Hi all - just looking for some positive feedback on a recent property investment that I'm having buyer's remorse over!!
We have 3 buy & hold properties we purchased over 12 years ago...for some reason (a year ago) I decided (& convinced my husband!) that because they are CFP (just) it would be a good idea for us to purchase a 4th buy and hold rental -only this time I decided (after attending a seminar and getting all enthused!) that it would be a good idea to buy a subdividible property.
We paid $50k under asking price in July 08....the existing house is an old stucco number with enough land for two townhouses on the back of the property. We plan to develop the section in perhaps in 3-5years time.
Original intention was to build 2 townhouses and hold the lot! However ...as we delve further into the reno of the older house ...we are finding (surprise surprise) it needs more work than we had originally planned for ...(albeit purchased with building report)
Am still hoping that somehow it will pan out to be a good decision - we paid $300,000 in a good area - but somehow can't help feeling I have made the wrong decision based on what is predicted out there in the media! ie 30% drop in properties....I am hoping this will not mean every property in every street in every suburb & city though!! (after a year of reading lots of property books and articles I am now wanting to be more ostrich like and put my head in the sand when the news is on!!!)
Any thoughts or positivity from seasoned investors who have been there done that - would be most appreciated. Thanks
We have 3 buy & hold properties we purchased over 12 years ago...for some reason (a year ago) I decided (& convinced my husband!) that because they are CFP (just) it would be a good idea for us to purchase a 4th buy and hold rental -only this time I decided (after attending a seminar and getting all enthused!) that it would be a good idea to buy a subdividible property.
We paid $50k under asking price in July 08....the existing house is an old stucco number with enough land for two townhouses on the back of the property. We plan to develop the section in perhaps in 3-5years time.
Original intention was to build 2 townhouses and hold the lot! However ...as we delve further into the reno of the older house ...we are finding (surprise surprise) it needs more work than we had originally planned for ...(albeit purchased with building report)
Am still hoping that somehow it will pan out to be a good decision - we paid $300,000 in a good area - but somehow can't help feeling I have made the wrong decision based on what is predicted out there in the media! ie 30% drop in properties....I am hoping this will not mean every property in every street in every suburb & city though!! (after a year of reading lots of property books and articles I am now wanting to be more ostrich like and put my head in the sand when the news is on!!!)
Any thoughts or positivity from seasoned investors who have been there done that - would be most appreciated. Thanks
Comment