How many of, page-6

Making money , years ago a good friend property developer told me. You need to be very knowledgeable in 3 things to make money in property.
1 Property
2 Finance
3 Taxation
Lot of people know a lot about property , tradies builders etc but they go broke because of poor finance. Same with taxation have had people bragging how much they made raw numbers. When you sit down and take away, Stamp duty, renovations, selling costs and capital gains tax it is a different story. I have only ever lost on one property up till now and that was a vacant block which we decided not to build on, the good bit is any capital losses are carried forward and can be used to offset future gains.
Even people that brag about how much their home is worth are delusional as. The Mc Mansion in suburbia may be valued at $1m
but the maintenance per year is high and if you sell you have to live somewhere. Hence many older people are staying put in their big houses.