Young landlord's dreams shattered as housing deal collapses in Queensland

In an unfortunate turn of events, a 23-year-old landlord named Harley Giddings recently retracted his offer on his fourth investment property located in Mackay, Queensland. This decision arose just days after he had signed the contract, which highlights the complexities and challenges that can arise in the property purchasing process. Giddings, who is from Woodend in Victoria, originally aimed to acquire four properties by the age of 24 and had high hopes for this particular investment. The seller was under a time constraint to sell, having already purchased another home, which presented Giddings with an enticing opportunity. However, he soon discovered that the property required significant re-stumping work, a process he had previously navigated with another property. This made him optimistic about solving similar issues again. However, reality quickly set in when he encountered difficulties in hiring a builder for the necessary repairs. Despite having made prior arrangements with a builder who was supposed to handle the re-stumping, Giddings was met with an ongoing lack of cooperation. The builder, described by Giddings as 'backwards,' failed to provide him with a scheduled date for the work despite numerous attempts to contact them. This experience led to a significant loss of confidence for Giddings, especially since he was hoping to have the property ready before the settlement scheduled for January 2. Faced with the uncertainty surrounding the completion of the re-stumping, he decided it was best to withdraw from the contract altogether. The withdrawal, though disappointing, came at a cost of $1,057, which constituted 0.25 percent of the contract price. Giddings expressed understanding about the unpredictable nature of property transactions, emphasizing the importance of resilience in the face of obstacles. He acknowledged this setback as a common occurrence in real estate, reassuring himself and potential investors that such incidents should not lead to discouragement. Giddings remains optimistic and is currently on the lookout for his next investment property in regional Queensland and New South Wales. His experience serves as a reminder of the potential challenges in the property market and the necessity to remain adaptable in pursuit of investment objectives. Despite this setback, Harley Giddings has successfully invested in two other properties, one in Perth for $420,000 and another in regional Western Australia for $390,000. All three of his investment properties currently have tenants, indicating that he has been able to build a portfolio despite the recent difficulties. This young landlord’s journey underscores both the promise and the potential pitfalls of real estate investment, particularly for those looking to expand their portfolios in a competitive market.