You are also seeing some new investors buying run down houses, spending big bickies on initial outlay and then renovating the place. Once a couple of month has been wasted fixing the joint, the old catch cry “AS GOOD AS NEW!” is plastered out front on the Lease sign
As the initial listing for tenants they will ask too much and have no one show up.
Quickly they will drop the rent by $10 per week, realising every week it is empty it is costing them a quarter of the monthly mortgage
Before they know it they realise the weekends and money wasted on the reno’s is not justified when they finally get a tenant.
The promise of a good yield….. ends up being a money pit.
I have noticed the amounts development in North Parramatta recently.
There is quite alot of high rise apartments going up in the Northern end of Church Street
Personally I reckon some of them look like tomorrow ghetto’s and it is not like you are right near the train station (15-20m) if you rely on public transport to get somewhere.
Clearly someone is buying them.
I'm sure this happens. It's all very easy in theory but in practice there are pitfalls. Nothing teaches you that time can be your enemy like having a property you can't let out.
Also, if you get the initial listing price wrong then your listing will go "stale" and you will quite possibly have to list at below market to rent it out.
You can recover from a bad start by being assiduous about responding to tenants' reasonable demands and keeping those tenants.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
I think you're a high school student - are you failing anything? That would explain why you're so stressed.
I see a big scared bull, speaking a lot of shit, why would your financial failure stress me?.
After a bubble has burst, no one denies that it existed. But before it does, the popular refrain is that though bubbles existed elsewhere in the world, “there’s no bubble here”. So housing bubbles are admitted to have existed in Japan, the USA, Spain and Ireland – because they’ve already burst.
I see a scared little kid who is swimming out of her depth.
Yes, when you are living off credit and your only home is in negative equity, being the situation you find yourself, that is financial failure.
I'm surprised you see anything with those rose colored glasses of denial you wear so proudly.
After a bubble has burst, no one denies that it existed. But before it does, the popular refrain is that though bubbles existed elsewhere in the world, “there’s no bubble here”. So housing bubbles are admitted to have existed in Japan, the USA, Spain and Ireland – because they’ve already burst.
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