Hi being a member of a number of forums and seeing how many members you have I wonder who reads these? Anyway a short blurb about me. I mainly work overseas, this last time was mean to be three years but thanks to COVID etc will now be four. I own two properties at the moment. Did have a third but was a disastrous choice and having bailed out of it now looking to make a smarter choice next time. In any case on some forums I am the expert and try to help new people. Im hoping that favour will be returned here. Neil
well long story short I was doing well with my first two and, for some reason, assumed that meant all i touched turned to gold. It was a few years ago and it seemed like property was just going to keep shooting up. Any way shortly after prices stalled and rents followed suit. Then started to decline. Then I separated from my partner and, rather than sell, decided to buy out her share. So now I owed more on it than it had ever been worth! I kept telling myself it would turn around and just wait it out. Rents plummeted and eventually I realised I couldnt afford the actual cash I was putting in to keep it going. So I sold out of it at a point it was worth $45000 less than I paid for it. Luckily the other two are still plugging away for me. So yes a prime example of chasing negative growth and negative yield. As Homer Simpson says "buy high sell low thats my motto".
Sorry to hear that and at least that's history. Just curious. Was the third one an apartment or a property in regionals or mining town? As most properties in capital cities would have done well or at least not going backward in value, much, anyway. I thought would be good lesson for me too.
Its a unit. The other two were houses. Its was a newish high rise in an area that was otherwise low rise so had some distinction with views and fitout. As with all units though it doesnt take much to encourage a newer build. Suddenly your unit isnt that individual anymore.
Welcome Sprinter. Sorry to hear about that third property but good to hear the other IPs are doing well.
I didnt mean property forums, mostly motorbikes, cars and home renovations. Im "Sprinter" on most from my motorbike racing, That was already taken here
Yeah probably not a range of skills people here are looking for. Although I did work in a Bank for 21 years as well..
There is a car thread on this forum too. And you might be surprised if you start talking about car/motorbike racing how many followers you generate: Let's talk cars... 2020 [Cars & Motorbikes]
Accountants - Washington Brown Values Your Time At Washington Brown, we prioritise our referral clients and guarantee a turnaround time of 7 days. Find out about other benefits of our Referral Partner Program and get in touch today. You and your clients will benefit. » Get In Touch Today