Personal wins and mistakes from our property experts. Buyer’s Agents Amy Lunardi and Pete Wargent are sharing their biggest personal lessons when it comes to buying and selling their own properties & investing.
On this episode, the team is getting personal in the hope that you can take inspiration from the fact that even professionals don’t always get it right and how you can learn from their mistakes (and their wins!).
On this episode of the Australian Property Podcast:
Amy’s Wins
- Setting clear objectives when purchasing a property
- Purchasing properties that align with cashflow
- Renovating on a budget
Amy’s Mistakes & Lessons
- Not learning enough about investing at a younger age
- Not planning for the future effectively
- Not being on top of paperwork (we know its boring, but needs to be done)
- Relying on professionals (property managers, layers, councils) to do their job properly, always do your due diligence
- Not purchasing properties when it’s a good time to buy (if you are financially ready to do so)
Pete’s Wins
- Buying in great locations
- Diversifying (asset classes, types of properties)
- Being patient and persistent
Pete’s Mistakes & Lessons
- Risk management:
- Margin Loans i.e. using debt to buy shares: Be careful with your use of debt as things can change with the market that you cannot control
- Speculative investments: Buy assets that you never need to sell instead of speculative investments
- Not doing adequate due diligence on extra costs and levies and relying on a solicitor to address these costs
- Buying a unit with high strata fees. These costs are ongoing and can be variable so can significantly impact resale values
- Poor choice of tenants. Sometimes taking a lower rent with a good tenant is better than a bad one!
