Forum Replies Created
*poke poke poke* [
]I’m still interested in your property- oh, and I just thought- some of you might think I am a real estate agent- I am not. I would probably be much richer if I was :+/ I am just increasingly finding the net, which has been my preferred method of perusing property- is becoming more inefficient. The properties on many sites are as old as the hills- and they leave on the cheap ones as a lure to pull in buyers to sell them more exxy ones. It’s tiresome.
kay
I think the “buy and hold” formula is a good one, however…
What about “buy in doom sell in boom”? I bought my place 8 years ago and had i tried to sell it 4 years ago, i would not have achieved more than asking price. I think the market is peaked or peaking. I think my property is fully valued- at this point in time. It depends too on the property. If you buy a property *really* cheaply- before RE became so “fashionable”, and then you make a heap of money on it, it seems to make sense to get out of it. It seems sensible to realise profit, rather than wait for the next boom.
Of course, I only have two properties :o) I very much want more!! I think if one buys and holds for 7-8 years or more at the cheaper end of the market, it pretty much pays for itself. If you buy cheap, and then some weird market forces tells you it is worth a fortune- take the fortune and run! (run off and buy some more).
kay
dglees- your post beat mine by two minutes, and no, I hadn’t read it yet- have now though!
) Well, I guess there’s murders everywhere. Noone probably worried too much about property prices though, when that young man allegedly killed his mother, wife and sister in some rich place on the north shore of sydney. Or the “society killing” of the millionaires in glen iris, melbourne (which has skyrocketed in values!). So yes, random violence isn’t good in your ‘hood, but it happens.dglees, I think what you said was pretty much the way it is in wagga. Those rural towns can be dogged by rednecks, and who wants them ruining the yard with their toranas?
I was wondering where you got your wagga real estate stats from- i haven’t heard that RE in wagga has risen 28%- gawd! Funny that there’s no news of a RE boom in wagga. I’ve been trying to find that info for a while now, dglees- thank you!
Cath [
]comdom, check out this month’s issue of Australian Property Investor (API). It has a case study in there of a couple who are entirely “rent dependent” and the banks won’t lend them money. I think they are even struggling to get no doc loans now. They have something like $4m in property value and owe $2.5m.
Their situation made me decide i had better keep my job if I want to keep loan eligibility
)Serviceability of a loan is one of the things a bank assesses before deciding to offer you a loan. Serviceability assesses your income and rent is only a parft of that. Most banks will want you to have a job with a decent income too.
There are a squillion low doc home providers on here. Check out some of the other posts to find them
) A mortgage broker can probably find you a loan for free- there’s heaps of them on here too.kay
Actually, no cashking. I *am* truthful with myself… and i am not into bloodletting. I bought my property 8 years ago- at the bottom of the market. It has since made a considerable capital gain. I have not raised the rents in it since I bought it as I wanted to do everything ethically- I still do. I am now selling it- still at the bottom of the market. But it means I can afford 3 properties in much cheaper places in the country for the price I am getting for it. There is nothing exploitative about what I am doing. I bought a cheap place and 8 years later it grew in value. Now i can buy 3 more cheap places- in smaller towns- that’s hardly bloodletting…
Every decision I have made, I have made ethically. If i was told a pensioner was selling her place because she didn’t have the money to keep it, I would at least give her full asking price, and not use her disadvantage against her. It’s just who i am- it’s not that i am just lying to myself…
[
]kay
That’s just really charming, cashking…
alf
I am in a similar situation. I decided to sell my apartment on the coast because I felt that it was fully valued and that I could free up the capital and buy some cheaper places elsewhere.Unlike cashking, I am not waiting for the “bloodletting”. I will just be doing my usual strategy of looking for cheaper properties that have capital gain potential or cash flow to pay themselves off.
Ultimately, alf, you’ll do what’s best for you, but I do think when interest raise even a quarter % (next month? the one after?) there will be a bit of panic and there may be many more properties like yours flooding onto the market. The more competition, the more of a buyers’ market it will be, leaving you to compete with everyone else. People will be lowering their prices to geth rid of properties and yours will reduce in value according with their lesser asking price.
If you think you have max value now, then it’s time to get out. A 10-20% drop will leave you with less cash to purchase other properties.
My rule is: “buy cheap and sell expensive”. That way I have more cheapies to buy!!
kay
westan- yes, it does help- thanks
I have nowhere near the success you have had. I bought a place 8 years ago and didn;t ralise what a bargain it was then. I’m selling it now as I think it’s an excellent time to sell it. I will then have some more cash to negitiate with. I’m 37 now and won’t be able to speculate in the sydney property market really- I couldn’t imagine buying anything- ever- over 100k!
Perhaps westan, you wouldn’t mind giving me your ideas on the questoins asked in the “bad-debt” question in this forum elsewhere.
I’m new to this forum- I’ve checked it out before, but I just joined today. I’m really interested in how people have done well in real estate, but it distresses me to hear about people awaiting other’s misfortunate to make their own fortune- grrr.
Regards,
kay
]
) Well, I guess there’s murders everywhere. Noone probably worried too much about property prices though, when that young man allegedly killed his mother, wife and sister in some rich place on the north shore of sydney. Or the “society killing” of the millionaires in glen iris, melbourne (which has skyrocketed in values!). So yes, random violence isn’t good in your ‘hood, but it happens.
]
