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I own a property. A two bedroom townhouse. When l bought it 85 000 l was renting it 160pw. It’s now valued at 260 000 i rent it for 190pw. Tried asking for more, but people wern’t interested.
To me it seems and feels as though people will only spend a certain proportion of their income on rent. As wages haven’t gone up as much as property prices. What is in their pockets and what is left after they work out how much money they need to live. if the rent is too much then you have to live with vacancies.
I have enjoyed reading all the healthy dicussions. It’s good to see that Steve’s book if anything has made us think about our money, how we use it and how we get it to work for us.
Unfortunatelly we all don’t have time on our hands or the funds to travel 130km out of the city to find these gems, let alone interstate, on the weekend.
This shouldn’t stop us from buying IP’s, but we should be a little more realistic.
To ange_doung, melanie and chris a,
thank’s guys…will give it a go .
good luck to you all.
Herald sun sat 9th Aug p.9 real estate section.
Just read Monique’s article and she doesn’t have much positive things to say about positive cash flow, simply because often you have to buy run down houses or regional houses that don’t have much going for them. If interest rates go up how quickly can you off load them when the positive cash flow becomes negative?
Good luck.
Three or four years ago perhaps. Not now and not with money to back it up with.
I’m looking too.
Good luck, for all of us.
Thank u AD.
I plan to go for a drive this weekend. Will let you know what happens.
Cheers.
I understand your point..
Steve has enough money to travel all over the country to find properties. He also had good cash flow (not from his properies) from his busines when he first started. Now from everywhere.In his book he said he had $10 000 after 2 months
of starting his business. Steve and his partners were going to be well off anyway. He just has made more than he thought he would.It will take most people a year to save $10 000, and they’d be doing well if they did. So it would be hard mr/mrs average to do this in such a short time.(hope they do).
The reality is most of the peole reading this book will be competing with each other bumping prices up, because they will not move far from the area(s) they know.
The botom line is you need money to make movey. The more you have the faster you will make more.
Thanks for the advice. My frame of mind is very positive and l think we will all succeed.
Where do l look? l have chcked the local papers and the big newspapers. No luck.
You mentioned Steve has bought 30 properties in the last month. Where? Are they all in the same area or is he buying all over the country?
