Just by a 308 in Resale Red tightass! Heard your so tight your waterproof..........L.O.L! You know you want one.......
Don't know if 'Pap being tight' is a running joke because the brief amount of time I have spent with Pap I have found him to be most generous, he shouted me lunch after all.
Interesting story about Sarah on the Gold Coast. http://www.heraldsun.com.au/business/barefoot-investor/going-on-talkback-radio-reveals-the-many-faces-of-humanity/story-e6frfim6-1226077378367
and what destroys that idea is,taxes,rates,no rental periods and there will be many,maintance,interst rates,reccession's,,dips in the markets like surfers shakes head.and all the stress and worry,i had at one stage 8 rental properties,best thing i ever did p..... 'em of and buy one serios home. far better ways of making or maintaing your live style. what kills it is ,high interest rates,deflation,non rental periods.
I stopped reading after this part- "Fine. I now own three apartments on the Gold Coast." Thanks for the interesting read though. All good points, although everyones situation varies. I have never had a non-rental period and I have never stressed about ownership of any of my properties. I have new properties that I have not spent a cent on. The two old ones average around $1200-$1500 a year in repairs/maintenance. The day I start stressing about them will be the day I stop buying them. At the moment, not an issue. They take care of themselves and I never think about them. I have a few different friends with only one investment property that say "no more" as they reckon it's stressful. Most of their homes are new and always rented but they worry about them. Obviously owning investment properties is for some people and not others. I dont have any issues, so I try to focus my energy on other positive ways to make more money. I havent had any luck yet............
be far better of setting up a business and making real money,rather then being a slum landlord. Off ya head buying in Surfers,it will bite hard.
Yep, a business is where the money is at. But what will I do with all that extra money?? Invest in something.............right? Property perhaps? Or just blow it on fast cars, fast women and flash houses. I didnt buy in Surfers, not that silly. And I enjoy being a slum lord.
I'd like a dollar for every Greek I've scene fall over in the last 30 years of being involved in finance,that has lost the lot in recension times due to greed and lack of understanding of the property market.
I've scene so many investors over years have to sell in bad times and wipe out any equity they have,most are dumb and sign "all loan contracts" and loose the family home when the equity in the investment property (s) fails to meet the lenders exposure.
Yes sir, no doubt happens a lot. As mentioned, I like to keep my LVR around 60% so I dont get into trouble. It is stretched a little now with this new purchase, but it wont be long before I get on top of it. Since buying in March I have some more breathing space. By the end of the year I will be back on track and flying again. Hoping to buy again mid next year. **Nah, will wait two years next time**
LVR's are fine but in the real world at 60% your equity would be washed away real quick. example. 500k purchase market drops 20% = 400k sale price less costs agent 2% plus 5k advertising -14k outstanding rates clean up ext -5k legals in obtainging property by default -50k average time to take pocession ,sell and settlement 18 months -42k lost interest at default allow another -5k for odds and ends so sale price 400k minus above -116k = 284k you have lost 16k
