Dear fellow gamblers,
Just saw a very sad documentary about property investors. I'd thought I share it with you.
Once upon a time in lala-cowboyland, a man wanted to make a lot of money for the least amount of physical labor and risk. Logically, instead of working for it, or even thinking about working for it, he decided to get into property. This was applauded by everyone around him.He went and bought a house for all his savings.
<fast forward>
After 6 months, he comes back to flip the house ( as one does ). He finds his rooftiles have been stolen , his house demolished and vandalized and most of his doors and windows 'recycled' into other houses. The house is a wreck and barely stands.
He is now bankrupt, he lost his wife due to financial disputes, he's 55+ , no future…
Anyone wants to help this poor guy ? I thought we could perhaps have everyone from this forum pay 500$ or something, let's call it "tax money" so we can bail this guy out of trouble.
Surely you guys won't have any problems giving some of your money to save this poor guy out of his problems ?
And in the same time period I have done the same and made a profit.
What is the difference? Perhaps it is good fortune but more than likely it is all the hard work I put into the Due diligence PRIOR to investing in the property. But you know this, you just persist in being a negative voice. We dont all look at the property market with rose coloured glasses, however, there are plenty of us making a living out of property. It is not really that much different to going into any buisiness. Some will succeed and others will fail.
Mick
Once upon a time in lala-cowboyland, a man wanted to make a lot of money for the least amount of physical labor and risk. Logically, he insured the building with landlords insurance instead of taking a massive risk with one single investment.
As this investment had his life savings in it he got a very good property manager to manage and reference check his tenants and do regular property checks.<fast forward>
After 6 months, he comes back to flip the house ( as one does ). He finds his rooftiles have been stolen , his house demolished and vandalized and most of his doors and windows 'recycled' into other houses. The house is a wreck and barely stands.
Then he remembers he had Landlords insurance. See http://www.yourinsurance.com.au/landlord_insurance.asp
which was a tax deductible expense and so he rang his insurance company and told them of his plight and made a claim for his unexpected loss.
Unfortunately in my case when the tenant abandoned the property the damage to my house was more from being worn out and I had to spend $20,000 to bring my house up to a presentable standard to rent.
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