemarket unless you can afford to lose the lot.  IMHO. ….how to eat up your real estate profits……..

– Don’t blow money on cars. Been there. Sold an IP basically because I was obsessed with spending on a car – *shudder* (years ago).
– Don’t buy for the sake of buying, just because everyone else is speculating. Only buy if it’s “wow what a bargain” etc.
– Don’t buy into new suburbs. They promised us shops and local schools, but of course 5 years later nothing has been built and nothing’s changed. The suburb went downhill and is basically now an extension of a nearby dodgy area. Luckily I smelt it coming as one end of my street started to heavily go to the pack and was the first house to up and sell in our street. Sold for enough to just break even on all my landscaping/fitting costs, but made nothing, then as soon as I’d sold, 3 of my neighbours also put their signs up. Several cases of “good owners” all accidentally buying in a place that went to the pack. But of course you can’t predict that when a suburb is just brand new and off the plans. Several factors, government bought lots of the houses for Govy/Commission housing at the other end of the street, which soon made the cars parked on the front lawns appear with the overgrown grass growing over the cars kind of thing.. Luckily, we presented the house superbly (furniture, gardens, everything spotless and looked top knotch etc) then spotted a great opportunity to upgrade into a premium suburb for only $35,000 more than the sale price of the place in the new bad suburb. Best thing I ever did – always be on the look for new opportunities!!! They can exist at any time and at any point in the property cycle.
– Don’t let renovations drag out. Get in, borrow the money to do it with and knock it all over quickly with borrowed funds. Look to release the profits quickly, i.e. sell for profit of rent if then CP+. Don’t be one of those awkward houses in-progress of a renovation for 3 years that people will start to see as “that place that is never finished” etc. Get serious and knock the work over quickly. Then make your profits and move on.

I would have kept the following phrase always close at hand and heart:

"Successful investment is an exercise in the control of time and money"