Bob’s Biggest Property Regret ๐Ÿ˜

Bob’s Biggest Property Regret ๐Ÿ˜

When it comes to property matters, I refer to Bob as Google. Many others refer to him as a guru, some others as the dealmaker. After 38 years in the property development industry and having the experience he does, there’s no argument that he is incredibly knowledgeable, experienced and loves to share his knowledge.

What I found out this week during our podcast chat, was that he does have a property regret. And it’s funny because many people have asked, โ€œHey, Bob, if you could go back in time what would you have told a 25-year-old Bob to do differently?โ€. I’ve heard people ask that on many occasions.

So, it surprised me this week when he said โ€œthere’s one thing I do regret on my property development journey. It isnโ€™t not getting educated prior to my first development because there wasnโ€™t any education on property development, it was that I should have started earlier to keep some of the stock I had developedโ€.

โ€œI was instead more focused on making as much money as I could as quickly as I could, rather than having a longer-term plan.”

He said he wished he’d known me back then, where I could have sat down with him and had a strategy session – help him set his short, medium, and long-term goals and devise a plan to achieve them, plus accountability sessions.

In typical Bob fashion, he did muse how that might have been difficult as I would have been in primary school and far more interested in swimming, t-ball and learning the piano.

What weโ€™ve found is that most developers sell their first few projects completely to build up more equity. It is usually equity that lets most people down. In Bobโ€™s case, he kept developing and selling, which is good for cash flow but does nothing for long-term wealth where we need appreciating assets with income.

Some of his early house and land packages sold for $59,000 and are probably worth around $700,000 today so you can see what he meant. The motto โ€“ find the balance between selling and holding, or as Bob says โ€œhold as much as you can comfortably holdโ€

 

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Email us at: admin@propertymastermind.com.au

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