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  1. #1
    Join Date
    Jul 2005
    Location
    NZ
    Posts
    977

    Default Greedy investors

    I really enjoy investing on property, it is something that I have done since I was in my early 20s. I am now in a situation whereby I could very modestly retire and the income from my property investments would make life a little easier. My property investments are not vast and I am not driven to get the maximum return from my properties. ‘Cashflow’ means nothing to me, I invest mainly for interest and I am invested mainly in commercial property now.

    My personal belief is that the current rampant growth in house prices in Auckland and now in other main centres of the Country is based purely on greed. It is the investors and speculators that are locking out the first home buyers and preventing them from getting onto the property ladder.

    In my opinion I see nothing wrong with investing in one or two rental properties, to provide security and additional income for retirement, but when this is being done to the extent that we are currently witnessing at the expense of young people trying to enter the property market, then it is wrong.

    It greatly troubles me to read, in the media, about the braggarts that own vast numbers of rental properties. These people have no social conscience and they are generating their own personal wealth at the expense of other New Zealanders. Equally troubling is this, reported in the Herald today. I would like to see a capital gains tax on all property sales other than the family home and if necessary a similar land tax on all property other than the family home. I would happily pay my share of any taxes to ensure that all New Zealanders have the option of purchasing their own home, which they currently do not have.

  2. #2

    Default

    So you're ok with the investors who is not greedy and your assessment of 'greedy' are those buying more than 1 or 2 properties...

    can you assess for me the impact on the housing market if EVERY home owner bought 2 investment properties to provide a modest cash flow to for security in retirement?

  3. #3
    Join Date
    Jul 2005
    Location
    NZ
    Posts
    977

    Default

    Quote Originally Posted by Don't believe the Hype View Post

    can you assess for me the impact on the housing market if EVERY home owner bought 2 investment properties to provide a modest cash flow to for security in retirement?
    The impact would be that property prices would be at a much higher level than they are currently but the reality is that not EVERY home owner will buy 1 or 2 investment properties.

    My issue is with 'greedy' investors and more so the greedy investors that blatantly brag about it.

  4. #4

    Default

    You can't have it both ways... You with your one or two properties contribute to the problem... You can't excuse your behavior then label others who do the same (buy more properties than they need for their own shelter be that 1 or 100) greedy.

  5. #5
    Join Date
    Jul 2005
    Location
    NZ
    Posts
    977

    Default

    Yes I understand what you are saying and yes I have contributed to the problem, I am not denying that. I am not exacerbating it, I too could own 10, 20 or more properties but I am choosing not to do that.

  6. #6

    Default

    Aston, you post that landlords are greedy and yet you are one yourself. If there were no landlords where do you think the families renting at the moment will live? According the 2103 census 450,000 families were recorded as renters with 83.7% being in the private sector. More families are renting rather than saving to buy their own property because they are spending their cash on bling, cars, travel and generally having a good time. There will be more renters in the future as the 2013 census shows that from 2006 to the 2013 poll the families renting increased from 388,275 to 450,000 families.

  7. #7
    Join Date
    Jul 2005
    Location
    NZ
    Posts
    977

    Default

    Yes I am a landlord and yes I could be described as greedy by some people. In my original post I didn't mean to imply that ALL landlords are greedy.

  8. #8
    Join Date
    Apr 2004
    Location
    Auckland
    Posts
    1,907

    Default

    How does paying more tax make housing cheaper?
    Building more houses would help a lot more.

    It's all the tax and stupid bureaucracy that is causing the problem.
    What productive use is all this tax put to?
    Most of it is wasted - far more productive if it's not stolen off people in the first place.
    The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.

  9. #9
    Join Date
    Nov 2015
    Posts
    208

    Default

    So the sole fact that someone invests in multiple properties makes them greedy? What defines greed?

    Is it when they put rent up every 9 months or are they not greedy if rent stays the same for 18 months+?

    To most (I'm guessing) investing is a business to achieve something. Business make a profit or they don't last long. So all businesses are greedy.

    From April's property investor:
    "When I went to that auction a lot of property investors came up and said they didn't bid because they knew I was a first time buyer. People have a perception of property investors as money-hungry, so I was suprised by how nice they were and how happy they were for me to have the property".

    Yep, such greedy self centered bar stools. Every single last one. Ever.

  10. #10
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,319

    Default

    I agree with Aston.

    What we're seeing in Auckland just now isn't even investing, it's speculation.
    Squadly dinky do!


 

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