Expert Bust #34 My Worst Mistakes

Learning from my mistakes:

• Never say “never sell”, there may be a time when you’ll be better off
• Pick a loan you can easily replace if your lender turns ugly
• Good finance doesn’t make for a good investment, it’s only a lever
• Research the tenant if the property you’re buying comes with one already fitted
• If buying O/S, re-learn everything & make sure you’ll have excellent intel
• When the banks so “no”, take the hint
• Renos may deliver bigger gains than a part-time job, but come with higher risk
• Don’t JV with “talkers”, have very clear terms, especially the exit
• Don’t cross-collateralise. Unless … no, just don’t cross-collateralise
• Contribute to the charity of your choice, but act like your insurer would to tenants
• Always have repairs & maintenance money ready for when things go bung
• Ensure you have cash reserves that match your portfolio size, jobs don’t last forever

Not exactly an “expert busting” topic, but hopefully helpful to someone.