Australian sub prime mortgage market.

At $850k they would struggle to break even. Work out the buying costs, selling costs, finance costs and holding costs........

 

Property............... you wouldn't be Greek now would you?



Bloody Greeks and their property. I have tried to buy the freehold to one of my businesses for years. It's owned by an old Greek who started a milk bar there 40yrs ago. He just says "I NEVER SELL, AND MY SON COMES UP BEHIND ME!"

 

Reasonable plan for the $ you have available. All quality, spread of sectors and risk. Don't trade and buy a different blue chip again when you save some more $.

 

Sounds like a smart old Greek!!

 

Sounds like my Dad actually.............

 

Thanks SD, will keep an eye on what happens over the next few days...but the next few weeks are said to be potentially volatile, and I have a longer term holding period in mind...so i'm not really fussed if there are a few more bumps.

As for old wogs and property....lol, so true

 

Came from nothing and now owns at least 13 commercial properties. Not an educated man, barely literate even; but great with numbers. Never spends a cent on anything if he can get away with it, lives in the same run down house for 40+ years, drove a super clapped out Kingswood till it finally died a few years back. Prefers to deal with other Greeks where possible.
Worked hard all his life, lived frugally and did it the hard way. I admire what he achieved from so little; but wonder if it was worth it. He is now elderly and very unwell.

 

No rush, volatility likely to continue for a bit.

 

true true...plus id like to get into investment prop #1 within the next 6-12 months...so a bit of planning/thinking to do

 

i reckon if he had his chance over again , he would do it all the same.....

 

yep the stubborness of the old wogs. theres no denying he has done 'well' - but im with scott...whats the use in having a load of wealth on paper but living (very) frugally and then having ill health to look forward to...??

maybe hes got a big family to leave it all to...good luck to him

 

so what was the point of it?

 

You're asking the wrong person!

 

and i'm the wrong person to be asking!

poverty mentality is how someone described it to me.

 

all these guys are old school , once their gone , we will never see that style again .

 

Yeah, strange eh?
Sounds a bit like my Dad. VERY simple minded. Was never materialistic. Only ever wanted clothes on his back and shoes in his feet. He has never EVER driven or owned a car before in his life. He came to Australia in 1953. He worked VERY hard, and compared to this guy, he owns 2 bits of f*ck all! My Dad never really got anywhere because he lived by the old (wog) addage of 'cash rules'. Everything......and I mean everything he bought was cash. He has alot of friends that told him to invest in property in Brisbane and Sydney 30yrs ago, but if he could not buy it cash, he wasnt interested. He isnt very business minded. When he retired in 1997, he got his package deal from work and he purchased 2 investment properties cash. Aye.....

He still has one of them in Brisvegas and the other he gave to my brother and I. Which I bought my half from my brother.
I am currently living in this dwelling, also known as a shoe box.

I hear ya mate!! I asked my Dad a while ago this similar question and he said "I would do it again, the same way, no problem Charlie!!"
He really loved his job and made countless friends while doing 40yrs+ down the hole. Everytime I go up town, I always bump into people that ask me to pass on their best to my Dad. Crazy old wog he is! I love him heaps.

Thats what I reckon also. He made something of himself from nothing, good for him!!!

 

very good point, scud. you've been very wise of late.

 

I sorted him out when he came through here 2 weeks ago PP.

 

that only explains why he's walking funny

 

you've gone soft pete since your mate went AWOL .

 

hey , i always play dad

 

lol

poor pap!

 

don't worry....say something hideously ridiculous again and it can all change in an instant.

 

Haven't played that game before, is it a bit like hide the frankfurt?

 

Don't you worry about Pap, Greeks are very resilient. They don't mind a frankfurt or 2 from what I hear.