Hi,
Call me simple, but I would have thought that property prices coming off record highs would single the start of “buying season” for astute property investors.
As such, it also marks the end of “seller’s season”, where anything vaugely called a property increased in value.
I expect that I’ll buy more property in a down time than in a good time, provided I can:
Find the right property
At the right price
With the right person
Using the right strategyNow is the time to stand firm, take a position and act accordingly.
Buy your straw hats in the winter time [8D]
It’s only doom and gloom for those who bought without a strategy or became greedy.
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
That is exactly how I see it.
A down atmosphere present opportunities galore.
Pisces133
Robert Kiyosaki “Rich Dad Poor Dad” gave a talk some years ago and said that one of the happiest days of his life was in October 1987 when the US stock market tanked.
It gave him an oppurtinity to get what he wanted at the price he wanted to pay.
My list of units in high rise blocks in Sydney (the item most tipped to crash and “they” and “the experts” say to keep away from) is complete ALONG WITH the price that I am willing to pay and I am in a position to settle in 7 days if need be!
Saw it in 1987 and will see it again.
Keep your powder dry. The bargins will reappear!
The bargain will come along!
Hiya,
http://www.heraldsun.news.com.au/common/story_page/0,5478,7991391%255E462,00.html
The scare mongering is only going to work in the property investors favour.
Anyone got a crystal ball?
No need for one… there’s going to be enough strawberries for everyone who’s there for the picking…Cheers
Sooshie [
]When a problem is created the solution is created simultaneously
Showing your age there Steve. One of my favourite cartoons tho.
Thanks for your input – after all I would imagine that you are the reason most of us are here in that your book brought us to this forum.
Regards,
NamastéHi Steve,
Exactly. But are you saying to act on the signal at the high of a fall? Or rather the same as most have been saying for months: That is, Winter 2004 will see straw hats at bargain prices in comparison to the present?
Kind regards, Phil
Not so hasty guys.
This isn’t a storm so much as a light drizzle.
Yes, yes, yes, there will be good buys in time to come but only from the vendors who are forced to sell because of one reason or another. (driving agood buys will be things like people being involved in a divorce, having been transferred interstate, having already bought another property and now looking at two mortgages etc).
A bloodbath ? Highly unlikely. For the time being prices won’t be going up (I think most of us will agree on that at least) and, yes, one will be able to find some bargains here and there.
Some.
Don’t agree ? Well go and visit some open houses and see whether the (would be) buyers are still turning up in droves (I believe they are).
They just all seem to believe in being able to pick up a bargain.
For that to happen some water has to go under the bridge however and the economy to collapse.
The latter hardly seems imminent.Me ? I am still ready to buy right now if the right property comes along.
However please note that I reserve the right to change my mind at anyone time [
] []Pisces133
Steve,
I agree with your sentiments about buying in gloom etc but surely you are not suggesting that at the first slight downturn in the market that now is the time to buy. Why would you jump in just as things fall off their highs when we dont know to what extent the market will correct ? Your comments seem ill conceived.
Benson.
Benson,
I re-read my post and didn’t see any point about buying now… just the need to take a position and act accordingly.
If your position is that it will be a good buying season soon, then the time to prepare is now, not when easy credit is a memory or when you can’t access cash.
What I said is that recent sentiment simply marks the end of one phase and the beginning of another.
Every investor needs to make up his/her own mind about what to do moving forward, but I would say that great deals exist in every market (when you know what to look for).
Ill-conceived? I don’t think so. Just a warning for those about to go ‘boots and all’ into property that now is time for caution.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Steve,
“I re-read my post and didn’t see any point about buying now… just the need to take a position and act accordingly.”
This comment indicated to me that you were advocating that now was a good time to buy –
“Call me simple, but I would have thought that property prices coming off record highs would single the start of “buying season” for astute property investors. “
Possibly a mis-understanding, I am a little concerned that people may have over exposed themselves over the past few years and there is now no doubt that a cautious approach is necessary.
Cheers,
Benson
Personally, im just making adjustments to my team, and saving as much as possible. only one thing left to do, which is refinance an Ip in darwin june next year (capital growth 38% last 3 months).
Im also still running around learning everything i can…. waiting for the moment to strike. there may not be blood on the streets, but when the media get onto it, it will seem like it.
the moment friends and family tell me not to buy real estate. thats when i will take time off work (its great being a public servant) and those RE agents who arent talking to me today, will most definetly be interested in talking to me tomorrow.Dear ‘simple’
Agree with you time to tidy the house and get things in order. i once read that with most investments including shares ( can i use that word now ? last few days things seem to have gone a bit loopy) that you should buy when everyone else is selling and sell when everyone else is buying!
As for the property bubble, would you sell for less than you want to / put yourself in that position, it’ll only be sellers with some kind of motivation for doing so that will sell thier proprty for less than they believe it’s worth
my 2c
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
As the saying goes.
“Buy at a profit, sell at a profit, but always leave a little profit for the next man”
cheers
s.i.sSave on a regular basis
“People forget that by saving just $3 per day and investing it sensibly over a working life, you’ll end up with around $1 million.”Hey Guys!
This is my first post but thought that I would jump in now….If all of you are planning to start buying…and there seems to be alot of you…. it may still end up being a sellers market!!!
Steve, I hope you made alot of money from your books because now everyone is copying you and things are goin to get harder.[
]“Knowing is not enough, we must apply. Willing is not enough, we must do.” – Bruce Lee
hey steve!
It feels weird posting to a topic written by the author of my last read book, but this is what you have taught me so far as i am still yet to purchase an ip.As in refrence to my post “will the bubble burst” If most investors are astute wouldn’t it be wise to sell your ip now at the pinnacle of prices, pending on if capital gains kills the cash in your pocket. And purchase other properties at the lower price – less money spent on purchase leaving more money to spend on improvements to gain more rent or to put towards the purchase of other properties.
I have just came back from church where Peter J Daniels spoke. One good quote from him tonight was that “there is no right way to do the wrong thing”……something for us all to ponder
Is there such thing as a “margin call” when applied to home loans? Or are the banks allowed to charge you mortgage insurance at a later date, if your property’s value falls bellow the required level?
I’m just thinking it might just be better to refinance your loans at the peak rather than sell.
I think the old seasoned property investor(Not age) that had a load by now
would have fixed that loan for the next few years
he should be ok
The newbies would have a lot of problems
i think Feb-March as the interest rate goes up again after going up .25 tuesday of course
so if you are safe in that position sit back and relax
Property Investing is for the long term in my opinion so a downturn now will eventually bring an upturn in the future
I think the old seasoned property investor(Not age) that had a load by now
would have fixed that loan for the next few years
he should be ok
The newbies would have a lot of problems
i think Feb-March as the interest rate goes up again after going up .25 tuesday of course
so if you are safe in that position sit back and relax
Property Investing is for the long term in my opinion so a downturn now will eventually bring an upturn in the future
BUT dont make you stop buying now or the near future if there is value“I’m just thinking it might just be better to refinance your loans at the peak rather than sell.
“ian I think you nailed it, what Steve was getting at – would make sense to get your LOCs or whatever now against current values ready to buy in a couple of months or so
Re the comment on the margin call, yes I understand that some loans do have the capacity to force a sale (repossess …whatever ) if the value drops a certain percentage under the loan.
Got this from a broker at an informal lunch meeting of professionals,(accountants / liquidators etc ) certainly not an expert in this area.
Would come down to reading the paperwork.
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