Poormastery I tend to agree but with a slightly different bent:
A lot of people seem to take the attitude of "We'll get the money" or "We don't know how we'll do it but we will" with their property investment. This does actually work for some people some of the time. In a rising market like we've had for the last while you can do just about anything and still make money. These people seem to think the Universe is helping them or the planets are all in alignment or perhaps that they are gifted and blessed with abundance.
I just think things may be a bit tougher in the times ahead and a solid plan of knowing how you will make money out of property will be needed rather than "Let's just by this because it's a great deal!". Right now if I was to buy, I would do a lot of due diligence and be pretty sure by the end of that that I was getting a good deal.
With the banks tightening up their lending (notice how the word came from Aussie last week to raise mortgage rates here? The people giving the orders don't even live in this country), property perhaps not increasing in value year after year, I reckon there's still money to be made but everyone will have to be a bit smarter than they've had to be recently to do well.
David
A lot of people seem to take the attitude of "We'll get the money" or "We don't know how we'll do it but we will" with their property investment. This does actually work for some people some of the time. In a rising market like we've had for the last while you can do just about anything and still make money. These people seem to think the Universe is helping them or the planets are all in alignment or perhaps that they are gifted and blessed with abundance.
I just think things may be a bit tougher in the times ahead and a solid plan of knowing how you will make money out of property will be needed rather than "Let's just by this because it's a great deal!". Right now if I was to buy, I would do a lot of due diligence and be pretty sure by the end of that that I was getting a good deal.
With the banks tightening up their lending (notice how the word came from Aussie last week to raise mortgage rates here? The people giving the orders don't even live in this country), property perhaps not increasing in value year after year, I reckon there's still money to be made but everyone will have to be a bit smarter than they've had to be recently to do well.
David
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