I’ve been ‘investing’ in property since 2014 but feel like a bit of a failure with how much I know about the whole process now.
In my prior relationship my partner and I owned our own place in Auckland. Owned it for 1.5 years before she and her parents bought out my half share. After buying it emotionally and being a bit conservative going with the registered valuation I came out with about 75k.
In 2015 I plonked 15k on a ronovationz mentoring course shortly after and bought a retrospectively market or above market price for a central Auckland unit. I did it up and converted it to three bedrooms. Yield was crap so have lost 10-15k or so before tax refunds each year.
When I met my now wife in 2016 she wanted to buy a rental, so we drove down to Tauranga for 3 months in a row every weekend and bought a market/above market value 2 bed unit. Bought for 380k in 2016 and worth the same today. This breaks even on principal and interest. Have around 100k equity now and we want to keep this place long term.
We just sold the Auckland rental and after all said and done have walked away with 130k. Including the top ups and tax refunds I came out about break even.
Since 2014 in property I’ve basically made no money at all. I’m trying to look at it positively and think it’s a free 5 year degree in property investments (I’ve learnt a lot along the way).
We are going to use the 130k to buy our family home so we are excited at that prospect for us and our daughters, but lingering I just feel like I’ve failed thus far.
How do we make sure we don’t make the same mistakes again? I see others in the property investor magazine buying properties with great yields but searching myself I can’t find much that comes close.
In my prior relationship my partner and I owned our own place in Auckland. Owned it for 1.5 years before she and her parents bought out my half share. After buying it emotionally and being a bit conservative going with the registered valuation I came out with about 75k.
In 2015 I plonked 15k on a ronovationz mentoring course shortly after and bought a retrospectively market or above market price for a central Auckland unit. I did it up and converted it to three bedrooms. Yield was crap so have lost 10-15k or so before tax refunds each year.
When I met my now wife in 2016 she wanted to buy a rental, so we drove down to Tauranga for 3 months in a row every weekend and bought a market/above market value 2 bed unit. Bought for 380k in 2016 and worth the same today. This breaks even on principal and interest. Have around 100k equity now and we want to keep this place long term.
We just sold the Auckland rental and after all said and done have walked away with 130k. Including the top ups and tax refunds I came out about break even.
Since 2014 in property I’ve basically made no money at all. I’m trying to look at it positively and think it’s a free 5 year degree in property investments (I’ve learnt a lot along the way).
We are going to use the 130k to buy our family home so we are excited at that prospect for us and our daughters, but lingering I just feel like I’ve failed thus far.
How do we make sure we don’t make the same mistakes again? I see others in the property investor magazine buying properties with great yields but searching myself I can’t find much that comes close.
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