Chatting to my wife this morning about our wedding day when she mentioned the a saying she had heard recently and wondered if it was appropriate!!! – “Act in haste, repent at leisure”. I had no idea what she meant!(hehe) Google kept showing the phrase as “Marry in Haste, repent at leisure”. I feel sure Google’s got it wrong!
Making decisions that have a long term effect isn’t limited to marriage though. I have 2 property deals that I am still repenting on. I bet, if you talk to any property investor, they will be able to quote examples of deals that have not gone to plan and in retrospect they would rather not have done them at all. Don’t get me wrong neither of these deals that I did cost me very much money and they both pay me money every year so i SHOULD be happy! They were marketed as “No money down” deals and that’s what they ended up as, all bar about £5000 on each.
I should be happy with my £2000 out for £10,000 sat in them but I am not a happy bunny because I cannot sell them! Even after 10 years they are still negative equity. I acted in haste at the sound of a good deal, now I repent at my leisure whilst waiting for the day to arrive when they are no longer “Negative Equity”.
On the UP side I do get income from them. I did learn a lot about property, and businesses, from them. Now I do “No money left in” deals – These sound almost the same except I control the deals to ensure upon #remortgaging the deal doesn’t go into negative #equity.
As a final note to this blog. – If some of the phrases like “no money down” or “negative equity” don’t mean anything to you then you should consider #mentoring o #training before getting into #property!