Nathan’s biggest property failures.
Nathan’s success in property has been an inspiration for many ordinary Australians who want to get ahead. But, his success has not come without a few challenges along the way. Here are some of Nathan’s biggest failures in property as well as the things he did to overcome them.
One of the biggest problems Nathan faces to this day is that he never has any cash. This is not because he is irresponsible with his money – it is because he invests every dollar that he can into building his property portfolio.
He knows that lasting wealth can be generated through income producing assets, rather than by holding onto whatever cash comes his way. In this sense, he is using money to create wealth – even if it means dressing in humble clothes.
Management issues in business.
Along with his own investing, Nathan has put countless hours into running the Binvested group of companies. From time to time there has been issues with managing staff and keeping his businesses operating smoothly.
To deal with this, Nathan has put up processes and procedures that help things to flow better. If something goes wrong, he works with staff to figure out ways to improve work processes moving forward.
Nathan says he has missed out on building even more wealth because of his opinions. Back when he started investing, he was cautious to avoid buying townhouses, apartments and interstate properties because he mistakenly believed he wouldn’t make money through them.
This meant huge opportunity costs.
Of course, nowadays he knows much better and bases his opinions on facts and figures rather than common myths.
Property management mistakes.
Nathan recently expanded his property management company Blink to ensure that investors across the nation could use it.
Let’s just say he was sick of all the mistakes that poor property management causes for Australian investors each year.
One of these failings recently happened to him, and he is now in the process of pursuing legal action after a long term property manager stuffed up big time.
While it wasn’t Nathan’s mistake, he suffered a big loss, and decided to improve processes to avoid this happening again.
Nathan’s reputation suffered a blow recently after the AFR published a story about him that wasn’t the full truth.
The article claimed he was going broke and was being sued by a bank – but neither of these things happened.
He says things had become tight for him for a couple of years because the economy was starting to change. He had to work hard to settle $10 million worth of properties that he couldn’t get lending for – which he successfully did.
The problem was that he ended up using his rental income to settle some of the properties at the cost of his mortgage commitments.
In hindsight he says he wouldn’t have pushed this hard to settle such a large sum of properties knowing the consequences that would occur.
This issue lead Nathan to look for new strategies to get ahead and continue on his property journey.
The comeback needs to be better than the setback.
Throughout his investing, Nathan has adopted the attitude that if you experience a setback, you need to make an even bigger comeback.
He says mistakes help to open up new possibilities and new ways of doing things.
In fact, he welcomes challenges because he knows they bring “a new level of awesomeness afterwards.”
Have you learned from any property failures? Please share your experiences in the comments section below.