All Topics / The Treasure Chest / Is now the best time to BUY?

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of fulloutfullout
    Member
    @fullout
    Join Date: 2003
    Post Count: 233
    June 27, 2003 - 6:43 am

    Hi guys, my first property will be settling on 1st July. I am so happy! after all that!
    Thanks to u guys and your help!

    I am considering whether to put offers on more properties now:

    SO here’s the situation.
    My 1st property:
    Asking Price $85,000 as of April 2003 (area about 10-15% growth now)
    I bought : $83,000
    I paid $16,600
    Bank loan $66,400 Interest Only 6.4%
    Settlement: 1st July 2003
    Rental: $130 p/w
    Insurance: $35 p/m
    Rate: $40 p/m

    I am eyeing on some property selling around $75,000 to $85,000. I dont have much saving left (after spending the whole lot on the 1st prop).
    Can i buy now? How? Put as collateral?

    Should i go around putting offers now till i get a reasonnable priced one?

    And is the interest rate going down? What about the property market? Cooled down yet? (I think when it cooled down or came down a bit, is the best time to buy is it?)

    Profile photo of truebluetrueblue
    Member
    @trueblue
    Join Date: 2003
    Post Count: 142
    June 27, 2003 - 7:38 am

    Congrats Fullout. As Confucius once said, the journey of a thousand miles begin with one small step.

    Is it time to buy more? Suggest you have a look at July’s Personal Investment magazine. There is quite a good coverage on properties. More than the usual, actually.

    Profile photo of hwd007hwd007
    Member
    @hwd007
    Join Date: 2002
    Post Count: 247
    June 27, 2003 - 8:39 am

    when is it ever the best time to buy? depends on the location and your cash flow position. diff locations boom at different times. So many variables to consider.

    Profile photo of scottscott
    Member
    @scott
    Join Date: 2003
    Post Count: 110
    June 27, 2003 - 8:52 am

    Hi Fullout,
    It’s never the best time to buy, in my opinion, but anytime is a good time! Did that make sense!!!

    If you cannot fund a deposit try getting creative with your purchases. Ask the vendor to finance your deposit ( I was suprised that a vendor of a IP I was looking at was more than happy to do this).
    but make sure your not over committing yourself as far as repayments and outgoings goes.
    If you keep them positive cashflow you should have no problem with this. Just make sure the income exceeds the expenses and you’ll be right!

    Ultimately it will be your ability to get the finance that will tell you when to stop! As long as you buy smart you’ll be right.[;)]

    Best wishes,
    Scott S

    “Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
    -anon

Viewing 4 posts - 1 through 4 (of 4 total)

The topic ‘Is now the best time to BUY?’ is closed to new replies.