This young man has spent his $100,000 deposit plus stamp duty on an investment that is losing him about $300 a week. It is also likely that the value of his investment has fallen by about $20,000 while he has been holding onto it. So his equity has fallen below 20%, he hopes to have an income of $1000 /wk in a few months time but is spending $300 /wk just to hold his devaluing property. Unfortunately he cannot afford to live in his house because he can't afford the mortgage repayments. I think it might be awhile before he adds to his portfolio.
Other than its an anonymous post so we have no way of verifying its authenticity, who knows, maybe his next purchase will be positively geared.
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
23yo old with a $400k+ debt wants to build his portfolio
My advice to this young tycoon would be: "Get a FUCKING job before you start planning your next property purchase, Spunky."
It's large numbers of people with his brand of blind ambition that lead to bubbles and crashes.
Trojan
11 Sep 2012, 05:32 PM
Other than its an anonymous post so we have no way of verifying its authenticity, who knows, maybe his next purchase will be positively geared.
Are you suggesting that somebody made up this story to confuse somersoft readers into thinking that not all property investments are gloriously win-win scenarios? Haha. I like your style of humour, very subtle.
Are you suggesting that somebody made up this story to confuse somersoft readers into thinking that not all property investments are gloriously win-win scenarios? Haha. I like your style of humour, very subtle.
IF he is lying, I won't pretend I know his motives. I take everything I read on forums with a grain of salt (some more than others). It's not like no one has ever lied on the internet before.
I'm not sure why Somersoft cops a bagging. It's not really a site about 'will prices rise or fall', but more about 'how can I make property investment work'. As you'd expect, there are people there who have been investing for a long time and done well, and know more about how to make property work as an investment beyond the simple buy and sell approach that some here believe is how it's always done.
I'm not sure why Somersoft cops a bagging. It's not really a site about 'will prices rise or fall', but more about 'how can I make property investment work'. As you'd expect, there are people there who have been investing for a long time and done well, and know more about how to make property work as an investment beyond the simple buy and sell approach that some here believe is how it's always done.
I've wondered about this as well and came to the conclusion some people just don't like others making money out of property. Whether its because they missed the boat, want to buy their home cheaper or thinks residential property should not be profitable.
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
I've wondered about this as well and came to the conclusion some people just don't like others making money out of property. Whether its because they missed the boat, want to buy their home cheaper or thinks residential property should not be profitable.
It's the perceived oz tall property (poppy ) syndrome.
There are a lot of dumb questions, and answers posted on SS; probably no different than here. In the wash a sensible conclusion is usually reached.
For an inexperienced buyer, it's worth doing a bit of lurking there. It provides an insight that this site doesn't. Because it focuses on property buying/selling/holding, rather than the arguments of what is currency, is property going to fall by 1 or 90%, world economics etc.
[oh god, the Greek woman next door has started up again. About once a week she starts screaming in Greek - I close all the doors and windows and can still hear her. She must be using an amplifier device.]
I just think there was a lot of "irrational exuberance" going on there for awhile.
There is a lot of the next boom talk. most of them have never seen a recession. They believe that property goes up most of the time, takes a break for a year and then continues to go up. It has 'mini booms'.
They've no idea that we are at <end> of a super cycle, and requires a cyclical super cycle. 1
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