I want to take advantage during covid 19 / what should i do / opinions?

Hey im assuming things will get worse , the longer this goes on the more likey house prices will drop and the lower they will drop . Anyways i want to take advantage and buy as many as possible depending how much they drop.

A few things i have a ip in crestmead thats fully off set , so basically i have 230k sitting in the offset that i will be using. I brought it for 300k and its around 320k now not that ill be using the equity.

But the thing is i lost my job , i wouldn't be able to get anything without a job even with the 230k cash i have and my property as security would i ? I also receive a payment from centerlink tho read below

One other thing is that im a carer for someone so i claim a centerlink payment which is about 1060 a fortnight would the banks consider that without me having another income ( a job) ?
And if i was to get a job and keep the career allowance i can not work more then 25 hrs a week including traveling. So its either that or i give up the career payment and work a regular 40 ish works assuming i get somthing that is.
Anyways i think i would prefer to keep the career payment and just do the 25 hrs on top so then

so my 2 option jobs atm are security and warehouseing which one do you think im better off getting into that a bank would prefer and how long will i have to be working for them to consider me 2-3 months ? Obviously i wont be permanent ill just be a casual.

Lastly i mean im thinking about investing in Brisbane as its cheapest there , i live in Sydney obviously id get something here if prices drop like crazy but i doubt that they would drop that much where i would think okay house prices in Sydney are not overpriced anymore lol .
Where do you think house prices will drop most?
And how many ips say in 250k/ 270k - 300k do you think i can get ?

If worse comes to worse if the prices drop in Brisbane enough ill just buy a house cash.

My plans before this covid 19 was too just fully offset the ip i have which ive done already and my next step was to save a deposit and get another place that was the method i wanted to use as i can live a flexible lifestyle that i wanted this way . BUT NOW with this OPPORTUNITY depending if prices fall like crazy im happy to throw my old method out the window and use all my money to literally buy as many ips as possibe as i know the prices will go back up obviously and ill make money .

Your answers are appreciated
Cheers

 

You forgot about gravity - Crestmead will also drop in value (whether or not you are using it as equity or for @Rolf Latham's suggestion of a margin lend.

 

Think you are crazy to want to increase exposure with no job. Security or warehouse jobs? A hundred thousand people will be fighting you for them.

 

If houses drop 50k or more im more then happy too tbh

 

Whether you being happy = good depends on how good your risk assessment is.

 

Are you talking about buying shares?

 

Wait a few months to see the true fall out of this crash. Talk to lender to see borrowing capacity, if they say you need full time employment, then get a job (remember some need 3months full time others say 6months before granting loan). Soon as you get the loan you can quit - as long as you have enough rental income and centrelink income to support repayments and living expenses.

No reason to take all offset cash into buying new IP, you will only be swapping 1 paid off property for another. Talk to accountant regarding tax purposes of how much deposit you should take from offset account. My advice would be to take minimum deposit from offset to secure loan.

Good luck

 

Property will drop 30-40% in the next 3-6 months.
Stock markets will yoyo till the virus is under control.
When it stabilises it will rebound quickly for some easy profits.

 

I guess it will happen even in Sydney. In western Sydney 650k House can easily sell for 600k in the tough time.

 

I recently purchased a PPOR in South West Sydney and a couple of sales have come up online that are even more than what things were selling for in December. This could very well be some sales that slipped in before this COVID drama started, but I thought that was still interesting considering people have been yelling and screaming since December and the sales are recorded in mid march.

 

Mar is too early too see, May and June will show you the real number.

 

Which states do you think this drop will happen in?

 

What are you basing this on?
I've seen nothing of the like from property 'experts'. I'm hearing 20%

 

Nobody knows how far it will drop, if it will drop or if it will go up. The same as trying to pick the top or bottom of a market.

Some get it right, others don't. Don't buy into the whole 30% drops.

 

Interest rates are low and will most likely become lower. The government have already released multiple stimulus packages.


We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful - Warren Buffett

 

Those thinking 30-40% drops usually are barely in that age bracket....

 

If someone has been thinking 30-40% drops for a couple of years now.... in sydney they should have bought a few years ago when property was ‘cheap’?

 

That all depends on how many businesses actually make it through to the other side.
Many businesses were already in trouble well before the corona virus hit, which might see commercial property take a big hit, and they might not even qualify for the job keeper subsidies if they have just been managing to keep their businesses afloat.

 

Victoria and NSW for sure.
The others maybe not so steeply