Something I use to years ago in the buyers market in Aus was flip houses. Mostly because I like working with my hands and using my project management skills outside of work. I ENJOY it, it brings me pleasure. I earn just over 6 figures (a humble $120k) in my IT work (Project Manager), but I want to earn real money, as close to 7 figures as I can now Im mid 40s I need to hustle. :-). Legit, honest work. I look at all these how to make money videos on youtube like Grant Cardone. But these people have something to sell, I honestly dont want to work passed 55 but I also dont want to "sell" or scam people, not that Grant Cardone does, I love his videos. I did a BCom and never used it, but in my semi retirement I may. I may choose to be involved in other things Im passionate about like boats and fishing, perhaps running a franchise.
Now Ive read books that say, you can make money in any market. I just dont know if thats really true, Ive always wondered.
What I and everybody knows is that you don't make money renovating you make the money on the purchase and the sales agreement (ie early access to renovate the house so its on the market the day its sold). Renovating makes selling the property easier.
Which makes me think, perhaps its easier to buy houses 30% under valuation in flat markets because people are finding it hard to sell their house and there are people who NEED to sell their house, motivated vendors. Not the ones who bought it to make profit, they like have enough to hold onto it and sell it on the next up cycle. So perhaps there is some truth in the saying, the market doesnt matter. It may however mean your profit margins are shortened.
Im considering possibly returning to Aus as you get your 10% super, so in 10 years thats $173000 without my own contributions pre tax and after tax.
Not only this but there are cities there are lots of cities that have jobs that are very affordable to buy and sell property. Any city under 100k imo is volatile long term, but thats not my game anyway.
Im thinking houses around $400k etc. I dont know though, I may stay in NZ and move to smaller cities that can offer me work. Sucks having a career where you need to be in cities, hence my aim to get out well before I retire to enjoy my life.
The dream for me is to then move back to NZ and buy a large seaside block in Taranaki or Keri Keri etc. So I have vision. Hopefully NZ's GFC borrowed money bubble bursts taking its mortgage bubble in Auck with it and NZ heads passed the old 75c Au down to 50c AU. Dreams are free, although there is some reality in the amount of money borrowed VS what NZ produces and pays its employees, our house price index is off the chain vs the rest of the world. But even then can money be made in Flipping, or get in get out property sales? That is what I enjoy. Its almost like Art in a sense, its satisfying. Of course you need good contractors and know what you can and cant do yourself, which over 10 years and being a builder labourer as a kid I know vividly.
So aside from all that, is it possible to make money in flat or down turned markets?
Now Ive read books that say, you can make money in any market. I just dont know if thats really true, Ive always wondered.
What I and everybody knows is that you don't make money renovating you make the money on the purchase and the sales agreement (ie early access to renovate the house so its on the market the day its sold). Renovating makes selling the property easier.
Which makes me think, perhaps its easier to buy houses 30% under valuation in flat markets because people are finding it hard to sell their house and there are people who NEED to sell their house, motivated vendors. Not the ones who bought it to make profit, they like have enough to hold onto it and sell it on the next up cycle. So perhaps there is some truth in the saying, the market doesnt matter. It may however mean your profit margins are shortened.
Im considering possibly returning to Aus as you get your 10% super, so in 10 years thats $173000 without my own contributions pre tax and after tax.
Not only this but there are cities there are lots of cities that have jobs that are very affordable to buy and sell property. Any city under 100k imo is volatile long term, but thats not my game anyway.
Im thinking houses around $400k etc. I dont know though, I may stay in NZ and move to smaller cities that can offer me work. Sucks having a career where you need to be in cities, hence my aim to get out well before I retire to enjoy my life.
The dream for me is to then move back to NZ and buy a large seaside block in Taranaki or Keri Keri etc. So I have vision. Hopefully NZ's GFC borrowed money bubble bursts taking its mortgage bubble in Auck with it and NZ heads passed the old 75c Au down to 50c AU. Dreams are free, although there is some reality in the amount of money borrowed VS what NZ produces and pays its employees, our house price index is off the chain vs the rest of the world. But even then can money be made in Flipping, or get in get out property sales? That is what I enjoy. Its almost like Art in a sense, its satisfying. Of course you need good contractors and know what you can and cant do yourself, which over 10 years and being a builder labourer as a kid I know vividly.
So aside from all that, is it possible to make money in flat or down turned markets?
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