Hi All,
It’s been a while since I’ve posted here but I’m currently going through what is call ‘Sitting on your hands Syndrome’ for the second time. I’m not going to bore you with the same stories you have heard over and over but I wanted to buy a place in Mitchelton in QLD back in 2001…didn’t do it -since then property prices have increased 91%. The wanted to buy something around Redcliffe in late 2002 – prices have shot up 137%.
Now, I’ve missed the boat in those two areas that were definate winners. How can I stop this?
Now, I’m currently looking around North of Brisbane but I’ve well and truely missed the boat!
Anyone share to help me here?
You obviously picked two excellent areas before they became too pricey.
Why did you pick these areas? There must have been something that attracted you to them.
If you picked two areas before, why don’t you think you can do it again? Trust your instincts!
I don’t know the area that well, but I am sure there are areas Nth or Sth of Brissy that are going to take off in the next couple of years.
‘Eat rich food, barbeque a yuppie’ [greedy]
I think if you happen to get any more gut feelings as to where to invest – you should go for it. One property at least usually won’t hurt that much – depending on your financial situation of course. At least once you’ve bought a property and experienced all the emotional distress and yadayada, you’ll be more inclined to trust your logic the next time.
Even if you do have other investment properties, you’re treating the situation like beginners do, so i’d suggest you treat it the same way. As nike says,
JUST DO IT
Hey tankbusterboy,
I was like you, but I woke up and bought in Keperra and Brighton, and managed to catch the last of the waves!!!!! The sale of my Keperra house is now financing deposits for cf+ properties! Cool.
What made you think about Redcliffe and Mitchelton? Are you applying the same research to today’s market? Is there some area you have a gut feel for right now that you should be investigating? If the gut feel is the same as your Mitchy, redcliffe feel, then maybe you are onto something. Sounds like you were onto the same ideas I was. PM me if you like and we can chat Brisvegas stuff.
Cheers
CDCastleDreamer
Well I guess you have to ask yourself the question.
“Why didnt I do it”?
Maybe you dont want to step out of your comfort zone.I dont know the answer.
But you do.When You start asking yourself questions you will get answers.Then you have to sit down and analyze where you are going wrong and make some changes.
You know it can be done because you witness people everyday doing these things .
Now it,s your turn.
RussSo many +CF properties in Western Australia.Let me help you. And we can achieve a win win situation.Russ.0438 659 411
hey tank,
yeah, we’ve just finished a boom in Aus with most places going up humungously. But then another cycle will start. They say a property cycle is 7 or 8 years. So my logic tells me in 4 years time everything will start to go up like mad, again. but in the meantime, you have a few years to look fo bargains.
there might be growth still in the next four years, but it won’t be like the growth we’ve seen. there might also be a little negative growth. Basically I think any time in the next 2-4 years won’t be ‘too late’ if you can comfortable hold your property for the long term, you should be well in time for the next escalator ride up.
Don’t worry, you won’t miss it, the media will announce it with a big fanfare. ‘interest rates are coming down, rents at an all time high, properties now more affordable, 105 percent finance available,’ that kind of thing.
cheers-
miniAll those bits of advice remind me of the story of the guy who consulted a psychiatrist because he had a problem in that, continually, he would be late for an appointment.
After being late for the third time the pscychiatrist finished up sacking the client.
The solution lies much deeper than the advice I have seen sofar !!
Merely telling someone to ‘just do it’ isn’t going top get that person going.
Hell I have been sharing an office with someone where we both were trading shares and futures.
I was on a winning streak, about fourteen winning trades in a row and my friend just wasn’t able to pick up the phone to place an order because he was scared.
This isn’t an uncommon trait by the way.
He had a fear which was stronger than his desire to trade.I tried to beak the impasse by guaranteeing his next trade.
It lost !!
I don’t know how but eventually he did start to trade again.
Pisces
Hi Tank,
The key issue for you is to identify the ‘no’ messages that you haven’t yet managed to overcome.
There is a great little story (no 36) in Jan Somers Book ‘Story by Story’ that outlines the story of Fred Johnson who continually (since 1954)got messages saying ‘now is not the right time to buy property’ due to a whole range of significant world and economic events. Despite these no messages Fred kept persisting and managed to accumulate a significant property portfolio over time.
Maybe your ‘no’ messages are more personal and you need some analysis on your part to determine whether or not the concerns you hold are surmountable. A careful analysis may reveal you have the capacity to overcome the ‘no’ message and start your investment journey.
It is possible the people you have surrounding you are the ‘no’ messages. How many of them own property? How are their investments going? Maybe there is a mentor in your friendship group who could help you overcome those ‘no’ messages. You may need to find a mentor from outside your current circle of friends that will help you to overcome the ‘no’ message.
All the best with the debate.
Derek
[email protected]Read my comments? Think I can help you? PM or email welcome.
Have confidence in yourself.
I was the same! It took me a year to convince hubby we would be doing the right thing..can no longer rely on pension, want to be rich, etc. The first purchase was the most difficult..long hours house hunting, but once we made the jump, we were hooked. Perhaps you need support and positive encouragement, find this where you can. Or perhaps you just need to GET EXCITED about property. After all.. if the worst was to happen, you can always sell! JUST DO IT!
Dani>>”Have confidence in yourself.”<<
That are just words and words as such cannot, do not, change one’s inner feelings.
The question is HOW to bring about such a change.
Pisces
Yeah, I just remembered that a year before I actually bought a property I was learning, reading, thinking, looking, but too scared to make a move – too scared to make a mistake. it took a seminar to teach me the final bits and propel me into the market with a good kick up the bum. And off I went and bought three properties in about 6 months and renovated two of them. (I’m still recovering! But now they’re set up.)
Originally posted by tankbusterboy:Now, I’ve missed the boat in those two areas that were definate winners. How can I stop this?
Stop sitting on your hands!
Use what ever justification you like – motivated by book/seminar, got a raise at work, kids left home – whatever.
Keep in mind that at the end of the day the only thing you need to do to walk the road is take a step.
Cheers,
Aceyducey
Tank,
I like to think about successes that have already occurred. If you have some property, you’ll probably already have achieved some CG. It’s pretty motivating when one buys property, and then gets CG and can think- wow, that’s 2 years less I have to work in the future!! [lmao] Remember how past successes have felt and how ya wanna replicate those feelings again- even if those feelings might not occur until the next boom in 7 years ;O)
kay henry
Clarity is the key in my belief. If you know exactly what you want, exactly when you want it, exactly why you want it and exactly what will happen if you dont get, and you know exactly what you are prepared to do and plan to do to get it, and you remind yourself of this everyday it will be hard to sit on your hands having trained yourself that intently.
Regards,
SiHow about finding a property that is cash flow positive, in an area with growing demand?
Then, it doesn’t matter if the market value goes up and down, you can simply look at it from a net rental return point of view over the long term.
Hope this helps…
CarLover.
There is some saying, to the effect that people will only change when they think the pain of changing will be less than the pain of staying in current situation.
facts – you wanted to buy – something stopped you, fear of ????? (being wrong, losing money, etc etc) and now you regret it. They say only a fool repeats the same not-working behaviour over and over, and a wise person learns from it, and adapts the behaviour to work better next time.
History shows your instinct/knowledge was right in picking the suburb. (‘i was right once, I’ll be right again’.)
So for the future.
As far as missing the boat goes, you just missed the last ferry, but there will be another one along soon.
…there is a ‘boat’ every 7-8 years, being a property ‘cycle’. with the half of each cycle being
low or dropping interest rates, buying frenzy, rents down, yields down, rising prices, people buying rather than renting, media/public craze on property
and the other half of the cycle being rising or higher interest rates, buying slump, rents going up, yields up, flattening or lowering prices, people renting not buying, media/public against property.
guess which one we are coming into now?
Yep. the latter.So basically what you do, the way that is so completely and utterly logical to me, is that during the first half of the next property cycle you buy for cashflow returns – which should be getting better and better in the months coming up.
anything above ten percent yields is probably going to be a pain-free buy and hold, because if you can hold it for half a property cycle – 3.5 to 4 years – in which you’ll get none to moderate capital gain – and by then chances are you’ll have quite a high yield then compared to what you owe on the property, you’ll be able to sail home on another rising property boom, but because you will have bought ‘years ago’ you’ll be sooo winning.
does that make sense?
My 2c
Why not enter into the shallow end of the pool ?
Go for something not to expensive, and achievable, overcoming your fear of investing, especially at a later age where more is at stake is understandable, however reconcile yourself with the fact that even a mediocre purchase will gain value over time..
Assets + Time = Wealth
You could even get into Property through a listed property trust, adding to it weekly/fortnightly, before taking a bigger plunge..
After you get over your ‘fear’ of purchasing, be prepared for buyers remorse.. “did i do the right thing, did i buy in the right area, are interest rates going to rise, what if my tenants leave -or the sky falls on my head”.. a little fear is good, it keeps things in perspective..[buz2]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
You must be logged in to reply to this topic. If you don't have an account, you can register here.
