Many defaults soon?

Mums and dads defaulting....I was speaking to my Psychiatrist today who is also a property investor but of course on a much larger scale than us.
I was telling him about how many "for lease" signs I saw up around the Newcastle NSW University .
He was telling me that most of these are Mum and Dad investors and as soon as unemployment goes up like it is doing now they will all start to default on payments when thry cant get tenants.
They get into this novelty of property investing just because its fashionable .
They get excited get one property get another etc then one loses their job they cant get tenants etc and rush to sell.
Its like its becoming fashionable to buy an IP for younger couples who many are still paying off their PPOR butthink they have to carch up with the joneses

I actually saw these young couples usually from Sydney double income no kids , at many of the saturday open days i attended some as far as Country Maitland area where i overheard quite loudly a young couple shout to the real estate agent they will pay 300k for the old fibro maitland house that was advertised at about 250k , they made sure everyone heard them, the young wiman of the couple and i overheard them say they were from Sydney ... She shouted " i think this house is worth more than 250k we'll offer 300" !

Unemployment is rising and even my Pyschiatrist says he is starting to see patients from this effect and he is a upmarket Psychiatrist .He just doesnt deal with lower class crazy people but more upmarket type due to his $375 hour fee.
His advice to me is wait another 12 months he sees many homes defaulting and selling up.

 

I can see you are getting value for money. Combining your passions . I agree with you three

 

Your Psychiatrist?

 

this is going to be an entertaining thread..

 

You pay your shrink $375/hour to speak to you about the property market?

Tell you what, for a low low sum of $300/hour I can talk to you about property?

 

Perhaps get an advise from more expirenced property investors and let physiatrists do what he does.

 

#LowClassCrazyPeople

 

There is an excellent psychiatrist who replied to thread,he claims to know thing or two about property, worth while switching to him

 

I will have to tell my shrink to start charging more I don't want to be #LowClassCrazyPeople

 

Agree, fashionable to buy IPs - particularly in SMSFs and mostly through 'wealth' consultancies. I remember it being discussed here, or perhaps on Somersoft that it's the 'middle-class' thing to do.

 

Starofdavid has to come out as a troll sooner or later...come on....is it @datto ?

 

lmao

 

Yeah, the 2nd half of the first post is a repeat posted by SOD on Somersoft back in the day.

 

Did you run your Psychiatrists theory past your taxi driver on the way home?

 

I swear i've read all this before somewhere else ...

 

This thread is almost as good as some of star of david's threads. We just need fullylucky to start on this thread.

 

I think there is something in this country called the privacy act 1988,and from my simple understanding it has guidelines which way personal information about individuals and the disclosure
of personal information ,,'IF" this $$375.00 per hour Person is telling you about other people that walk through his door then what does that tell you??..

 

The only part of the story i believe is that you have a psychiatrist.

 

Hahaha

 

Leave the kid alone.