I Followed the Property Advice… and It Cost Me $60,000 | EP 82

In this episode I share the real story of my first investment property and how a deal that looked perfect on paper nearly turned into a financial disaster.I bought an off the plan property after attending seminars and following the strategy I was told worked. Months later, right before settlement, the bank valuation came back far below the contract price and I suddenly had to find a huge amount of money just to complete the purchase.We break down the risks of off the plan investing, valuation shortfalls, developer incentives, conflicts of interest with some buyer’s agents, and why oversupply estates can trap beginner investors. Most importantly, we talk about what questions you should ask and what research you need to do before buying your first investment property.If you are thinking about property investing in Australia or buying your first investment property, this episode may save you from making a very expensive mistake.