Page 229 - Paulisms: Gold Nuggets for Small Business

Another example is jumping into buying property. One of my worst investments was a patch of raw land – it looked like a great opportunity in a prime area. Then I found out... hmm, I was the only one who had tendered for the property because the wiser people had seen the limitations.
I was going to develop it. There were issues with the locals to develop it and it wasn’t going to be easy. I suddenly realised I didn’t really want to be a developer any more. So, I sat on it for ten years – raw land; no income, no cash flow.
Ten years later, I sold it at a substantial loss. It was easy to get into, but after a short time I regretted it and it was hard to get out of.