I get really annoyed when people talk about unaffordable housing - you got to make your own luck; We made sacrifices, worked hard, made some smart decisions, and now we have a portfolio
Tweet Topic Started: 4 Sep 2013, 08:24 AM (7,110 Views)
So many whingers on this forum. Stop complaining, and make your own luck people.
I never had much interest in traveling or eating out or anything, so after six years of working my partner and I had plenty saved and decided it was time to put the money into a house of our own. Just hated the thought of all of that dead rent money. Bought ourselves a modest little cottage on the inner city fringe, fixed her up a bit, and by the time my wife was pregnant we decided to upgrade to something a bit bigger in the suburbs, something with a yard for our kids.
We did pretty well out of the cottage – something like a 40% gain tax free in less than five years, so you’ve got to be happy about that. Well, the next house was a bit more expensive, but we just fell in love with it, we had to have it, you know. The bank was more than happy to give us everything we needed. We were daunted by the idea of carrying a $200,000 mortgage, but interest rates had been coming down, and things were going really well. We never imagined we’d both be living in such a beautiful big house, but over time we came to feel that this was our reward for being more careful with our money, for making sacrifices.
After a while, with the wife back at work, and another promotion for me – we thought it was time to start thinking about building up a property portfolio for our retirement, to give us some more flexibility down the track. Well, the bank was more than happy to give us everything we needed. We bought a fixer upper a few streets down from our current house, rented it out to a local teacher – he helped out a bit fixing it up. Rates were starting to go up a bit, but we’d fixed the bulk of it at 7.5% and were comfortable with the repayments.
Prices in our area were starting to really pick up. Our neighbors had sold their house – which was no bigger than ours, and probably needed more work done – for $550,000 ! It was incredible – they’d only paid $280,000 seven years earlier.
Well, we’d got some extra days at day care for the kids, so my wife was able to go back to work full time now. We thought we’d diversify the portfolio a bit, so got ourselves a unit off the plan in a neighboring suburb. The bank was more than happy to give us everything we needed. The rent wasn’t quite covering repayments at that point – but the tax effect was pretty sweet – we just needed 4% capital growth a year to be raking it in ten years down the track. Some of the spec buyers ended up selling after a month and pocketing a 40% gain. We were absolutely spewing we didn’t buy more!
A mate knew the developer, so we got in early on his next release and ended up buying two off the plan. The bank was more than happy to give us everything we needed. We turned over the units after a year and decided to pay off our debt. We own our house and the property up the road outright now. We’ll probably give the kids the other property once they’re old enough – let ‘em move into it when they’re ready for university.
I get really annoyed now when people talk about unaffordable housing. It wasn’t like we were gifted our own house. It was hard. It was bloody scary carrying so much debt. But we made sacrifices, worked hard, made some smart decisions, and now we have a portfolio.
You’ve got to make your own luck. We're not special - if we can do it so can anyone. Just stop wasting your time whining on this forum and go do it people.
I never had much interest in traveling or eating out or anything
You seem like such an interesting and well-rounded person.
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cottage on the inner city fringe
Which city are you based in ? For a FHB, a 'cottage on the inner city fringe' is a severely unaffordable proposition. I would love you to show us an inner city freestanding cottage in Sydney that is affordable for the average FHB
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We were daunted by the idea of carrying a $200,000 mortgage
What was your household income? What year was this?
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You’ve got to make your own luck.
You were lucky due to a historical abberation in price growth and other social & economic factors. You note yourself in your post that your neighbours were seeing price growth you couldn't believe. The reason for your surprise is because that kind of growth had never happened before. The younger people of today could possibly end up living more like the Frugals - your parents - due to looming economic and social factors, rather than carrying on the boomer tradition of debt loading and IP purchases. Some thorough research on the younger generation could help your worldview and understand why its not a simple case of 'just go and do it'!
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Just stop wasting your time whining on this forum and go do it people.
Your entire post is a whinge about people who you think are whingers. Take your own advice maybe? Stop wasting your time here and go & do something useful.
For a FHB, a 'cottage on the inner city fringe' is a severely unaffordable proposition.
Bullshit
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I would love you to show us an inner city freestanding cottage in Sydney that is affordable for the average FHB
Surely even people with limited intelligence would realise that Sydney is not the only city in Australia....maybe not
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You were lucky due to a historical abberation in price growth and other social & economic factors.
or he/she was smart enough to think outside of that very small part of Australia that is Sydney
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
I think this is a joke post. It was on MB. He says he didn't get anything free, but obviously did with the big capital gains and having bought before the boom.
It's a piss take on some of the bulls scum, people who come to mind are Mike and Bubble Head. They act like they're Henry Ford, when they're just a bogan piece of shit.
stinkbug omosessuale Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments. Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck! See here Property will be 50-70% off by 2016.
You seem like such an interesting and well-rounded person.
Which city are you based in ? For a FHB, a 'cottage on the inner city fringe' is a severely unaffordable proposition. I would love you to show us an inner city freestanding cottage in Sydney that is affordable for the average FHB
What was your household income? What year was this?
You were lucky due to a historical abberation in price growth and other social & economic factors. You note yourself in your post that your neighbours were seeing price growth you couldn't believe. The reason for your surprise is because that kind of growth had never happened before. The younger people of today could possibly end up living more like the Frugals - your parents - due to looming economic and social factors, rather than carrying on the boomer tradition of debt loading and IP purchases. Some thorough research on the younger generation could help your worldview and understand why its not a simple case of 'just go and do it'!
Your entire post is a whinge about people who you think are whingers. Take your own advice maybe? Stop wasting your time here and go & do something useful.
Your whole argument is based on a silly belief that property will no longer provide good returns. Why on earth you think that will happen is beyond me. Property will do what it has always done as we compete with each other for the best locations.
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
Skamy, your whole argument is based on the belief that only the good bits of history will repeat themselves.
I'm not calling for one, but the great depression is a historical fact, history could just as easily wipe everyones equity out just as much as growth could continue.
Yes, I know, we moved from a physical security (gold) to a theoretical security (fiat) which does provide better controls, but only if enough people believe they can get something out of it.
Unfortunately, growth, in any form is unsustainable for any substantial length of time, growth must come to a standstill at some stage.
Simple mathematics describes this, exponential growth will lead, quite quickly, to infinity.
What we are all doing is speculating (forecasting) and that is a dangerous game, especially when we believe we have all the variables lined up.
Just because it happened before, doesn't mean it will happen again.
We might have a global pandemic, or a global war (which is seeming increasingly possible) that could route the population of our little blue world, It could destroy all our efforts. It may go the opposite way and growth could continue for a while, but eventually it must come to stagnate.
I love how you deride opposing beliefs calling them silly, when you simply state an opposing belief and expect everyone to see your belief as truth. Sounds very christian to me, except they go further and call people heathens.
"If man is to survive, he will have learned to take a delight in the essential differences between men and between cultures. He will learn that differences in ideas and attitudes are a delight, part of life's exciting variety, not something to fear." - Gene Roddenberry
"Balloon animals are a great way to teach children that the things they love dearly, may spontaneously explode" -- Lee Camp
I think this is a joke post. It was on MB. He says he didn't get anything free, but obviously did with the big capital gains and having bought before the boom.
It's a piss take on some of the bulls scum, people who come to mind are Mike and Bubble Head. They act like they're Henry Ford, when they're just a bogan piece of shit.
Yes bubble dreamer Moops....
The tall poppy syndrome is alive & well with dummies like you...those who have worked friggin hard & made sacrifices to buy properties as investments DESERVE where we are. You chose your destiny..don't complain..
We are not ripping people off, the houses are at market value, they go up & down...it's precisely the survival of the fittest, adapt or perish dummy Moops. You do not have what it takes to get through modern society's economic jungle, it's not gonna wait for you to sit on the fence with house buying.
If more people planned ahead, Oz would NOT be up poo creek with every dummy waiting for their handouts..
Take some personal responsibility.
It costs $$$ to have investment in properties, don't expect others to support you
Any investment property that negatively geared, the landlords are actually subsidizing the tenants accommodation by topping up the rent they receive to pay the mortgage...if its positively geared, well, it's taxable friggin income.
Landlords are not a charity, it's not their responsibility to look after the homeless & unemployed by giving them cheap housing....
Sometimes, it's been , blood, sweat & tears Moops in certain circumstances, why shouldn't investors reap the rewards when conditions are in their favour!
Yes..something is only worth what people will pay for it.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
Go back to watching day time TV, it's more in line with your intellect.
stinkbug omosessuale Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments. Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck! See here Property will be 50-70% off by 2016.
I like whingers that sit on the sideline complaining and I like to be continually be reminded of their existence. Its because of this type of behaviour that others can get a bigger distribution of the opportunity that is always sloshing around the system.
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