Throughout the 10 years of real estate investments, things did not go well for Daniel Hain. However, this investor turned renovator chooses not to focus on the mistakes, but to let his experiences – positive and negative – teach him all the steps of the process.
Daniel was initiated to property at the age of 16, with some wise words from his father.
"He told me that buying homes and building a real estate portfolio would prepare me for my age, and that I would not have to be in business all my life," says Daniel.
"I paid attention to the fact that many seniors lived week by week and I did not like the idea of ​​going that route."
As a teenager, he started saving for his first property, and in 2006 he bought his first property in the Newborough area of ​​the Latrobe Valley at just 19 years old.
"I wanted to buy something rather than just leaving money in the bank and eventually spending it. I grew up in Newborough and the property was cheap, "he says about his decision to buy.
"I had money to buy in places closer to a CBD, but I decided to buy in the Latrobe Valley area. It was a mistake because growth was much less strong. "
Daniel would retain this property for years before selling it at the end of 2016. He also hired a real estate advisor, who helped him buy a house in Gladstone, Queensland, in 2012. That choice Is unfortunate because Daniel has done what he considers to be his biggest investment mistake so far.
"This was the biggest slowdown ever recorded – it wiped out all my stock and provided me with a very negative cash flow, which had an impact on my ability to get the job done. borrowing, "he said.
"The lesson to be learned from this was not to trust the so-called" advisers "completely, as they can get very good bribes from developers on the new releases."
The experience also made him understand that he needed to study the property industry himself so that he did not rely entirely on the advice of others to build his portfolio. Since then, Daniel has made self-education a top priority in his investment journey – and he has then amassed a very profitable portfolio.
Check out the November 2019 issue of the magazine Your Investment Property .
to learn more about Daniel's investment journey and about the strategies he's used to cope with the ups and downs of investments in mining towns.
On sale at press agents and at Coles from September 26 to October 31, 2019
– or download the magazine now.
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revesby hts
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