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  • Profile photo of Phil_McRakinPhil_McRakin
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    @phil_mcrakin
    Join Date: 2007
    Post Count: 6
    January 21, 2008 - 6:27 am
    foundation wrote:
    My thoughts? Wager only what you can afford to lose on short term movements. Understand the range of possibilities for the long term. Discard any advice that is based on impossible expectations. Invest on knowledge, not hope.

    Yeah…ahhh gee. thanks…

    Sooooooo anyway what are your thoughts-would you sell up/hold/or buy in?

    Profile photo of Phil_McRakinPhil_McRakin
    Member
    @phil_mcrakin
    Join Date: 2007
    Post Count: 6
    January 21, 2008 - 6:08 am
    foundation wrote:
    Linar wrote:
    At the risk of being a party pooper I'm going to give my thoughts to Phil on the question he originally asked: "Is property investing all it's cracked up to be?" (in case anyone else has forgotten what the topic was)

    IN MY OPINION, the answer is Hell yes.

    Oh don't get me wrong. I'm in the same boat (sort of). The vast majority of my wealth has come from buying and selling land. I just like to think I'm smart enough to realise the difference between a bubble and a boom and prepare accordingly (and to read charts without effort, and research history extensively). If you're developing, rather than just 'buy and hope', you may well be doing the same. However, collecting houses just because they "double every seven to ten years" is hopelessly optimistic at this point. In my not-so-humble opinion.

    Cheers, F. [cowboy2]

    Foundation after speakign to a person who I have a LOT of respect for on the weekend he suggested I sell all my properties up as a crash is no doubt heading our way. I suppose I could quite easily get 7.5% on a term deposit which is probably a lot more than I would get out of property over the next few years, then buy back in. Whats your thoughts?

    Profile photo of Phil_McRakinPhil_McRakin
    Member
    @phil_mcrakin
    Join Date: 2007
    Post Count: 6
    January 21, 2008 - 6:04 am
    Linar wrote:
    Wow

    I read this thread looking for opinions on the actual question Phil asked and holy mackarel, my head hurts just from looking at the graphs without any attempt whatsoever to understand them.

    At the risk of being a party pooper I'm going to give my thoughts to Phil on the question he originally asked: "Is property investing all it's cracked up to be?" (in case anyone else has forgotten what the topic was)

    IN MY OPINION, the answer is Hell yes.  My husband and I  started investing in property 4 years ago.  We now have $1.5M in equity.  We have both quit our jobs, bought the house of our dreams and spend our days raising our babies (with a bit of property development on the side).

    Property investing is everything it is cracked up to be and more.

    Cheers (because here in the Adelaide Hills it is wine time)

    K


    Thanks for all the replies thus far-definately some interesting reading. I  spose what we (I) need to keep in mind is blind Freedy could have made money out of property in the last 5 years. The next 5-10 years though IMHO are going to be a completely different story. I just cant fathom how people are managing to service such extroadinarily high levels of debt, and I really think with some interest rate raises in combination with soaring inflation we are in for a whole world of pain. So what Ive decided to do is sit my $50k in a term deposit for 12 months and see what happens. AT the same time I will keep saving the amounts I would have been paying in interest towards the mortgage anyway. I think I will end up pleasently in front.

    What will make me angry though is when all these greedy people who have got in debt to their eye balls expecting proprty to keep going up at 30% per anum,  without factoring in being able to pay for increased costs such as inflation and interest rate rises. And when this does happen they will no doubt demand my tax dollars be used to bail them out!!

    Profile photo of Phil_McRakinPhil_McRakin
    Member
    @phil_mcrakin
    Join Date: 2007
    Post Count: 6
    November 27, 2007 - 9:54 pm

    Woooahh quite a bit of info to read through here!!! Sorry Im been flat out with work and not the chance to check back. What a great site this is though!!! From a quick glance it seems it has achieved what I was generally asking-it seems that a LOT of people have/are jumping into property investing without even doing the sums!!! Herd mentality at work yet again? Thanks all and I'll reply soon :)

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