@freshstartadvisory: I made a mistake And that mistake has cost me ten’s of thousands of dollars (literally) I bought this property before I knew about what the right research is to be conducted when buying property. Here’s what happened: 💸Purchased for $600,000 in 2019 💸Completed a $30,000 renovation on the property 💸Rented the property out for $415 p/w 😪Had tenants in there who decided to not pay us for 6+ months and completely ruined the house 👩‍⚖️Had to go through VCAT and took as I mentioned 6 months to get them out and 10’s of thousands of dollars lost 🚪Finally got them out and then got tenants in there for $415 per week - a 3.5% rental yield 💸The property was costing me $19,000 a year to hold 💸Tens of thousands of dollars spent on the property over the years as it was a 1970’s build We sold the property on Saturday, 27th July, 2024 for $788,000. 👉31% growth in 6 years. 5% growth per annum. 👉This property hasn’t beaten inflation (Inflation being at 6%) 👉Not to mention the 10’s of thousands of dollars lost on the asset So 5 years later this property has taught me a lot of things, the biggest lesson? 👉Don’t buy a property just because you live near that area 👉Look at what is driving a particular market 👉Consider the quality of tenant your property/market is likely to attract 👉Ensure you are not buying a property at the peak (this comes back down to research) Very much a losing investment in regards to $ Very much a winning investment in regards to lessons! To your success. #propertyinvestment #investmentproperty #propertyportfolio #wealth

Fresh Start Advisory

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Region: AU

Tuesday 22 July 2025 02:45:55 GMT